Sketching a new vision for a blighted downtown block near their new arena, the Sacramento Kings on Tuesday released plans for a 170-unit apartment building and mixed-use commercial complex in the 800 block of K Street.
The Kings unveiled their plans after completing the $5.9 million purchase of the largely empty 800 block, a deal made possible by the development agreement the team signed in 2014 with the city on its new arena. The block is just a few hundred feet east of Golden 1 Center, which opened in October.
“We’re excited to continue to build on the success of Golden 1 Center and drive the growth of downtown,” Kings President Chris Granger said in a prepared statement. He said the team hopes to break ground some time this year in partnership with CFY Development, one of the leading developers in the central city.
Described as a “midrise project,” it will include 170 apartments and 20,000 square feet of retail on the ground floor, which will open up to Eighth, K and L streets. The design will provide apartment residents with a courtyard that opens up to K Street, along with rooftop gathering spots. The apartments will include affordable units, the Kings said.
The project will also include renovation of the historic but vacant Bel-Vue apartment building, which was built in 1909 and listed on the National Register of Historic Places in 2016. Ali Youssefi, the head of CFY, has previously told city officials he plans to build apartments on the top two floors and restaurants or shops on the ground floor.
The city granted control of the properties to the Kings in the 2014 financing deal for Golden 1 Center. Under the terms of the agreement, the team had a right of first refusal over any rival development proposal for the space, a right they executed in February 2016 after a plan was submitted to the city to build a luxury apartment building there.
The City Council approved an agreement in October to sell several parcels on the corner to the Kings for $5.9 million. The lots, which include a massive empty space at Eighth and K streets, have been vacant for years.