SACRAMENTO, Calif. (AP) After seven months of negotiations, the Sacramento Kings have bought 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 wasn’t 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.
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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