Developers Plan Affordable Housing near New Downtown Arena

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A row of mostly vacant buildings sits on K Street near 7th and 8th streets, but developers are hoping to change that soon.

“I think by the time this project is done its going to be the most exciting block in downtown Sacramento,” 700 Block investor Bay Miry said.

Miry and his team have worked for more than four years, pushing plans to bring local restaurants, bars, stores and apartments to the area.  The site is one block from the new Kings arena.

“Right now, in downtown Sacramento, there’s a lot going on and we’re thrilled to be a part of that,” Miry said.

Many who live and work downtown share that excitement.

“I think it would help, since the arena is coming, too.  I think it would help the economy out and jobs,” Derrick Richardson said.

Sixty percent of the apartments will be affordable, while the other 40 percent will be market rate.

Developers say prices range from less than $600 per month to more than $2,000 per month.

Many tell FOX40 they welcome the affordable housing, but also worry about added congestion in the area.

“I think it would be too crowded down here, because it’s already crowded – and with the arena, they’re gonna need a whole lot more parking,” Veronica Perez said.

The City Council is expected to vote on allocating some of the funding for the $51 million project at their meeting Tuesday night.

Developers say if they get the green light, they will start construction at the end of this year.  They’re hoping to complete construction two years later, around the time when the new Kings arena opens in 2016.

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