Business Journal: City Starting Over with K Street Property

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(Sacramento, CA)
Friday, December 11, 2009
City leaders are throwing open the process to any developer who wants to submit ideas and willing to share their financial books in order to come up with a new plan for three parcels on K Street. Previously, the city redevelopment agency was negotiating with a development team that included hotelier Bob Leach for a mixed-use and hotel project on the 800 block. The agency bought the land for $18 million in hopes of putting together a deal, but a project never developed.
Before the recession, the city was in discussions with Zeiden Properties, headed by Joe Zeiden, owner of the Z Gallerie chain, for a retail project on the 700 block of K Street. But those plans also cooled during the past several months, though Zeiden could submit a new proposal.
So, the city is back at square one and will accept applications from developers for possible K Street projects starting today until Feb. 25.