Calpers’ Bet on Sacramento’s Planned Tallest Tower Splits Board

Calpers’ Bet on Sacramento’s Planned Tallest Tower Splits Board


Dissent came after memo by an outside consultant raised concerns about risk, according to people familiar with matter

Sacramento officials are cheering a decision by the California Public Employees’ Retirement System to build what would be the tallest tower in its hometown. But some inside Calpers’ boardroom are concerned the 550-foot project represents too much risk.

During a private meeting earlier this summer three Calpers directors voted against a new $550 million commitment to the proposed office-condominium-retail complex, according to people familiar with the situation. Calpers abandoned a previous development plan for the same site...

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