Sacramento Kings will pay $12M for downtown arena property

Feb 11, 2015 2:12 PM

SACRAMENTO, Calif. (AP) - The Sacramento Kings will pay $12 million for a downtown property, the last parcel of land needed for the development of a new sports arena.

The Sacramento Bee says an eminent domain case arguing the value of the former Macy's store at the arena site was settled last week. The City Council approved the settlement late Tuesday.

Under the deal, the Kings will pay $7 million to an investor group called C-III Asset Management and $5 million to the California Public Employees' Retirement System. Those entities controlled the parcel until it was seized by the city last year following a contentious court battle.

Plans for a new $477 million Kings arena showed the Macy's property covers much of the footprint for the proposed complex.

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