Today there’s just a fenced-off pit the size of a city block to remind residents of a time when Sacramento’s housing market seemed ready to reach for the sky and draw thousands of upscale buyers to downtown condominiums.
Toward the end of last decade’s housing boom, developers promoted ambitious proposals to raise residential towers that would dwarf the existing skyline and serve notice that Sacramento was becoming a major metropolis.
One developer got far enough along to drive pilings into the dirt for twin 53-story luxury condominium and hotel towers on Capitol Mall. Then, the housing bubble burst, flattening the bevy of high-rise proposals before any actually got off the ground.
In recent months, as the housing market rebounded and plans for a new NBA arena spurred interest in downtown real estate, developers and city officials again have been talking about soaring towers and million-dollar condos with views of the Central Valley.
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