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Downtown Plaza Land Deal Excludes Macy’s

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SACRAMENTO-

Piece by piece the Kings organization is taking over what many hope will be its new permanent home.

Much of Sacramento’s Downtown Plaza is now under the control of the Kings’ new ownership group. Most, but not all.

A key part of the arena puzzle and how the STOP petition effort could affect it all are still unanswered questions.

Thursday it was announced that JMA Ventures and Downtown Properties would sell Downtown Plaza to the Kings’ ownership group. The plaza’s 1.5 million square feet of space is slated to become a mixed-use office, retail and housing hub along with an arena.

However, the deal does not resolve the months-long negotiation Sacramento has been in trying to acquire the old Macy’s men’s store.

The Macy’s property is owned by a different group than JMA Ventures.

An independent appraiser has set the value of the store along K Street at $4.35 million, however the parties involved in the negotiations have not agreed that is the selling price.

Stalls during the negotiations prompted Sacramento to move forward with eminent domain filings earlier this month.

But all of these efforts may be moot if the petition effort by Sacramento Taxpayers Opposed to Pork is successful and the arena subsidy issue is placed on a ballot this year.

The Sacramento County Registrar of Voters has finalized a count of valid petition signatures, that taken at face value would quality the petition for placement on the June ballot.

STOP wants voters to have a say in the city’s planned subsidy for the arena project.

The county registrar ran several checks on the signatures and petitions at the request of the city, including looking at the timeframe that Chris Hansen claims he was unwittingly funding STOP petition signature gatherers. Hansen is the Seattle billionaire who tried to buy the Sacramento Kings and move the team.

FOX40 has confirmed all the petitions have been returned to the city clerk, and it is now up to that office to decide if the petition will be accepted.

As FOX40 has reported, how the signatures were gathered and the different versions of the petition that folks signed could face a court challenge.

The signatures could also get tossed by the city clerk for illegalities before that matter gets to a judge.

FOX40 will continue to follow developments on this effort.

Downtown Plaza Sold to Kings Group

Sacramento Officially Files for Eminent Domain for Vacant Macy’s Store

PHOTOS: What the new arena could look like

Group Circulates Petition for Voter Approval on Arena Subsidy

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