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.

Downtown Plaza in the News

It looks as though Westfield's Downtown Plaza has some good news. 24 Hour Fitness is planning to double the size of the gym by expanding from the first-floor location into the second floor where Copeland Sports use to be. Planned is a multimillion-dollar renovation; the addition of a cycling room, basketball and racquetball courts and "refreshments" of the pool, locker rooms and other areas. The project, to be completed in the fall of 2011 and will add 20,000sf to make it a 50,000sf fitness center. Last year, Westfield began work on enhancements including LED lighting, new color scheme and improvements to courtyard and piazza areas.

It’s also being reported that Westfield’s in discussions with two potential buyers for the downtown mall. KCRA’s reporting that Mayor Johnson has identified a highly qualified potential buyer that is now in serious discussions with Westfield and that they have the capacity and capability of doing something at a very large scale. There's also another group that's also having not quite as serious discussions, but discussions with the Westfield group as well.