High-Rise Condominium Developer Meets City Deadline
Luxury Condo developer Craig Nassi successfully finalizes deal with landowners to meet city deadline to break ground for the Aura Condominium High-Rise Development.
Sacramento, CA (PRWEB) February 15, 2007 -- Craig Nassi of the luxury Aura condominium tower in downtown Sacramento says he's ready to break ground following an eleventh-hour deal to meet a deadline imposed by the city.
Aura developer Craig Nassi had until the close of business Tuesday to get control of the land at 6th and Capitol or lose a $10 million city loan.
Late this afternoon Nassi told News10 he had just finalized a contract with the landowners.
"We'll be coming out of the ground in the next few weeks," Craig Nassi said.
The 39-story Aura project is expected to cost up to $177 million. Craig Nassi's current investment and financing comes up $10 million short.
A city staff report blames the combination of a soft real estate market and rising construction costs for the shortfall.
Last Tuesday the city council agreed in principle to a short-term $10 million loan to close the gap, but gave Craig Nassi just one week to get control of the land after he allowed a purchase option to expire.
According to the city staff report, the foundation for the Aura project must be poured by April to deliver finished condos within three years as agreed upon by the roughly 175 buyers who've already put down deposits.
In recommending the loan for the Aura project, city staff called the Aura a key to downtown redevelopment. The report projects the 268 condo units would generate approximately $1.3 million in annual property taxes.
Craig Nassi has also implemented high rise projects including the Palladio in Reno. Craig Nassi is also involved with the Royalton at River Oaks in Houston.
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