Last week we reported that the Sacramento Kings purchased Sacramento's Downtown Plaza property from development firm JMA. The shopping center sits on the site of a planned $448-million arena. Today the Sacramento Bee reports the deal was finalized, and while the exact purchase price was not disclosed, county documents show the Kings borrowed $35 million from Goldman Sachs Bank in connection with the transaction.
JMA will continue to manage Downtown Plaza and is working with the Kings to design the forthcoming mixed-use arena project that will include office towers, a yet-unbranded 250-room hotel, retail and 550 residential units.
According to today's story, the Kings organization has indicated the hotel, restaurants and retail development pieces would happen in the early stages of development, while the arena is scheduled to be completed in 2016.