What Will CalPERS Do With Vacant Land Near Sacramento's Tower Bridge?

SACRAMENTO (CBS13) — It's a waiting game for the gateway to Sacramento.

Even with a future arena revitalizing the downtown core, there's still a hole in the ground at the corner of Third and Capitol Mall.

The boarded up dirt lot has been vacant for so long, it's become overgrown with bushes and trees.

It was originally going to be the home of a 53-story condominium tower, promised as the tallest residential highrise west of the Mississippi River.

Construction had started in 2006, but now it's quiet. The towers never got off the ground, and some of the completed foundation now sits exposed in the weeds of the dirt lot.

"It doesn't even look like a construction site because of all the trees growing there," said Adrian Oleksiewicz, who lives next door.

Public employee pension fund CalPERS owns the land. Together with real estate partner CIM, they are in discussion about what to put here.

But no application has been filed, even with the new arena for the Sacramento Kings going up just a block away, slated for a fall 2016 opening.

"That spot will ultimately be the gateway to sacramento. its a spot that requires by design, an iconic building," said Sacramento land-use attorney Tina Thomas. "It's gotta respect the capitol, but its gotta be iconic, and beautiful."

Sacramento Mayor Kevin Johnson is calling for 10,000 new residential units in the downtown core over the next 10 years. With the rental market booming, real estate brokers are recommending a high-rise at the spot, but for now, it's still a waiting game.

Sacramento city leaders are pressuring CalPERS to do something with the site soon.