Agreement reached to preserve historic Oak Park hotel
Sacramento Business Journal
An agreement to preserve Oak Park's historic Woodruff Hotel and Guild Theater has been reached between the St. Hope Development Company founded by basketball star Kevin Johnson and the Sacramento Housing and Redevelopment Agency (SHRA), according to Sacramento City Councilmember Lauren Hammond.
The nearly $4 million project calls for significant revitalization efforts at the Woodruff Hotel and Guild Theater, renovating the landmark hotel into a mixed-use site, with 12 residential apartments on the second floor and a variety of retail uses on the ground floor, including a bookstore, coffee house, barber shop, art gallery, community meeting room and restaurant.
"This project is a much-needed catalyst that will boost the economy and vitality of the Oak Park community," said City Councilmember Lauren Hammond, who represents the area as part of the Council's Fifth District.
"We want to get this project moving forward quickly to benefit the community and to preserve these historic structures," she said.
Kevin Johnson, an NBA star who grew up in Sacramento, said the Woodruff and Guild Theater project "represents unique opportunities for St. Hope to be able to leave a lasting imprint on the development improvements for Oak Park."
The agreement and ownership plans for the site still must be approved by both the City Council and the SHRA Commission after the Oak Park community also has a chance to provide input on the project at 3456 3rd Ave., near Broadway, in the Oak Park Historic District. SHRA officials estimate the plans will be presented to the City Council by early June.
SHRA (http://www.shra.org) will invest about $2.5 million in grants and loans for the development project while Johnson's St. Hope Development Co., formerly known as Kynship Development Company, will use its equity in the site and a loan from Sacramento-based Nehemiah Corp. to provide the remaining funding.
The project will provide 12 new rental apartments totaling about 9,700 square feet. The first floor commercial includes about 8,400 square feet. The 220-seat Guild Theater will be completely renovated and used once again as a local theater. Both buildings date back to the early 1900s and went through a variety of owners before being obtained by SHRA in 1997.
In addition to the hotel and theater, a small Victorian home adjacent to the site is included in the project. Tentative plans call for turning the vacant, two-story, 1,600-square-foot former home into two professional office spaces.
SHRA is a joint powers agency established in 1973 to represent the city and county of Sacramento for housing and redevelopment issues. In addition to the Oak Park Redevelopment Area, SHRA administers 10 redevelopment areas throughout the city and county. The agency has more than 320 employees and an operating budget of about $130 million.
Latest News |
Most Viewed Stories |
Most Emailed Stories |
