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Sacramento Downtown Plaza to Close Next Year for Massive Arena Remodel

According to one of the mall’s tenants, the plaza near the future arena site will close sometime in 2015. A group of local buyers, Trinity Pacific Partners, closed escrow on 555 Capitol Mall. The 380,000 square foot property has 14 stories with two connected office towers with a variety of restaurant and retail space on the ground level. A parking garage is located in the back across from L Street for the arena site.

Mall managers have been told that their leases will not be renewed after the end of December. The Downtown Plaza is owned by the NBA’s Sacramento Kings. Demolition began in August within the mall’s central portion to make room for a new $477 million arena. JMA Ventures has been re-hired to both redevelop and operate the new property.

JMA Executive Michael McManus told Sacramento Business Journal that the western portion of the plaza mall (except the movie theater and Macy’s) will be reoriented so that the restaurants and shops face the arena itself. JMA spokeswoman declined to comment on his comments. According to the company, they are still working on finalizing the plan. The city manager for the arena project, Desmond Parrington, said that JMA had discussed with mall tenants about possible relocation.

The plaza has seen decreased foot traffic, so the buyers decided it would not be a good idea to stay open for two years. They decided the smart business decision was to remodel sooner than later. Because the arena itself is not promising owners a reserved location, shops are looking to move to the former Pyramid Alehouse site at K and 11 streets. The remodel plan is to lure boutique-like businesses to occupy the renovated space in these stores’ former locations.

This article is compliments of the General Store and Deli 500 Capitol Mall Suite #130 Sacramento, CA 95814.