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

A revised proposal by USA Hospitality, Inc. and their equity partners Consus Asset Management and Industrial General has been submitted for building a Marriott Renaissance Hotel at the corner of 8th & K Street. The new proposal includes a decrease in the number of hotel rooms from 409 to 300, and a decrease in the number of parking spaces from 372 to 350 while adding 100 condominiums on top of the parking garage as a second phase of the project. The total cost to build the project went up from $137 million to $162 million along with the needed city subsidy to build from $31.5 million to $33 million. The developer has asked that the city give them the land which is city-owned for free, and

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