Dive Brief:
- With the acquisition of a development site from the Sacramento Kings basketball team, Costa Mesa, California-based Argent Development is one step closer to breaking ground on its 183-acre Innovation Park master-planned community in Sacramento, California’s Natomas district, first approved in 2022.
- The 129-acre site, which sold for $75 million according to Sacramento County public records, is one of three that will make up Innovation Park. It was home to the Sleep Train Arena (formerly known as the ARCO Arena) from 1988 until 2016, when the Sacramento Kings moved to the Golden 1 Center in the city’s downtown. The old arena was demolished in 2022.
- Argent’s proposal calls for 2,500 new housing units, including single-family homes, townhomes, condos and apartments, according to a press release shared with Multifamily Dive. Of that number, 10% will be designated as affordable housing. The exact unit mix has yet to be announced.
Dive Insight:
The city of Sacramento established an enhanced infrastructure financing district for the development in early May, according to local news outlet KCRA. This would allow for the project to receive financing via increased property taxes on the development site.
Infrastructure development at Innovation Park is expected to begin in 2025, and residential lots will be available starting in the second quarter of 2026, according to the release. The developer is currently in discussions with potential builders.
The property will also include a medical campus and teaching hospital run by California Northstate University, a K-8 public school, 25 acres of parkland and other retail and commercial space.
Innovation Park is one of a number of new multifamily projects underway on or near sports arenas. In San Francisco, Bolour is underway on an 86-unit property close to Dodgers Stadium, featuring baseball memorabilia in a display on its ground floor. Willets Point, located in Queens, New York, will add 2,500 housing units next to the Mets’ CitiField stadium, as well as a new soccer stadium.
