Sacramento Kings Acquire Shopping Plaza in Preparation for Stadium Development

In connection with the development of a new downtown arena, the Sacramento Kings announced recently that the team had agreed to purchase the Sacramento Downtown Plaza mall, a 14 acre development occupying 6 city blocks near the proposed arena site.  The purchase facilitates the development of a 1.5 million square-foot mixed-use space which will connect to the new arena.

The seller of the mall was a joint venture between JMA Ventures LLC and a unit of Gaw Capital Partners which had purchased the mall in 2012.  After the sale closes, JMA will continue to manage the mall and will develop the proposed mixed use space which could include a hotel, apartment building, retail and office space.

The mall acquisition was announced by the team shortly before a Sacramento planning commission vote to pursue a special planning district for the stadium project.  The commission had previously voted in favor of taking such steps, but it was revealed that errors had existed in the public notices related to...


Creative financing used to structure new stadium deal for Atlanta Braves

The Atlanta Braves have signed a Memorandum of Understanding with Cobb County, Georgia for a new stadium in the northern Atlanta suburb to be completed in time for the 2017 season.  The deal moves the Braves out of downtown Atlanta for the first time since they moved from Milwaukee in 1966.

The project, which was approved by the Cobb County Commission by a 4-1 vote, follows months of negotiation between the County and the team.

The stadium is expected to seat 41,500 at a total cost of $672 million.  Under the terms of the deal, the Braves and County will split the cost of the new stadium with the Braves spending 55% and the County 45%.  The Braves will make an initial contribution of $280 million and the Cobb-Marietta Coliseum and Exhibit Hall Authority will issue a $368 million dollar revenue bond of which the Braves will cover $92 million through income over 30 years and the County will pay the rest through tax revenue.  The County will allocate existing property, lodging, and rental...