Picking up where part 1 of my K Street blog on ground-up development left off, part 2 aims to focus on three notable redevelopment projects along the same corridor. Varying from a slight repositioning to complete head-to-toe renovation, these projects have been cornerstones of K Street, and downtown Sacramento, for many years.
830 K Street
Formerly a Montgomery Ward Department Store, 830 K Street was built in 1936 on the southwest corner of 8th and K Streets. The 44,000 square foot brick building was one of many department stores lining K Street before WWII and served patrons from surrounding areas such as Oak Park, Land Park, Poverty Ridge and Alkali Flats. Wards occupied all four stories of the building, including a usable basement, until the 1970’s when the California Department of Rehabilitation converted the building to office space for their own use. More recently, the building housed the California Department of Pesticide Regulation until the Lewis Family purchased the building within the last decade. What now stands is a latent structure, but a structure oozing with potential, appealing to “creative” office and retail users with open floor plans, concrete floors, original brick walls and exposed wood beams. The basement and ground floor combination lends itself nicely to a national-credit soft goods retailer, while the second and third floors will lease to office users coveting proximity to the State Capitol and DoCo. Further development of the 800 blocks of K and L Streets will only benefit 830 K Street and spur the building’s revitalization.
930 K Street
The parcel of land with arguably one of the coolest histories along the corridor can be found on the southwest corner of 10th and K Streets, where 920, 924 and 930 K Street now reside. Dating back to 1892, William Land (commonly known as the Land Park namesake) purchased the State House Hotel to add to an already budding hotel empire along the Pacific Coast. A visionary, Land recognized the prominent corner as underutilized and eventually tore the hotel down twelve years after his acquisition to pursue a larger project. What ensued was a five-story “Hotel Land” built on the same site (formerly 1106 10th Street) that opened August 20, 1910. Land passed away in 1911, but Hotel Land remained a cornerstone establishment in downtown Sacramento until about 1960. Upon the departure of Hotel Land, the corner was redeveloped into the buildings that stand today and Walgreen Drug Co. occupied the ground floor retail bay for a couple of decades. In more recent history, Washington Mutual Bank occupied the 22,000 square feet at 930 K Street, while 920 and 924 K Streets have accommodated a variety of retail users over the years. In 2015, the three building portfolio was purchased by a local investor for $5,300,000. The new ownership plans to renovate the buildings to attract regional and national office and retail tenants seeking to be located near Golden 1 Center.
1001 K Street
On the cusp of the building’s 70th anniversary, 1001 K Street has worn numerous hats since its construction in 1946. The six story office building’s inaugural tenant was Roos Atkins Department Store, a high end San Francisco-based clothing retailer, until the 1970s when the chain was sold to GENESCO. Trancas Ventures, an investment and development firm out of Napa, purchased the building in 2006 after it had sat vacant for many years. The firm proceeded to renovate the entire building including the structural, mechanical and overall finishes and attempted to sell each unit as contemporary office condos. Trancas maintained much of the original Art Deco Streamline Moderne architecture, which is accentuated by smooth stucco exterior, vertical windows, a flat roof and subdued color tones still seen today. While the idea to create a purchase opportunity in such close proximity to the Capitol was progressive and astute, the real estate market did not cooperate and the ownership declared bankruptcy in 2010 and the property went back to the bank. Quickly recognizing the opportunity, Signal Hill Petroleum purchased all eight condo units (occupying the top floor) in 2011 and sold individual units to companies and agencies such as Sharif Jewelers, The California Republican Party, Capitol Morning Report and The California Independent Petroleum Association. Today, the building represents one of two office condo projects in all of downtown Sacramento and the only owner-user purchase opportunity within 3 blocks of the State Capitol.
2200 K Street (bonus)
Tucked away in a tree-lined, effervescent pocket of midtown, the southeast corner of 22nd and K Street will house Temple Coffee’s fourth Sacramento location (and third spot in the grid) by the beginning of 2016. The 2,500 square foot masonry and brick building, owned by Strutz Jewelers since 1948, was sold to a local investor during the summer of 2014. For over 60 years, Theodore Strutz operated his business out of the building, concealing most of the building’s alluring features to increase security for his inventory, but established himself as a midtown stalwart in the process. The below photo is Theodore and his group of newly hired salesmen proudly standing outside of the building.
Truly the paradigm of a “midtown gem” (you know, because it was a jewelry store), the building features exposed brick interior walls, 20 foot high ceilings complimented by a floor to ceiling storefront and original wooden trusts juxtaposed against modern aluminum ductwork. Natural light fills the building from two sides, while the exterior of the building can accommodate an inviting seating area beneath two huge California Sycamore trees. Temple Coffee seized the opportunity to occupy the structure, attracted to the exceptional infrastructure and potential, locking the space up for the next ten years. Temple has existing locations at 28th & S Street, 9th & J Street and at the corner of Fulton Ave & Fair Oaks Blvd.
JON LANG
Senior Director
LIC. #01934934
Office: 916.573.3302
Fax: 916.471.0290
jonlang@turtoncom.com
2409 L Street, Ste 200
Sacramento, CA 95816
turtoncom.com
Turton Commercial 