Sacramento city leaders announce plans for new downtown hotel, revitalizing Old Sacramento
Sacramento city leaders on Thursday announced a multi-million dollar plan for a new downtown hotel and to revitalize Old Sacramento.
Mayor Darrell Steinberg, joined by several other city officials, spoke at Old Sacramento, the site of where he said they want to "modernize the waterfront."
Steinberg said they have several ways in mind to do so: replacing the boardwalk, repairing the docks, upgrading food and restaurant options, and reusing or rebuilding public market buildings.
Part of the plan also includes increasing access to the river and allowing the public to contribute some other ideas of their own.
"It's time to get started and time to get this done in Sacramento," Steinberg said.
The plan would require approval from the Sacramento City Council. The mayor said he will present the proposal at the next meeting on Tuesday.
The $46 million plan also includes the construction of a new 400-room hotel in downtown Sacramento. Steinberg said he plans to present a detailed term sheet, a non-binding agreement that lays out basic terms and conditions of an investment or project, to the city council.
He said the building would include deck access connecting the hotel with the third-floor ballroom of the Safe Credit Union Convention Center. If approved, construction would begin as soon as possible.
Steinberg also plans to ask the council to allocate $2 million to work with Visit Sacramento, the city's tourism bureau, to continue building momentum to draw larger events to the region.
City leaders including Steinberg mentioned multiple times through the news conference that they are eyeing the goal of making Sacramento not only the City of Trees and the Farm to Fork Capital but also make it a "City of Festivals" namely music festivals.
This announcement comes as Sacramento recently approved a term sheet that helps move forward a new soccer stadium and entertainment center at the Railyards.
"As a city hungry for more, we are just getting started," Steinberg said.
The mayor spoke of how revitalizing the waterfront as a destination was an eight-year journey, delayed by economic impacts caused by the COVID-19 pandemic.
"It is true that it slowed us down, but it never stopped us," Steinberg said.
Funding the project would come largely from Measure N, which voters approved in 2022. It allows city leaders to pull money generated from a Transient Occupancy Tax. That is when the county charges and collects 12% of the rent charged to "transient" guests at any facility where a person is a guest for fewer than 30 consecutive days at a time.
Steinberg said state leadership is also providing some financial assistance for the project.
In attendance included Steinberg, City Manager Howard Chan, State Sen. Anqelique Ashby, Visit Sacramento CEO Mike Testa and Downtown Sacramento Partnership Deputy Director Scott Ford.
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