Sacramento council OKs settlement to allow K Street development
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TMCnews
[October 07, 2008]

Sacramento council OKs settlement to allow K Street development

(Sacramento Bee, The (CA) Via Acquire Media NewsEdge) Oct. 8--The Sacramento City Council approved a settlement Tuesday with property owner Moe Mohanna that will break the logjam on the K Street Mall and allow redevelopment on the bleak stretch of the 700 and 800 blocks just outside Downtown Plaza.



In order to settle an eminent domain lawsuit filed by the city, Mohanna agreed to sell all nine of his properties in the two blocks to the Sacramento Housing and Redevelopment Agency for $18.6 million.

The storefronts in the 700 block will go to developer Joe Zeiden, who plans to convert them into a retail row anchored by his Z Gallerie Furniture store.



The redevelopment agency has agreed to negotiate with hotel developer Bob Leach on the 800 block. Leach plans to build a 400-room hotel -- possibly a Hilton -- along K Street and a mixed-use project along the L Street side of the properties.

Mohanna will remain as a limited partner in the hotel project. If it goes forward, the partners will have to purchase the 800 block properties back from the redevelopment agency.

City council members approved the deal unanimously in closed session.

"We think this is a fair deal for the city, and we really get to put a lot of litigation behind us," Mayor Heather Fargo told reporters after the council action.

The often-combative Mohanna, who has battled the city for months, was subdued when he appeared before reporters.

"We all have to learn to let go," he said. "In this case, it's better to let go."

He said the $18.6 million from the city's redevelopment coffers won't go to him, but to pay off banks and other investors.

To see more of The Sacramento Bee, or to subscribe to the newspaper, go to http://www.sacbee.com/.
Copyright (c) 2008, The Sacramento Bee, Calif.
Distributed by McClatchy-Tribune Information Services.
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