Sacramento - New Arena Plan

[ltsmotorsport]

700K was caught up in the redevelopment money being pulled after those agencies were dissolved. CFY Development is the developer, but I haven't heard anything for a while about them getting close to starting.

[wburg]

As mentioned in the other thread, the city is currently suing the state to allow that deal to go through--the state doesn't want to consider it an "enforceable agreement."

[ozone]

Originally Posted by ltsmotorsport

700K was caught up in the redevelopment money being pulled after those agencies were dissolved. CFY Development is the developer, but I haven't heard anything for a while about them getting close to starting.

So who owns the buildings?

[wburg]

Originally Posted by ozone

So who owns the buildings?

The city owns the buildings, but the agreement to transfer the property to the developer was done as a redevelopment agreement--the state is arguing that since the dissolution of redevelopment, the city no longer has the authority to grant the property under those conditions. The city is suing the state to get the agreement approved, but there are around 100 or so redevelopment-related lawsuits throughout the state. Otherwise, everything is ready to go--and if this can be resolved fairly quickly, it could be complete in time for the opening of the arena.

[ozone]

Originally Posted by wburg

The city owns the buildings, but the agreement to transfer the property to the developer was done as a redevelopment agreement--the state is arguing that since the dissolution of redevelopment, the city no longer has the authority to grant the property under those conditions. The city is suing the state to get the agreement approved, but there are around 100 or so redevelopment-related lawsuits throughout the state. Otherwise, everything is ready to go--and if this can be resolved fairly quickly, it could be complete in time for the opening of the arena.

And if not? Does the city have the authority to transfer the property to another developer- one who would then develop it without redevelopment funds?

[wburg]

The city's legal case is based on the argument that their agreement with the developer is an "enforceable obligation" and having signed a contract with them, can't just back out of it. The developer has also invested about $1.5 million in the project and done a lot of demo, cleanup and design work, not to mention arranging private financing. Not only would dropping the developer wipe out all that work and preparation, the city would be liable for the contract it signed and then backed out of, after suing on the basis that it was a legitimate contract.

The state isn't just holding back on the money, they are saying the city can't just give the land to the developer, so no, just selecting an9ther developer doesn't solve the problem and would probably make it much worse.

[urban_encounter]

Originally Posted by ozone

The Kings do not own the Macy's building so I why would they make any comments publicly? Maybe behind the scenes the Kings and the City might be nudging them (Macy's) to make improvements. But in all likelihood they just would want to do it because they anticipate potential increase in sales from the arena (and it's positive effect on the rest of downtown.) I hope they do. It would lame to have a shiny new arena and then have Macy's (our only remaining downtown department store) next door left untouched. It looks really tired (read boring suburban mall circa 1989) inside and out.

The Macy's store was part of the EIR so that they could make anticipated improvements to the exterior.

[NME22]

"The price tag for the new Sacramento Kings arena just went up, and the team’s development deal with the city has undergone significant changes.

Yet an updated deal released by the city Monday shows its planned contribution to the project has actually been reduced slightly, to $255 million, and the Kings’ owners will pay for the additional $30 million or so needed to build the team’s new home at Downtown Plaza."

Read more here: http://www.sacbee.com/2014/04/21/634...#storylink=cpy

[LandofFrost]

Hmm privately funded arena.

I'm happy that ours' is coming along, just thought this was interesting.

http://hamptonroads.com/2014/05/va-b...ded-arena-plan

[ltsmotorsport]

Originally Posted by LandofFrost

Hmm privately funded arena.

I'm happy that ours' is coming along, just thought this was interesting.

http://hamptonroads.com/2014/05/va-b...ded-arena-plan

This isn't truly privately financed. They are receiving $7 million/year of tax money as a subsidy.

Sacramento is getting a great deal, at very little risk, with the city's investment already paying dividends in the renewed interest in downtown real estate and development projects. And this coming before the first demolition work has even begun on downtown plaza.

And truly, the high caliber architecture and plan of the Sacramento arena plan will surely be more than any VA Beach plan spending less than half as much money.

[ThatDarnSacramentan]

http://www.nba.com/kings/release-052014

Sacramento, CA – Before a packed council chambers, Mayor Kevin Johnson and the City Council approved plans to build and finance a new Entertainment and Sports Center (ESC) at the Downtown Plaza Mall.

“Tonight’s vote is a historic moment for Sacramento and the culmination of years of hard work from so many in our city and our region,” said Mayor Kevin Johnson, “Sacramento has had a vision for its future and I am so proud of our community for their fight and resolve to ensure that vision became a reality. I can't wait till groundbreaking in the fall.”

Tonight’s vote is the culmination of a 15-year community effort to build and finance a new Entertainment and Sports Center. The Sacramento City Council Chambers was filled to capacity with 200 people inside. More gathered outside of City Hall to watch the Council Meeting on a giant LED Screen.

BOOM.

[creamcityleo79]

#sorrynotsorrySeattle

[LandofFrost]

I like the exterior and grounds of the building... but, has anyone else noticed that the interior drawings are really dated. It looks like 1992 threw up in the lounge areas. At least any bad taste in those areas can be fixed later on.

[creamcityleo79]

Those 12 people fighting the arena plan in the courts.....WHYYYYYYYYYYYYYY!?!?!? How realistic is it that they will delay the construction process?

[Majin]

Originally Posted by creamcityleo79

Those 12 people fighting the arena plan in the courts.....WHYYYYYYYYYYYYYY!?!?!? How realistic is it that they will delay the construction process?

Zero percent chance.

[enigma99a]

New ESC website

http://sacramentoesc.com

Looks like the entrance has been redesigned with LED screens. Not sure if they will be static images or not.


Peek at some of the ancillary development around it. I'm hoping for something a little more ambitious than 5-6 stories. Although, I would accept a 5 story Macy's there if it meant demolishing the current Macy's for redevelopment.

[creamcityleo79]

This.will.be.incredible!!!!!

[Mr. Ozo]

What angle is the 2nd image you posted supposed to be from?

I'm guessing looking from 5th and L but there some things that don't match reality in the rendering such as where is 5th street.

[Pistola916]

Originally Posted by Mr. Ozo

What angle is the 2nd image you posted supposed to be from?

I'm guessing looking from 5th and L but there some things that don't match reality in the rendering such as where is 5th street.

Yes, that's from 5th and L. 5th street is not shown on the second pic.

[Mr. Ozo]

Ok I see it now. Overall great, and see how the rendered in the new Hotel at 5th and J.

I'm not sure what's going on with the grassy triangle in the middle though.