Sacramento Kings Acquire Shopping Plaza in Preparation for Stadium Development

more+
less-

In connection with the development of a new downtown arena, the Sacramento Kings announced recently that the team had agreed to purchase the Sacramento Downtown Plaza mall, a 14 acre development occupying 6 city blocks near the proposed arena site.  The purchase facilitates the development of a 1.5 million square-foot mixed-use space which will connect to the new arena.

The seller of the mall was a joint venture between JMA Ventures LLC and a unit of Gaw Capital Partners which had purchased the mall in 2012.  After the sale closes, JMA will continue to manage the mall and will develop the proposed mixed use space which could include a hotel, apartment building, retail and office space.

The mall acquisition was announced by the team shortly before a Sacramento planning commission vote to pursue a special planning district for the stadium project.  The commission had previously voted in favor of taking such steps, but it was revealed that errors had existed in the public notices related to the prior vote.  The planning commission acknowledged the errors and restarted the process to form a special planning district.

The acquisition of the mall by the team is the latest step in what has been a complicated and ongoing process.  The City Council is expected to finalize a development agreement with the team this spring.  While the team continues to face challenges from taxpayer groups, last week Mayor Kevin Johnson formally unveiled drawings of the planned arena, saying “it’s big, it’s bold, it’s audacious … an iconic space.”

To see more images, click here.

- See more at: http://www.goodwinsustainabledevelopment.com/blog/brandt/sacramento-kings-acquire-shopping-plaza-in-preparation-for-stadium-development#sthash.YcHCWmzJ.dpuf

In connection with the development of a new downtown arena, the Sacramento Kings announced recently that the team had agreed to purchase the Sacramento Downtown Plaza mall, a 14 acre development occupying 6 city blocks near the proposed arena site.  The purchase facilitates the development of a 1.5 million square-foot mixed-use space which will connect to the new arena.

The seller of the mall was a joint venture between JMA Ventures LLC and a unit of Gaw Capital Partners which had purchased the mall in 2012.  After the sale closes, JMA will continue to manage the mall and will develop the proposed mixed use space which could include a hotel, apartment building, retail and office space.

The mall acquisition was announced by the team shortly before a Sacramento planning commission vote to pursue a special planning district for the stadium project.  The commission had previously voted in favor of taking such steps, but it was revealed that errors had existed in the public notices related to the prior vote.  The planning commission acknowledged the errors and restarted the process to form a special planning district.

The acquisition of the mall by the team is the latest step in what has been a complicated and ongoing process.  The City Council is expected to finalize a development agreement with the team this spring.  While the team continues to face challenges from taxpayer groups, last week Mayor Kevin Johnson formally unveiled drawings of the planned arena, saying “it’s big, it’s bold, it’s audacious … an iconic space.”

To see more images, click here.