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Bob Shallit: Developer courts parcel near possible arena site

By Bob Shallit - bshallit@sacbee.com
Published 12:00 am PST Monday, November 5, 2007
Story appeared in BUSINESS section, Page D5

The next project by midtown developer Sotiris Kolokotronis could be a mixed-use development near the Sacramento Kings arena. Not Natomas – the one under consideration near Cal Expo.

Kolokotronis has submitted the high bid for a prized, 5.6- acre parcel across the Capital City Freeway from the Arden Fair shopping center. That's just a full-court pass or two from Cal Expo, where a new basketball arena for the Kings is being considered.

The undeveloped lot is considered a top commercial infill site, given its frontage on Arden Way and access to the freeway.

Kolokotronis, known for his midtown apartment and condo towers on the 1800 block of L Street, says he would build "a high-end apartment community" on the Arden Way site, along with some retail shops, assuming he completes the transaction.

The developer says he likes the parcel's visibility, freeway access and location near major offices.

"I'm really surprised it's still (undeveloped)," he says.

Randy Getz, a CB Richard Ellis broker who is marketing the site on behalf of an East Coast pension fund, says bidders had differing plans for the property.

Some envisioned office space, others thought a hotel would be great, and a few wanted a mixed-use project.

As for the possibility of a new Kings arena at Cal Expo, Getz says he doesn't believe any bidders were "counting or depending" on that scenario.

But if an arena came true, Getz says, "it would enhance all of their plans."

* * *

Picture this: Speaking of Cal Expo, a Stockton Boulevard businessman wants to remind people that the State Fair hasn't always been at its current site.

Frank Louie, owner of Louie's Restaurant at Broadway and Stockton, has commissioned Sacramento artist Christian Quintin to paint a colorful mural depicting one of the original fairground's entryways – which was at Broadway and Stockton.

"There's a lot of history associated with (this location)," says Louie, who opened his eatery in 1989 and later acquired the strip center, which he renamed Fairgrounds Plaza.

The 20-foot-by-4-foot mural, which will appear on an exterior wall of Louie's eatery, shows a fairground scene and a panorama of California icons – the Sierra, the Golden Gate Bridge and a steam locomotive – in the background.

"It's very surreal – and whimsical," says Quintin, a France native who has produced murals for the California Youth Authority headquarters in Sacramento, the Davis Food Co-op and the FamiliesFirst social services agency in Davis.

The State Fair mural, which the artist is painting at home and installing on the building's back wall, is taking far longer to complete than expected. That's because Quintin wants it to be perfect.

"You only have one life – probably," he says, "so you want every piece to be a great piece."

* * *

Pass the popcorn: When does a startup company rent a movie theater for a meeting with prospective investors?

When the business is a backer of Hollywood films – and wants to screen one of its new products.

Redwood Palms Pictures of Folsom, which has invested in about 10 films, is sponsoring the event Wednesday, along with El Dorado Hills angel investment group Strategis Early Ventures.

Invitations are limited to "accredited investors" – folks with family incomes of $300,000 or more or a net worth exceeding $1 million.

If you're interested – and qualify – contact SEV co-founder John Lewis (by e-mail: jlewis@SEVfund.com), whose organization is an investor in Redwood Palms.

The evening will include presentations from three other startup businesses and a movie premiere.

What film is being shown? Lewis can't say publicly because its U.S. distribution rights were acquired recently. The purchasing company, he says, "probably wants to hold its own premiere."