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Second phase for 3000 T St. would add more apartments in new building

Source: Sacramento Business Journal

Brokers: Jon Lang

Owners of an East Sacramento office building slated for a housing conversion are also planning a second phase to the project.
A four-story, 20-apartment building would go up on what’s now parking for 3000 T St. sometime next year, after the conversion is finished, according to a broker working with owner Anchor Real Estate Investment.

“Because of the location in East Sacramento, we’re adding more housing and helping with the shortage,” said Cherenna Wright of PDF Group of Companies, who’s serving as Anchor Real Estate’s project manager for the development. Though square footages are being determined, the apartments in the new building would all be either studios or have one bedroom, and be rented at market rates. The developer, who bought 3000 T St. last year, is also considering a possible rooftop amenity space in the new building, Wright said.

Anchor Real Estate will submit a formal application for the new building this summer, Wright said. The Sacramento-based company has already submitted a preliminary lot-split plan to the city to allow a new building on the .29-acre property.
Carlos Veliz, managing member at Anchor Real Estate, said he was excited by the concept. Because it’s near light rail, he said, the new housing doesn’t need parking, though there are seven stalls that future residents in the existing building will use, he said.

The owners have submitted a plan to the city for turning the two-story, 8,000-square-foot building at 3000 T St. into 10 apartments, along with creating some interior and outdoor amenity space. Anchor Real Estate Investment bought the building for $1.075 million last year.

Wright said the owners haven’t estimated the cost yet to build a new building on the same site. Veliz said Anchor Real Estate is working with GTS Engineering in Sacramento on fleshing out the building plans.

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