Developer Bob Leach withdrew his proposal Tuesday to build a hotel on K Street Mall after financing — including public bond financing from the city — fell through. The city of Sacramento's Redevelopment Agency now must go back to the drawing board by requesting other proposals for the property at 8th and K streets, as well as adjacent property in the 800 block of L Street. "He pulled the plug," Sacramento City Councilmember Kevin McCarty said following Tuesday's City Council meeting. The developers were asking the city to contribute more than $18 million in land and nearly $15 million in tax rebates toward the project. "The city is not in a position to bond to provide permanent financi

Last night the Sacramento City Council discussed the future of the proposed 23 story hotel and parking garage at 8th & K/L St. by developer Bob Leach/USA Hospitality. The last time Mr. Leach was to appear before the Council two weeks ago he asked for a delay because his proposal was going to be slammed over the financing for the proposal. This time they came back to the council offering 40% of cash flow instead of 10% over 10 years and asking for 50% of the Transient Occupancy Tax rebate over 14 years instead of 100% over 10 years. USA Hospitality’s now asking for $31.5 million subsidy from the city in an effort to make this project feasible. After a few council members made their opinions

On Tuesday, August 25, the Sacramento City Council will hear a proposal by developers Bob Leach and Parkcrest Development to build a hotel at the corner of 8th and K Street and a parking structure at the corner of 8th and L Street, a project that would require demolition of city landmark the Bel-Vue Apartments and adjacent buildings. The meeting will be held at New City Hall, 915 I Street, at 6:00 PM in the main City Council chambers. The item was originally to be heard at the August 11 meeting of the City Council (see sacramentopress.com/headline/11884/City_to_decide_on_fate_of_BelVue_Apartments_and_Berry_Hotel_today ) but was taken off the agenda at the last minute. According to the sta

On Tuesday, August 11, the Sacramento city council will decide whether to give away the half-block from K to L on 8th Street, containing the Bel-Vue Apartments and several other buildings to developers Bob Leach, Mohammed Mohanna and Parkcrest Development. The land was recently purchased by the city from Mohanna at a price of $18.6 million, and the developers are asking not only for free land but several years of tax-free operation. The net cost to the city will be about $34 million, 25% of the total investment for the project, in return for about 10% of the return. The proposed project is a 300-foot luxury hotel at 8th and K and a parking lot on 8th & L where the Bel-Vue stands. The proje