Business Journal: CALPERS Takes Over Towers
Sacramento’s highest-profile construction project has officially changed hands.
Tuesday, June 12, 2007
The California Public Employees’ Retirement System has reached an agreement with developer John Saca to take over the financially strapped and much-delayed The Towers on Capitol Mall project in downtown Sacramento. Construction on the twin 53-story towers has been delayed the past six months, as Saca has failed to secure financing to satisfy his agreement with CalPERS and owes millions of dollars to contractors who did the first phase of work on the condo project. Pension fund giant CalPERS is partnering with national development company CIM Group to develop The Towers site and a plan is expected within 18 months. What will be built on the property is uncertain.