Although not exactly shocking news given it was somewhat of a requirement for the NBA during their approval process, Sacramento Mayor Kevin Johnson told News 10 this morning that the new downtown arena would be ready for the 2016 season.
@KJ_MayorJohnson says the new arena will be open in 2016 and finishes his live interview on News10 with “Long Live the Kings”
Yesterday, JMA Ventures who is the San Francisco based company behind the arena proposal for the Downtown Plaza, bought the Macy’s men’s store – the last remaining “property” that was yet to be purchased. With the acquisition, all parcel needed for the future entertainment complex has been acquired.
It’s been suggested that construction on the downtown arena would begin potentially in August of 2014, assuming there are no major roadblocks in the process – which are not expected.
Ron Burkle, who you’ll recall as a former potential investor in the Vivek Ranadive ownership group, will continue with his support in the surrounding real estate as originally anticipated once Burkle left the ownership group due to a conflict of interest. Sacramento developer Mark Friedman and now part owner of the Kings said he too would continue with non-arena development in the area.
The heavy investment in local real estate is nothing new for professional sport franchises as the San Francisco Giants and their ownership group, which is built very much like the Vivek group, invested heavily in real estate in San Francisco’s China Basin during construction of AT&T Park.