Last year, the city gave the Sacramento Kings the OK to do some downtown arena construction work 24-7, sort of like a full-court press. Starting Friday night, the Kings will take advantage of that privilege.
The Kings sold for an NBA-record $534 million two years ago, but the $2 billion sale of the Clippers last year, and a huge new TV contract, have elevated all franchise values. Forbes magazine, in its annual estimates, says the Kings are now worth $800 million.
The owners of a now-demolished building at the new Sacramento Kings arena site say the property is worth $31 million. The city says $6.3 million, while CalPERS wants $12.85 million for the land beneath the building. Ultimately, it’s the Kings who will pay.
Eric Martinez, one of 70 “priority apprentices” plucked from low-income Sacramento-area neighborhoods to help build downtown Sacramento’s new arena, talks about his turbulent upbringing and how this new opportunity has begun to change his life.
In what’s being described as an unprecedented move, Sacramento Regional Transit officials agreed this week to collaborate with a group of major downtown business owners on a speeded-up effort to improve the transit system before a sports and entertainment arena opens downtown.
The team releases a new drawing of its 16-story downtown mixed-use tower, which is to be built immediately north of the new arena at Downtown Plaza. The expected $250 million price tag includes additional retail planned for the plaza.
A major California builder with deep Sacramento ties has submitted plans to city officials for a 26-story headquarters and office tower on J Street downtown across the street from the planned downtown arena and hotel.
The 3rd District Court of Appeal upholds a lower court ruling denying an injunction that would have blocked construction of the downtown arena. Opponents of the arena project are still pursuing a broader appeal under the state environmental law, and another group is suing to deny public funding for the arena.
The Sacramento Kings are planning to break ground this spring on a 16-story mixed-use tower and thousands of square feet of retail, restaurants and office space surrounding their downtown sports arena, team and city officials said Friday.