Business Journal: High Rise Developer Asks For More Time
John Saca is asking condo buyers who ponied up a down payment for his Towers project to give him more time on the stalled highrise. Shana Lynch reports.
Monday, April 9, 2007
Developer John Saca is still trying to work out the financing problems on his Towers project in downtown Sacramento. He’s turned to a new source for help – the people who put down money on condos in the building. Saca last week sent a letter to buyers asking them to modify their contracts to give him more time. The contracts now put deadlines on completion of the main structure of the 53-story towers and on the whole project. Saca says that with construction delays, he won’t be able to meet those deadlines. So he’s asking buyers to restart the clock effective May 1, giving him four more years. Saca says if the buyers don’t agree to the changes, he may have to cancel the contracts. However, he says he’s in talks with potential investors who could buy out a $100 million commitment by CalPERS and get the more-than-$500-million project back on track.