About Towers on Capitol Mall
The Towers on Capitol Mall were two 53-story, 615 foot (187 m) mixed-use towers to be built in downtown Sacramento, California. The buildings (The Towers on Capitol Mall I & II) were planned to have 804 condominiums, a 200 room InterContinental Hotel, and ground floor retail. Rumoured retailers include Gucci, Prada, Kenneth Cole and Tiffany & Co.. The Towers are notable due to the massive scope and scale of the building, and it would have easily surpassed the city's current tallest building, the 423 foot (129 m) Wells Fargo Center. The project had been on hold since January 7, 2007 due to liens being filed against developer John Saca, totaling $7.3 million. Calpers and Deustche Bank have been the primary financial support for the project, however stipulating conditions have led to the collapse of the project. CalPERS is now teaming up with Los Angeles-based CIM to develop the downtown Sacramento block into a similar but smaller high-rise construction project consisting of a hotel, condominiums and office space. The project would incorporate the original foundation piles that were driven into the bedrock in 2006 to support the weight of the 615-foot (187 m) skyscrapers.