The new K Street housing reported in this article from the Sacramento Bee, is public funded so will probably mean subsidized housing, which, unfortunately, depending on the selection criteria for residency, could add to the area’s degradation, not elevate it.
“The nine buildings aren’t much to look at right now.
“Only one is occupied. Broken glass, empty beer cans and ripped carpet litter the floors of the others. The stately facades are faded, and so is any connection to the block’s historic past.
“This is the 700 block of K Street. And for the first time in years, the empty spaces here are poised to come alive.
“The Sacramento City Council earlier this week approved a key piece of funding for a residential complex on the block. A new, five-story building with 122 apartments would rise behind the row of historic storefronts, which would hold a live music venue, boutiques and rooftop terraces with views of the Capitol and downtown skyline. Another 15 housing units built over the existing storefronts would face K Street.
“It would be the first significant infusion of housing on K Street.
“The city has been working for decades to redevelop this bleak stretch of downtown’s historic shopping thoroughfare. But the plans today are farther along, and more specific, than they have been before.
“For one thing, two members of the city’s new generation of chefs have signed leases, as has a music venue operator. And with funding for the housing nailed down, construction is expected to start this fall on both the residential and commercial projects.
“This project is real now,” said City Manager John Shirey.
“D&S Development and CFY Development were granted control of the properties nearly three years ago by the city, which had spent tens of millions of dollars acquiring them. After wrangling with multiple financing plans and the persistent economic downturn, the development team devised a workable project.”