Industry Noize: Kings Arena Moves Forward

The Sacramento Kings are moving forward on a proposed $448 million arena project in California with the purchase of a mall at the future venue site following months of negotiations.

The deal with development firm JMA to buy Downtown Plaza was finalized Jan. 24.

The cost of the deal was not disclosed but team officials reportedly borrowed $35 million from Goldman Sachs toward the purchase with the NBA’s approval.

JMA would continue to manage the mall while partnering with the Kings on design and development of the project, which will also include office, housing and retail space as well as a hotel.

Photo: Courtesy Sacramento Kings

An artist rendering created by design firm AECOM shows the Grand Entrance of the proposed Sacramento Kings $448 million arena.

Meanwhile, two citizens’ groups who submitted a petition that would have let voters decide via a June ballot if public funds could be used for the arena project were dealt a setback by the city clerk’s office.

Sacramento City Clerk Shirley Concolino reportedly told the Sacramento Bee that nine variations of the petition submitted by the Sacramento Taxpayers Opposed to Pork and Voters for a Fair Deal included errors such as wording differences and missing legal language that led to the rejection of 6,700 out of 23,000 signatures.

That puts the total number of valid signatures below the number needed to put the measure on the ballot.

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