Buzz About Sacramento: Developers Identified For Development of Arena Sites

Welcome 2010!! The dawn of 2010 has given a great start to the real estate business. Two successful developers in Sacramento have finally submitted their proposals to compete in the development of a new Kings arena and an entertainment complex in the rail yard of Sacramento downtown. Each developer’s proposal states that they are capable of boosting the economy of the city in the ongoing tough times of the real estate market. These proposals were submitted by the developers in response to the Mayor’s call for an array of public plans on where and how to build new sports and entertainment facilities in Sac Town.

According to the arena task force report released in last week’s press meet, the rail yard proposals are among the seven other proposals for the Mayor’s call on development of an arena. The Mayor had launched his plan of new arenas in the town, fearing that the Sacramento Kings would leave the town if a new arena were not ready by the next season. The addition of a new facility for hosting concerts and shows is in the benefit of the public.

In last week’s press report, the Mayor’s arena task force has revealed that, Thomas Enterprises, the developers who own the Atlanta based railroad venture are one of the competitors for the downtown Sacramento rail yard proposal. This company is competing on the rail yard project to accelerate the re-development of the rail yard spread over 240 acres. This project will see development of an arena that will accommodate many community offices, stores, restaurants and entertainment houses.

The second developer competing for the rail yard proposal is the Kamilos Co., a Sacramento based land area developer. The proposal from this company is to develop the arena at the front end of rail yard on the city owned land, next to the train depot at downtown. The Kamilos developers sight the development of the arena and entertainment facility as a tool towards economic development. They are also confident of creating many job opportunities once they get the project.

Rick Tripp, the consultant of state for real estate has proposed a unique financing mechanism where real estate agents who value the Sacramento Kings will contribute their sales commissions as an investment to the arena development project. The arena task force synopsis plan will include a focus on the retail and dining facility around the arena and a public park.

However, the proposals for the Mayor’s CalExpo arena and theme park are yet to be finalized. The Mayor’s task force’s efforts are alive to achieve economic development through the development of these facilities.

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