City Okays High-Rise Loan

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(Sacramento, CA)
Tuesday, February 6, 2007

At Tuesday's city council meeting, developer Craig Nassi told the mayor and council members that rising construction costs have left him with a funding gap…and time is running out to move ahead with the project. 

"We’re right down on the one yard line and I’m coming to you and I’m laying it all out on the table and saying this is it."

And Nassi says he won’t have any trouble finding buyers for his luxury condos. 

"We have all kinds of studies that showed us where the people are where the incomes are where the empty nesters are that have to have this kind of housing."

Mayor Heather Fargo says the 3-year loan is a good investment. 

"If all goes well, which I anticipate it will because the demand is there, we basically double our money in about 4 years."

The so-called Aura condo project is considered one of the keys to downtown redevelopment. It’s expected to bring about 400 high-disposable income residents to the core of the downtown business district.