Weeks after buying the site, Los Angeles-based The TA Group Inc. has proposed an eight-story building on a main commercial corridor in Downtown Sacramento.
The proposal for 1121 I St. would have 204 units and 2,386 square feet of ground-floor retail space. All structures currently on the site, including a Goodyear Tire & Rubber Co. (Nasdaq: GT) store that’s been there more than half a century, would be demolished.
A man who answered the phone number listed on the application for The TA Group referred inquiries to Kristen English, the director of marketing at Shangri-La Industries. English did not have further information on the project Friday.
According to the application, the project’s architecture, by LPAS, has elements both contemporary and elegant.
“The façade utilizes various step-backs and recessed balconies to create a multidimensional skin and more open space,” the application states, noting the building also features a recessed wall along I Street to feature art. “The wall is comprised of perforated triangular metal panels placed in front of a colorful abstract art mural. This will provide pedestrians with a different experience throughout the day and into the evening.”
Apartments in the project, named for now after its address in the application, would be comprised of 57 studios, 102 one-bedroom units and 45 two-bedroom units. Sizes would range from 481 to 967 square feet, and appear to be planned as market-rate units.
Plans show the building’s lobby, retail and amenity spaces would all face 11th Street, toward the California Environmental Protection Agency building. On the first two levels behind those spaces would be 91 parking spaces and 19 electric vehicle charging spaces, though all but one of the charging spaces would be planned for future installation.
Other building features include bike storage, an outdoor courtyard on the third floor and an eighth-floor outdoor terrace facing west.
In May, an entity called 1121 I Street QOF LLC bought 1121 I St. for $6.47 million. Though the buyer did not return messages at the time, the “QOF” in the buyer name suggests it might be affiliated with a qualified opportunity fund. Such groups invest in federally designated opportunity zones, which includes much of Downtown Sacramento, to improve properties and receive subsequent tax advantages.
Opportunity zone investments typically carry more benefit the sooner a project is carried out.
A website for TA Group suggests the firm provides consulting for real estate developments rather than acting as the developer itself. Though TA Group doesn’t appear to have done any projects in the Sacramento region previously, its website shows involvement in several prominent Southern California projects, including stalled residential and hospitality high-rise project Oceanwide in Los Angeles and a new Major League Soccer stadium in Los Angeles.
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