Sacramento Kings buy site for downtown arena
SACRAMENTO, Calif. (AP) -- After seven months of negotiations, the Sacramento Kings have purchased a mall that sits on the site of a planned $448 million arena.
The Sacramento Bee reports (http://bit.ly/1eXGzNX) the team finalized the deal Thursday to buy Downtown Plaza from the San Francisco-based development firm JMA.
The newspaper says the exact purchase price was not available, but documents filed with the county show the Kings borrowed $35 million from Goldman Sachs Bank in connection with the transaction. The filing says the NBA approved the borrowing.
JMA will continue the management of Downtown Plaza and will partner with the Kings on the design and development of the project. In addition to a new arena, the property will include office towers, a hotel, housing and retail.
The arena is scheduled to be completed in 2016.
Information from: The Sacramento Bee, http://www.sacbee.com