Sacramento Commons Project
Kennedy Wilson, Inc. is a Santa Monica-based real estate investment company founded in 1977. The company has since grown into a world-wide real estate investment company. The company is neither an architecture or planning firm and has few ties to the Sacramento region or community. Their main goal in acquiring Capitol Towers was to secure entitlements (including demolition) from the City of Sacramento, and then sell the land to others, turning a profit. At the moment, Kennedy Wilson is out peddling their recently approved entitlements to developers and builders. To be clear, they never planned to develop the property, only gain approval for others that might.
We can only hope the smaller investors interested in Capitol Towers understand the historic place they are purchasing and realize carrying through the Kennedy Wilson proposal will destroy one of Sacramento's only successful redevelopment projects from the post war period. If you are a buyer considering purchasing this piece of property from Kennedy Wilson, please understand the battle fought by the preservation and environmental community against destruction of this sacred place. That battle is far from over. If your project requires any further discretionary action by the City of Sacramento, Preservation Sacramento will demand the city conduct a full environmental analysis to determine if the project impacts have been adequately addressed.
Background
On July 14, 2015 the Sacramento City Council approved the Sacramento Commons Project. This project includes demolition of the Capitol Towers Historic District. This decision shows the short-sightedness of our city leaders is truly astounding. The destruction of Sacramento’s sacred places must stop! Please JOIN Preservation Sacramento to make sure our leaders understand that Sacramento’s historic places is what makes it a unique and charming place to call home. Sacramento’s historic resources must be protected as the city grows.
