Kings Buy Property
The Sacramento Kings will pay $12 million for a downtown property, the last parcel of land needed for the development of a new sports arena in the California capital.
Photo: Courtesy Sacramento Kings
An artist rendering created by design firm AECOM shows the Grand Entrance of the proposed Sacramento Kings $448 million arena.
An eminent domain case arguing the value of the former Macy’s store at the arena site was recently settled and approved by the city council. Under the deal, the Kings will pay $7 million to an investor group called C-III Asset Management and $5 million to the California Public Employees’ Retirement System.
Those entities controlled the parcel until it was seized by the city last year following a contentious court battle. Plans for a new $477 million Kings arena showed the Macy’s property covers much of the footprint for the proposed complex.