Wednesday, August 15, 2012

Downtown Plaza Sold

Local press is reporting that JMA Ventures of San Francisco has purchased Downtown Plaza today for about $22 million from Westfield Group LLC. and plan on transforming it into an urban destination. The mall was originally built in 1971 and redeveloped in 1993 costing $157 million. At nearly 1 million-square-feet and covering six city blocks in downtown Sacramento, the new owners will have a big job getting bring new life into the diminishing shopping complex.
City officials seem to have lots of ideas, like turned the inside out so that it connects better with the city on J and L streets. They also have talked about rebuilding Fourth and Fifth streets through the mall and possibly allowing cars back on K Street in the plaza. I personally would not take too much advice from the city and how to revitalize the mall, just look at their track record thus far on K Street, both the 700 & 800 blocks are barren and after nearly three decades  of social engineering, K Street in downtown is still about the same.
In other news at the Downtown Plaza, lenders have foreclosed on the building housing Macy's men's and furniture store at 600 K St., though the store remains open and will continue to operate as usual for now, according to people working in the store.


Anonymous said...

Definitely a step in the right direction, but unfortunately due to over a decade of neglect, Downtown Plaza will need serious investment in order to be rethought/revitalized. This was such a neat center when it opened and was quite successful until it fell under neglect.

I've since left Sacramento, but last time I visited I noticed that the brilliant 700 K street redevelopment seems way behind schedule as no visible progress has been made. Did that proposal die? And will 800K remain a hole in the ground?

Zwahlen Images said...

Not much has changed on K Street. I don't think any proposals will move forward for either the 700 or 800 blocks unless additional money from the city or state are kicked in to help finance... the risks are just too high for a developer put their whole neck out there.