SACRAMENTO, Calif. (May 23, 2014) – On May 20, 2014 the Sacramento City Council approved a plan to build a new Entertainment and Sports Center (ESC) surrounded by mixed-use development at Sacramento Downtown Plaza, a two-story outdoor shopping mall. The ESC will be the new home of the Sacramento Kings of the National Basketball Association, while the surrounding portion of Downtown Plaza will be redeveloped by JMA Ventures, LLC, a full-service real estate investment and development firm based in San Francisco. The development surrounding the arena will include a sophisticated mix of shops, restaurants, luxury hotel, offices and apartments, with the goal of creating a center in the heart of downtown Sacramento that will be an enticing hub for generations to come.
The Sacramento City Council approved five items as part of the ruling, each by a 7 to 2 margin. Those items include the arena financing plan, the facility’s development agreement, design elements and environmental impact report. The approval provides the go-ahead to begin arena construction at the site. Demolition of the eastern portion of Downtown Plaza is expected to start in the early summer with construction of the arena slated to begin in the fall. The arena is scheduled to be open by September 2016.
While the eastern portion of Downtown Plaza will be taken down, the western end of the mall will remain open for business. JMA will manage day-to-day mall operations while collaborating with the Kings on the design and development of a lifestyle mixed-used project that will integrate with the arena complex and activate the surrounding area 365 days a year. The development adjacent to the arena will include up to 1.5 million square feet of new mixed-uses on the site, including 350,000 square feet of retail, 475,000 square feet of office, a 250 room signature hotel and 550 residential units, all designed to take advantage of the unique urban energy created by the largest downtown Sacramento development in several decades.
“We’re thrilled that the City Council has given this project approval to move forward,” said Todd Chapman, president and CEO of JMA Ventures. “This is a landmark development for Sacramento and we’re so proud to be a part of the effort to reenergize and revitalize the downtown corridor.”
Completed in 1971 and redeveloped in 1993, Downtown Plaza encompasses six city blocks on 14 acres in the heart of Sacramento’s downtown district. The site was identified as the choice location for the team’s new arena due to its prime location as the anchor of the pedestrian-only K Street Promenade that connects Old Sacramento to the State Capitol and the Convention Center. JMA purchased Downtown Plaza in August 2012 from Westfield Group and the Sacramento Kings purchased the site in January 2014.
JMA, a leader in developing and redeveloping iconic, large-scale lifestyle properties for the past 20 years, serves as managing partner for more than $700 million in projects spanning hospitality, leisure, residential, retail, office and industrial. JMA has developed dozens of distinctive lifestyle and entertainment properties throughout the West Coast, with an emphasis on Northern California. These properties are marked by their unique identities, reflecting the distinct history and characteristics of their surroundings, and by JMA’s keen insight into creating premier guest experiences that reflect the tastes and desires of high-value consumers.
JMA’s portfolio encompasses some of Lake Tahoe’s and the San Francisco Bay Area’s most appealing lifestyle and entertainment venues, including the proposed redevelopment of Homewood Mountain Resort in Lake Tahoe; the West Shore Café and Inn; Constellation Residences at Northstar, A RockResort; ownership positions in the recently merged Alpine Meadows and Squaw Valley Ski Resorts; as well as Fairmont Heritage Place at Ghirardelli Square in San Francisco and Waterbar and EPIC Roasthouse restaurants on San Francisco’s revitalized Embarcadero waterfront.
About JMA Ventures, LLC
JMA Ventures, LLC (“JMA”) is a full service San Francisco based real estate investment and development company with in-house acquisition, development, finance, leasing, marketing and management capabilities. The company has compiled a 20-year track record of successful projects, both residential and commercial, combining investment and development expertise with a commitment to the highest quality of design. JMA currently serves as general partner for in excess of $700 million of real estate investments across the western United States. For more information, please visit www.jmaventuresllc.com.