Finally, a Deal on K Street
The city plans a hotel here at 8th and K
Two run-down blocks of K Street in Downtown Sacramento will finally move forward after years of neglect.
Wednesday, October 8, 2008
The Sacramento City Council approved a settlement with property owner Moe Mohanna last night in Closed Session.
Mohanna says he’s excited that K Street can finally be revitalized.
Mohanna: “After 33 years of being on K St. Mall investing, rehabbing, doing projects, I am positive – even though we have some challenges with the economy, that restoration of these buildings will be done on (the) 700 block. Creation of new buildings, mixed use, housing, hotel, (and) retail on (the) 800 block will be done.”
Under the deal, all legal actions between Mohanna and the city will be dropped, including the city’s attempt to seize his properties through eminent domain.
Instead, Mohanna will sell his properties to the city’s redevelopment agency for almost $19 million. The city’s plans now include retail in the 700 block and a hotel in the 800 block.