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Work Underway On Housing/Retail Project At Broadway And Land Park Drive

Source: Sacramento Business Journal

Crews are moving dirt on a project at a highly visible intersection in Sacramento.

Construction started earlier this month at 1600 Broadway on what’s planned to be a five-story, 68-unit market-rate apartment project with retail space.

Developer Jon Gianulias said in an email that construction started the first week of April for the project and should take about 22 months to complete.

According to revised plans approved by the city in 2022, 1600 Broadway will have apartments ranging from studios to two bedrooms, and from 466 to 853 square feet. Every apartment is planned to include a small outdoor patio or balcony as well.

There will also be just under 8,000 square feet of retail space and 45 parking spaces. A previous proposal for the site had more retail space but fewer apartments and parking spots.

MarketOne Builders in Sacramento is the contractor for the project, which is on the southeast corner of Broadway and Land Park Drive. Turton Commercial Real Estate is handling leasing for the retail components.

A building permit application from 2022 for 2500 16th St., which is another address for 1600 Broadway, lists the estimated project cost at $15.76 million. An entry on the city’s Agency Counter online tool notes the city approved a fee deferral for the project, typically meaning fees won’t be paid until the project receives a certificate of occupancy.

The building permit application notes 4,812 square feet of the retail space is planned for a restaurant, while 1,719 square feet of that is assembly space for future residents. Plans for about 1,500 square feet of retail space are not disclosed.

Just under an acre, the project site was known as one of the first locations for the Tower Records chain, then became Dimple Records’ home for many years after Tower filed for bankruptcy in 2006. Dimple closed in 2019 and crews demolished the buildings housing those stores in 2020.

According to real estate information website Reonomy, Gianulias’ family appears to have owned the property for at least 25 years. He transferred ownership to a limited liability company called “16 LBP LLC” in 2022, with an estimated property value of $455,000.

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