Ever since a tentative deal for a new sports arena was struck between the City of Sacramento and new owners of the Sacramento Kings, real estate activity around the proposed downtown location has increased including deals for long empty storefronts.
After the former owners of the Sacramento Kings threatened to move the team to Seattle, Washington, Sacramento mayor Kevin Johnson and other Sacramento officials worked hard to keep the NBA team in California's capital. One major issue was the construction of a new city arena, and months of negotiation led to a tentative deal on a new downtown arena between the City and team owners.
Once that deal was in place, real estate activity for properties around the proposed location has dramatically increased, creating optimism among residents and city leaders that the arena might help revitalize the city's downtown where so many former projects failed.
"Proximity to the arena is crucial," [Kyle] Mickiewicz said. "They hinged their market research on other cities that have seen impact from arenas being built, Los Angeles and San Diego. That is what they are banking on."
FULL STORY: Sacramento Arena Plans Spur Talk of Sales Nearby
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