Golden 1 Center Impact Continues to Fuel Downtown Momentum
(Oct. 22, 2019) – As the Sacramento Kings prepare to open their fourth season at Golden 1 Center, Downtown Sacramento Partnership today released a new snapshot demonstrating the continued investment and interest in the area surrounding the world-class facility. Since the arena broke ground in 2014, projects in Downtown, Midtown and West Sacramento totaling nearly $4 billion have grown the region’s urban core and continue to fuel its economy and quality of life.
“Golden 1 Center continues to spark new activity and investment in downtown,” said Michael Ault, Executive Director of Downtown Sacramento Partnership. “Today, downtown is a very attractive place to do business, visit and live. The arena has played a significant role in this, encouraging an extraordinary level of investment in the core while also building our regional identity and amenities.”
Golden 1 Center has been the center of downtown’s revitalization with 63 properties and 7.6 million square feet of space changing hands in the past 5 years. In the last year:
- Property sales have grown by 13 percent with 13 properties totaling $450 million sold.
- With over 1.5 million square feet of office space changing hands, office vacancy rates continued to fall to a five-year low at 7.2 percent.
- New business openings increased by 14 percent with 42 new ground-floor retail businesses opening, 13 within DOCO (Downtown Commons).
- 494 new residential units were completed and another 1,892 are currently under construction.
- There are a total of 24 new commercial and residential development projects currently under construction – a 38 percent increase from this time last year – and another 76 projects proposed.
Golden 1 Center is one of a number of factors contributing to the increasing growth, vibrancy and opportunity of downtown. Last year, it welcomed over 1.7 million guests to more than 150 ticketed events earning Pollstar’s #9 spot in the United States and #18 worldwide for ticket sales.
“We believe sports can be an agent for change and there is no place that is more evident than in Sacramento,” said Matina Kolokotronis, Chief Operating Officer for the Sacramento Kings. “Year after year, Golden 1 Center continues to deliver on its promise to revitalize Sacramento’s urban core, bringing more people and world-class businesses to the region. Golden 1 Center has sparked billions of dollars in investments in the surrounding area since the project began, none of which would have been possible without the invaluable support from our incredible fans and partners. We look forward to more exciting growth in the years to come as we continue to work hard to make Sacramento Proud.”
Learn more about the impact of Golden 1 Center for the Sacramento region in the full snapshot available here.
Downtown Sacramento Partnership publishes quarterly reports with information covering pedestrian traffic, downtown demographics, development projects, investment activity, office market inventory and retail market trends. Access reports here.
About Downtown Sacramento Partnership
Downtown Sacramento Partnership is a nonprofit, property-based improvement district (PBID) that serves as the collective voice for the 200 property owners and more than 5,000 businesses located within the 66-block urban core of Sacramento. Driven by the mission to build value downtown, Downtown Partnership is the principal advocate, champion and steward for those who work, live, visit and do business here.