The resulting economic benefit will be substantial—and will also overflow to increase development along our rivers & K Street—as this article from the Sacramento Bee reports.
“A new downtown arena for the Sacramento Kings carries some risk to the city but is likely to give the region a substantial economic boost, according to the latest quarterly forecast from the University of the Pacific.
“UOP economist Jeff Michael, in a forecast released Thursday, said the new arena at Downtown Plaza should improve the region’s current state of “tepid job growth.” Construction is supposed to begin sometime next year, with the $448 million building opening in time for the 2016-17 NBA season.
“Michael noted a huge irony in the city’s long-running arena saga: The soon-to-be-former owners, the Maloofs, did the city a favor last spring by scuttling plans for a new facility at the downtown railyard.
“Now that the Maloofs’ plan to sell the Kings to a Seattle group has been blocked, the family is selling the team to well-heeled investors and the arena site has shifted to a more central location.
“While many Sacramento residents were irate with the Maloofs for backing out of last year’s deal, in hindsight they should be thankful for their change of heart,” Michael wrote. The new project “has the potential to accomplish broader city goals and help other city assets like the Convention Center in a way that other proposed locations such as the railyard or Cal Expo would not.”
“City officials say construction of the arena will create 4,000 jobs. They also anticipate massive spinoff effects as redevelopment spreads to the rest of Downtown Plaza and beyond.”