Posted Jan 24, 2014 11:20 AM
SACRAMENTO, Calif. (AP) -- After seven months of negotiations, the Sacramento Kings have bought a mall that sits on the site of a planned $448 million arena.
The Sacramento Bee reports the team finalized the deal Thursday to buy Downtown Plaza from the San Francisco-based development firm JMA.
The newspaper says the exact purchase price wasn't available, but documents filed with the county show the Kings borrowed $35 million from Goldman Sachs Bank in connection with the transaction. The filing says the NBA approved the borrowing.
JMA will continue the management of Downtown Plaza and will partner with the Kings on the design and development of the project. In addition to a new arena, the property will include office towers, a hotel, housing and retail.
The arena is scheduled to be completed in 2016.
|NBA Action: Rewriting History|
Records were made to be broken and that's what happen in the 20113-14 NBA season.
|NBA Action: Top 10 Plays of the Year|
Countdown the top ten most electrifying plays of the 2013-14 NBA season.
|NBA Action: KD Scores the Title|
Kevin Durant is the first player to win four scoring titles in a 5-year period since Michael Jordan won 7 straight.
|Nets vs. Cavaliers|
Tyler Zeller goes for 22 points and pulls down 11 rebounds in the Cavaliers 114-85 win over the Nets.
|Playoff Push: Miami Heat|
25 years ago, Pat Riley trademarked a term that has come to define excellence in any sport: the ever-elusive "threepeat".