Sacramento Kings Sell Former Arena Site to Argent Development for Master-Planned Redevelopment
SACRAMENTO, Calif., July 10, 2024 (GLOBE NEWSWIRE) -- 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 Development
erikd[at]excelpr[dot]com
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