Photo credit Sacramento Business Journal Dennis McCoy
By Ben van der Meer – Staff Writer, Sacramento Business Journal
Jun 21, 2019, 6:03am PDT Updated Jun 24, 2019, 5:37pm EDT
By fall, another corner of K Street in downtown Sacramento should see a new burst of activity.
Robert Rodriguez, managing director and founder for 731 K St. owner Cassadyne LLC, said after looking at several possibilities in Sacramento’s central grid, 731 K had location advantages.
“Obviously, there’s proximity to the arena, but we’re also interested in the revitalization of downtown,” Rodriguez said. “When you look at the area, this is going to be one of the best intersections in town.”
Cassadyne acquired the 22,000-square-foot building from the city of Sacramento last summer for $1.7 million. Originally built in the 1960s to house a bank and last modernized in the 1980s, 731 K St. was empty at the time of sale and felt a little tired, Rodriguez said.
James Fitzgerald, whose MarketOne Builders firm worked with architecture firm DGA as the design-build team for the rehab, said the mechanical systems were all nearing 40 years old, toward the practical end of their useful life. Beyond that, the project team decided to open up the building’s sightlines, make the rooftop into an amenity, and add a glass wall.
“You try and anticipate what they had in the 1960s,” he said, as a starting point for improving 731 K St. “You know what they’re building, but not what they’re building with. You just have an idea.”
Rodriguez wouldn’t share the exact cost of upgrading 731 K St., though he said he’s within the original budget. As work wraps up over the next few months, the next step is filling the building.
Cambria Solutions, a developer of software for government agencies, will move in by year’s end on the top two floors, with 60 to 80 employees. Rodriguez is founder and CEO for Cambria. He operates Cassadyne with business partner Grietje Reuter. Rodriguez said 731 K St. will be the headquarters for the firm, which has 250 employees nationally.
On the 4,000-square-foot ground floor, Cassadyne has tabbed Turton Commercial Real Estate to find a retail tenant, most likely a food or beverage concept. While the space is big enough for two ideas, Rodriguez said, one is the preference.
“A tenant has an opportunity on this corner to be something ideally local, ideally unique and ideally special,” Rodriguez said.
Both a future retail tenant and Cambria can make use of the rooftop, which overlooks K and Eighth streets and other current or future development and redevelopment sites.
Part of the 2,400-square-foot roof will be used for storage, but a deck for public use will also be built atop the existing roof, giving it a couple feet more of height. Rodriguez, Fitzgerald and others involved with the project said a rooftop component often doesn’t make it into the final concept for a building because of the cost. But Rodriguez insisted on keeping it, though it involved adding an extra set of stairs and other improvements.
“It’s almost unprecedented,” said John Mudgett, a senior director with Turton Commercial, on a building tour this month. Having roof access opens up possibilities for hosting private events in addition to being an amenity for tenants, he said. “It’s a very unique feature.”
Another aspect of the building could also become a selling point. Below ground, the building’s basement is mostly a blank slate for a creative use, though it still has the bank vault from the building’s original construction. There’s also an elevator between just the basement and first floors.
Rodriguez said the overall building concept didn’t just figure in the building’s history and what was already there. The goal is to make improvements that stand the test of time, he said.