Sacramento Kings Sell Former Arena Site to Argent Development for Master-Planned Redevelopment
July 10 2024 - 3:25PM
Argent Development – a leading developer of innovative
master-planned communities across North America – has acquired the
former Sacramento Kings basketball arena complex in northwest
Sacramento with plans to transform the 183-acre site into a
mixed-use community.
The new community, known as Innovation Park, will occupy the
site in Sacramento’s Natomas district that included the Sleep Train
Arena (formerly ARCO Arena) from 1988 until 2016, when the Kings
moved to Golden 1 Center in downtown Sacramento. The old arena was
demolished in 2022 to make way for redevelopment.
Innovation Park will fulfill a long-term vision for the Natomas
area by fostering economic growth and addressing critical needs in
housing, healthcare and education.
“We believe Argent is the best team to write the next chapter in
the story of Innovation Park,” said Sacramento Kings Owner and
Chairman Vivek Ranadivé. “This is an exciting time for Natomas and
the Sacramento region.”
Argent Development CEO Stephan Elieff added, “We are proud to
spearhead the transformation of Innovation Park into a vibrant
community that will serve the people of Sacramento and stand the
test of time.”
Infrastructure development is expected to begin in early 2025.
Discussions are underway with homebuilders to make residential lots
available for construction in the second quarter of 2026.
Residential units will range from single-family detached homes
and townhomes to condominiums and apartments, with at least 10
percent of units designated as affordable housing. Innovation Park
will play a significant role in expanding access to quality housing
for the region’s low and moderate-income residents. According to
the nonprofit California Housing Partnership, Sacramento County
currently has a shortfall of approximately 56,000 affordable
units.
Plans for Innovation Park include a medical campus with a
state-of-the-art teaching hospital, K-8 public school,
retail/commercial space, nearly 25 acres of parkland and other
infrastructure/public facilities that provide community-wide
benefit.
The 750,000 square-foot teaching hospital will be run by the
California Northstate University (CNU) College of Medicine and
provide the community with 420 inpatient beds and Level II Trauma
operations. The campus will also include an outpatient clinic,
medical office buildings, student and faculty/staff housing units,
a 100-unit active senior housing facility, a daycare facility,
laboratory facilities and public spaces.
The 12-acre public school run by the Natomas Unified School
District will serve K-8 students. Unlike many public school
districts in California, Natomas has growing student enrollment.
Capital Public Radio recently reported that the number of students
in the district has more than doubled over the last 20 years.
Along with much-needed amenities and services for residents,
Innovation Park will create jobs, attract investment and stimulate
growth across the Sacramento region.
Other recent large-scale Argent Development projects in Northern
California include Liberty Ranch in Galt and Isabel in
Livermore.
About Argent Development
Argent Development is a leading builder of large-scale
master-planned communities across North America. The company
manages projects from the entitlement stage through delivery of
lots for third-party builders. Argent has decades of experience, a
proven track record and a long-term vision for developing
sustainable communities that stand the test of time. Recent
projects include communities in California, New York, Virginia and
Texas. Argent Development is headquartered in Costa Mesa,
California. More information is available at
https://www.argentdevco.com.
Contact:Erik Deutsch for Argent
Developmenterikd[at]excelpr[dot]com