Downtown Sacramento is home to a thriving business and entertainment scene. The area sports numerous attractions and a wide range of dining options, from casual cafes to family eateries to upscale restaurants. However, it’s always been in the city’s best interest to build up the area in an effort to increase both tourism and local commerce.
Sacramento, though a fabulous city in its own right, has, in recent years, taken much of a backseat to other California cities as far as tourism and revenues go. Though tourism has improved in Sacramento, as evidenced by the fact that hotels have seen an uptick in performance in recent months, the city’s numbers are nowhere near those of San Francisco. On the other hand, Sacramento’s reasonable costs make it a prime target for tourists on a budget and businesses looking for a new home, whereas setting up shop as a business in San Francisco is far more cost-prohibitive.
In fact, the affordable nature of Sacramento is drawing a number of new tenants to 555 Capitol Mall, a prominent spot right in the heart of the city. In fact, developers of the property are now opting to focus on its open retail spaces, a move that could prove to be quite strategic.
Rubicon Partners, the development team behind the property, just submitted plans to the city to refresh and upgrade spaces on the first and third floors in order to make them more usable and desirable for potential tenants. On the east side of the property’s first floor, Rubicon is planning to develop two distinct retail uses: a spacious 1,900-square-foot coffee shop and cafe, and an 8,500-square foot upscale restaurant.
The move is one that will likely draw a diverse crowd of both regulars and tourists. Additionally, the coffee shop and restaurant will both include an expansive patio space along Capitol Mall. This will enhance the experience for visitors to both establishments and draw more attention to the newly developed eateries. To the west, the existing restaurant, House Kitchen & Bar, will remain open and tie into the expanded outdoor spaces as it continues to serve up the comfort food it’s known for among Sacramento locals.
But the plans for the property don’t stop there. On the third floor, Rubicon intends to construct a 3,000-square-foot event space, which will include an outdoor deck facing onto Capitol Mall. During daytime hours, the indoor space could be used for business meetings and conferences. At night, it’s shaping up to be the ideal spot for hosting private parties or fundraisers.
Work on these spaces is scheduled to begin by the start of 2016. However, the property is already seeing other positive changes. Approximately 100,000 square feet are currently under construction, and a good 90% of the building’s office spaces have commitments for new tenants. The goal, of course, is to make 555 Capitol Mall a hub for retail and commerce. Doing so will not only improve its value, but enhance the surrounding area of Sacramento on a whole.