The Sacramento Kings have finalized a deal to purchase Downtown Plaza from JMA, the San Francisco-based development firm that purchased the fading mall in 2012. The Kings and the city of Sacramento are planning to construct a new $448 million arena at the mall site.
A sale price was not immediately available. JMA bought the mall from Westfield for $21.7 million.
JMA will continue the management of Downtown Plaza and will partner with the Kings on the “design and development of a lifestyle mixed-use project” around the proposed new arena that is slated to include office towers, a hotel, housing and retail. JMA and the Kings have submitted entitlement applications with the city for that work.
“We are thrilled to close this transaction as it is another important step in the process of building a world-class arena in the heart of downtown with a vibrant, active development surrounding it,” Sacramento Kings President Chris Granger said in a statement released by JMA.
Todd Chapman, the president and CEO of JMA, said, “With the sale now final, we’re excited to move ahead with the planning for the mixed-use development of the surrounding site.”
Source: Sacramento Bee