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City Hopes New Owners Will Take Downtown Plaza In A New Direction

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(Sacramento, CA)
Wednesday, August 15, 2012

A clog in Downtown Sacramento's redevelopment plans may have cleared this week.  The Downtown Plaza has been sold to JMA Ventures.

Sacramento Mayor Kevin Johnson says Westfield is to be credited for allowing the City to help pick the new owner, "They allowed us to have some input in it and we have somebody who wants to be here, who understands this Northern California  region in a real way and we're very excited to be working with JMA."

The new owners are based in San Francisco.  They own Alpine Meadows and Homewood Mountain ski resorts in addition to 13 other resort, retail, and commercial properties. 

Johnson says the new owners could bring as many as 800 jobs back to the mall, "We know that it will have a catalytic impact on everything else that we do downtown.  You're talking about jobs. You're talking about economic development."

K Street businesses have struggled in recent years.  Local eateries and shops have opened and closed.  The Hard Rock Café left the plaza in 2010.

JMA will spend the next three months talking to tenants, local businesses, and the city before deciding what steps to take next. 
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