Reporting Steve Large
SACRAMENTO (CBS13) — A new, high-tech apartment building broke ground on 16th Street in Midtown Sacramento on Wednesday.
For developers, it’s a scene that’s like sweet music to their ears—turning a dirt hole into something that can be sold.
The new building is opening across the street from Hot Italian.
It will feature 50 new units with cutting-edge technology to keep it energy neutral, and a parking lift system to stack residents’ cars.
The new complex is one of three for renters along the R Street corridor, all within two blocks.
“The building is literally built with our own developer equity as well as conventional financing,” said Bay Miri with D&S Development.
“We’ve just sort of cracked the very beginning of new apartment development in our region,” said Marc Ross, a multi-housing expert based in Sacramento.
Ross says despite the 16th Street boom, Sacramento’s apartment pipeline supply actually trails the rest of the nation.
For renters, the forecast looks expensive.
“What that certainly suggests is that over the next few years, you know rents are going to grow because you’ll have the new demand, but not really new supply coming online,” Ross said.
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