Business Journal: West End Revived
Plans are rolling for a new state building development. Shana Lynch with the Business Journal explains.
Wednesday, August 8, 2007
The state is looking for a few good developers. It wants to revive a 1.4-million-square foot office project in downtown Sacramento known as the West End complex. The project had been shelved because of spiking construction costs.
But now the state is soliciting bids, and it’s open-minded about proposals. Developers can plan to use the original sites, which cover 2.5 blocks south and west of the Capitol, or they can suggest an alternative site within three miles of the Capitol.
The complex would house the California Resources Agency, which employs 16,000 statewide.
The state plans to lease the complex after it’s built, with an option to buy. This makes economic sense. When the state got legislative approval to build in 2001, prices were pegged at $391 million. In today’s market, that price tag jumped to $620 million.