Sacramento, Calif. – Today, the Sacramento Kings released a new report detailing how its multi-million dollar investment in downtown Sacramento continues to create dynamic economic growth in the region. Golden 1 Center is a world-class entertainment and sports center scheduled to open fall of 2016, and Downtown Commons (DOCO) is an adjacent mixed-use project featuring unique retail, restaurants and entertainment scheduled to open in early 2017.
The new data provides an economic update outlining local investment, job creation and business growth:
- The Kings continue to exceed local investment goals by 18 percent with over 78 percent of biddable work – totaling $290 million – awarded to local businesses.
- 21 percent of contracts – totaling $84 million – have been awarded to local small businesses, exceeding the initial 15 percent goal.
- 67 new businesses have launched or relocated downtown in the last three years.
- Downtown Sacramento has experienced $400 million in office sales and new retail properties in the last three years.
- As part of a one-of-a-kind jobs program, the Kings set a goal of hiring a minimum of 70 priority apprentices – laborers, carpenters and engineers – from disadvantaged backgrounds or communities in the area. To date, 60 apprentices have worked on the arena and over 55 additional apprentices have found job opportunities at various projects through the community.
Golden 1 Center and its surrounding development, called Downtown Commons, is one of the significant steps the Kings are taking to become the premier global franchise of the 21st century. Under Kings Owner and Chairman Vivek Ranadivé’s leadership, the team is carrying out his NBA 3.0 philosophy, based on the principles of using cutting-edge technology to connect fans and enhance the fan experience, bringing basketball to fans all over the globe, and transforming how it impacts our communities.
“From the start, we committed to the community that this project would be bigger than basketball,” said Ranadivé. “We’re proud to work with local businesses and workers to build a world-class sports and entertainment destination, and together, our efforts are helping drive significant economic growth across the Sacramento region.”
The report was released in conjunction with Ranadivé’s keynote at Region Rising, an inaugural conference discussing the challenges and opportunities facing the Sacramento region’s future.
A 2014 third-party analysis estimated that the combined economic impact of the downtown arena and adjacent development will generate 4,000 permanent jobs and $11.5 billion in economic activity for the Sacramento region over the expected 35-year lifespan. Golden 1 Center will also help attract 1.6 million new visitors to downtown Sacramento each year, which is expected to help generate more than $8.5 million in sales tax and approximately $867,000 in transient occupancy taxes each year.
Download the full report.
For more information, visit www.Golden1Center.com and www.DOCOSacramento.com.
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