Sacramento Kings will pay $12 million for former Macy’s property under court settlement

“Clearing what had become a prolonged legal hurdle in the effort to construct a new sports arena in downtown Sacramento, an eminent domain case arguing the value of the former Macy’s men’s store at the arena site was settled last week.

The Sacramento City Council agreed to the settlement amount during a closed-door session Tuesday night.

Under the agreement, the Sacramento Kings will pay $7 million to an investor group called C-III Asset Management and $5 million to CalPERS. Those entities controlled the Macy’s property at 600 K St. until it was seized by the city of Sacramento last year following a contentious court battle.

After a judge ruled that the city could take possession of the property, the Kings tore down the former 211,000 square-foot department store to make way for the new arena. But even after the building was gone, the former owners and the city engaged in a months-long fight over the property’s value.”

read the entire article

Lillis, Ryan. The Sacramento Bee 11 February 2015.