New arena could create jobs, help real estate market

A new basketball arena in Sacramento could create more than 4,000 jobs and give the commercial real estate sector a major boost.

Sacramento doesn't need to look far to see how crucial job growth is to the real estate market. All the city needs to do is gaze about 100 miles southwest at San Francisco, one of the nation's surging real estate markets thanks to tech startups and employment expansion.

While Sacramento won't be confused with Silicon Valley anytime soon, there is a proposed commercial real estate facility that could create 4,000 jobs: a new basketball arena for the Sacramento Kings.

According to The State Hornet, Sacramento is a step closer to netting a new arena for the Kings and entertainment purposes such as concerts and events.

"Job creation will drive real estate moving forward for the next 24 to 36 months," Robert Burris, the senior vice president of the Sacramento Area Commerce and Trade Organization, told The Sacramento Bee.

Helping the cause is Sen. Darrell Steinberg's Senate Bill 747 being passed through California Legislature with bipartisan support, easing some of the regulations imposed by an environmental act in the state.

"The proposed downtown Sacramento entertainment and sports center [is] expected to generate about 4,000 jobs," Mark Hedlund, a spokesman for Steinberg, told The State Hornet. "That's just the arena project itself; the planned surrounding development of 1.5 million square feet in mixed-use residential will generate even more jobs. As this revitalizes downtown and the region, generating billions of dollars in economic activity over future years, the stimulus to business creates even more employment opportunity."

The new arena would retain 600 permanent jobs from the Kings' current facility along with creating 3,600 new construction jobs, according to The State Hornet.

The new arena would also need to fill 200 new positions and provide the downtown area with indirect benefits.

Sacramento experts to meet
The Sacramento Association of Realtors and a surplus of other brokerages will meet at the McClellan Conference Center on Oct. 17 for a nonprofit event. Commercial and residential real estate brokers who rarely connect or have dealings will be together in one room.

Brokers will discuss the current state of the real estate market and where it is heading.

"If anybody does anything with real estate in Sacramento, this is the place to be. These are the people to listen to," said Anthony Scotch, the event chairman and a commercial broker and vice president with Century 21. "I don't recall anything like this in 40 years."

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