Redevelopment of the former Westfield Downtown Plaza in downtown Sacramento into Downtown Commons (“DoCo”), a 1,000,000 SF mixed-use development surrounding Golden 1 Center, home to the NBA’s Sacramento Kings. The project was developed in a joint venture with the Sacramento Kings and was designed to leverage activity from the 17,500-seat Arena and its CBD location four blocks from the State Capitol Building.
- 300K SF of new retail space
- New 250-key Kimpton Hotel
- 45 luxury condo units
- 120K SF office refurbishment
- 35K SF state-of-the-art Sacramento Kings Class A office space
- 332K SF Macy’s full-line department store refurbishment
- King’s office sold: 2017
- Condos sold: 2018-2019
- 660 J Street sold: 2020
Key Investment Thesis
Leverage the adjacency to the new Golden1 Center, home to the Sacramento Kings, and prime location in the heart of Sacramento’s CBD, to develop a regionally transformative lifestyle mixed-use project that would deliver significant premiums over the then-current market rental rates, hotel room rates, and residential sales per SF.
- Strategic Location near Traffic Drivers:
- Golden1 Center Visitation – 200+ Arena events per year / 1,700,000+ visitors, including 42+ Kings games, concerts, family shows, community-oriented events, and other sporting events.
- Daytime population – 95,000 weekday office population
- Access – Two blocks from Interstate 5 (nearly 200,000 vehicles per day), four blocks from the regional train depot / future multimodal transit center and served by bus and light rail lines.
- Retail – position as the dominant entertainment, shopping and dining destination in the urban core leveraging Golden1 Center visitors, office worker population, and proximity to surrounding affluent communities
- Kimpton Sawyer Hotel – positioned as Downtown Sacramento’s rate and luxury leader, focused on the customer base and active environment derived from Arena events and an NBA affiliation in an already strong occupancy market.
- Residences at the Sawyer – develop a residential product that did not previously exist in the market including high rise views, hotel amenities, and a prime downtown location. There is no other competitive Residential luxury product in the market.
- Office – build to suit state-of-the-art office to house Sacramento Kings business operations, adding to the daytime population for the project
JMA Value Creation