19 Oct Southern Land Company to Build First Luxury High-Rise Rental Residences in Sacramento
Mixed-use development set to transform Sacramento Kings Lot X
On Tuesday, October 19, Southern Land Company (“SLC”), together with the Sacramento Kings (“Kings”), announced it will build a mixed-use luxury high-rise project at Capitol Mall and 3rd Street in Sacramento. The project will feature approximately 28 floors comprised of 225 luxury apartment homes and an 80,000-square-foot mass timber office building in a prime, walkable, downtown location, just 0.2 miles from Golden 1 Center.
SLC’s project will be the first high-rise rental residences in Sacramento, offering a unique live-work-play lifestyle to future residents. It also marks SLC’s expansion into Sacramento.
“We are excited to build a beautiful mixed-use project in an outstanding location and add to the vibrancy of downtown Sacramento,” said Tim Downey, SLC Founder and CEO. “We are grateful to the Sacramento Kings for believing we are the best team for the job of transforming and revitalizing the site into something of which future residents and the greater Sacramento community can be proud. We look forward to showcasing Southern Land Company’s hallmarks of thoughtful design and best-in-class hospitality as this project comes to life and eventually welcoming residents to enjoy an elevated living experience.”
SLC purchased the 2.56-acre site at Capitol Mall and 3rd Street, currently known as Lot X, from the Kings. Lot X, previously owned by the City of Sacramento, has long been utilized as a surface parking lot for people working in nearby offices during the work week. When the Kings acquired the property from the City of Sacramento, the Kings desired to find a high-quality partner that could maximize the potential of the site, and they found the right developer partner in SLC.
“The activation of this site continues to build on our original vision for downtown, Sacramento, the arena and Downtown Commons,” said Sacramento Kings Owner and Chairman Vivek Ranadivé. “Southern Land Company is the perfect partner to bring this vibrant project to life.”
“We need more housing of all types in our downtown, and it’s great to see a property that has been underused for so long turned into a project that will bring new residents to our urban core who will patronize our city’s stores, our restaurants and our entertainment venues,” said Sacramento Mayor Darrell Steinberg.
Future residents of SLC’s project will live in close proximity to plentiful shopping and dining as well as more than 3 million square feet of office space. Additionally, they will enjoy direct access to Crocker Park just across the street as well as Crocker Art Museum, a vibrant center for culture in the Sacramento region offering a diverse spectrum of exhibitions, events, and programs to deepen visitors understanding of art. The Crocker is one of the largest art museums in North America and holds the world’s foremost display of California art, in addition to considerable collections spanning international ceramics, European, Asian, African, and Oceanic art. The Museum is currently in the process of developing Crocker Park from an unimproved lot into an art-focused attraction.
“The Crocker is thrilled to work with Southern Land Company as they develop the site immediately adjacent to the Museum’s property,” said Lial Jones, the Crocker Art Museum’s Mort and Marcy Friedman Director & CEO. “This announcement comes in perfect time, as we work through the design plans for the Crocker Park redevelopment. We are excited to incorporate Southern Land Company’s mixed-use building as a true, second front of the Park, really rounding out the project. The addition creates great synergies for this part of Downtown Sacramento, as we know the Museum is a great amenity for all and a draw for residents of the future building, and additional housing and commercial space will bring vibrancy to the area. We look forward to Southern Land Company joining us in the positive development of the neighborhood.”
SLC plans to break ground on the mixed-use luxury high-rise in 2023 and expects to complete the project in 2025. More details about project’s design and features will be available ahead of the groundbreaking.
While this project marks SLC’s expansion into Sacramento, the company has an existing office in Vallejo and is redeveloping the historic Mare Island naval shipyards there.