Living the Luxe Life
From September 2005
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City officials and developers hope the projects will be the key to a downtown renaissance. But where exactly is downtown? Loosely defined as the area around the Capitol bordered by R Street on the south; 18th Street on the east; G Street to the north, and the Sacramento River or Interstate 5, depending on your feelings about Old Sac.
Regardless of its precise boundaries, once the people with disposable income move downtown, its advocates reason, higher-end retail stores and restaurants will follow the money. And, just as importantly, those stores and restaurants will stay open later during the week and on weekends, as they realize that there is more to downtown than the 90,000 or so people who work there during the day.
Fong, owner of the Mikuni chain of Japanese restaurants, and his wife, Michelle, are applying for a unit in The Towers. With one daughter entering high school now and another in college, they will be empty nesters by the time the project opens. As such, they are the perfect target demographic for downtown developers.
“What you’re having now is a population turn, in that the baby boomers are at the point where they don’t really want to have a maintenance type of lifestyle,’’ says developer Craig Nassi, president of BCN.
“To maintain a big house out in El Dorado Hills, for instance, is an enormous amount of work and money. You have to take care of a lawn, take care of additional bills and needs that come along with owning a house.”
A secondary market for the developers is younger professional singles and DINKs, an acronym standing for couples with “double income, no kids,” who want access to urban nightlife and entertainment.
Higher and Higher
The projects are also expected to transform the skyline of Sacramento.
Continued...
Regardless of its precise boundaries, once the people with disposable income move downtown, its advocates reason, higher-end retail stores and restaurants will follow the money. And, just as importantly, those stores and restaurants will stay open later during the week and on weekends, as they realize that there is more to downtown than the 90,000 or so people who work there during the day.
Fong, owner of the Mikuni chain of Japanese restaurants, and his wife, Michelle, are applying for a unit in The Towers. With one daughter entering high school now and another in college, they will be empty nesters by the time the project opens. As such, they are the perfect target demographic for downtown developers.
“What you’re having now is a population turn, in that the baby boomers are at the point where they don’t really want to have a maintenance type of lifestyle,’’ says developer Craig Nassi, president of BCN.
“To maintain a big house out in El Dorado Hills, for instance, is an enormous amount of work and money. You have to take care of a lawn, take care of additional bills and needs that come along with owning a house.”
A secondary market for the developers is younger professional singles and DINKs, an acronym standing for couples with “double income, no kids,” who want access to urban nightlife and entertainment.
Higher and Higher
The projects are also expected to transform the skyline of Sacramento.
Continued...
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Community Comments