by Dennis McCoy
Downtown real estate experts say building 1.5 million square feet of office, retail and hotel space as part of Sacramento's latest arena plan makes sense -- even in a market with high vacancy rates.
The location -- on the site of Downtown Plaza, in the city's heart -- plus the momentum and excitement of a sports and entertainment complex would create demand for all that new space, say real estate professionals and others with downtown interests.
If the region wins over the NBA owners next month with its counteroffer to keep the Sacramento Kings from moving to Seattle, Sacramento would work with would-be investors in the Kings to develop other uses around the Downtown Plaza arena site.
The development could include 475,000 square feet of office, 250 hotel rooms, 300,000 square feet of retail and 600 units of condos or apartments. All that extra space would be in demand if the arena is built, said Ken Turton, a commercial real estate broker who specializes in Sacramento's central city. Other commercial real estate brokers have agreed.
A new sports and entertainment complex attracting concerts, family shows and conventions -- in addition to Kings games -- would create tremendous interest and excitement, brokers said. Restaurants, nightclubs and national retailers would want to locate nearby. (Sacramento Business Journal)