SACRAMENTO (CBS13) – In the short time since construction on the Golden One Center started, Downtown Sacramento property values are up by $180 million, according to the Sacramento County assessor’s office.
That $180 million increase brought property values downtown to $1.24 billion in 2016. That’s an increase of 16 percent since pre-arena constructionREAD MORE: Supply Chain Issues: 'There Really Are Problems Everywhere,' Even For Small Companies
The extra $180 million creates $1.8 million in property taxes. The city of Sacramento gets $450,000 from that this year.
“Yes, this is the home of the Kings, but it’s the home of so much more,” said Desmond Parrington, the entertainment and sports center project manager.
“I’m the detail guy,” said Parrington.READ MORE: Sheriff: Family Killed On Hike In Sierra National Forest Died Of Heat-Related Issues
In his office, he’s immersed by Golden 1 Center charts and maps detailing downtown development plans.
“What we’re seeing right now is really encouraging with the investment that developers and property owners are making in the buildings right around the arena,” he said.
Since arena construction began, dozens of high-profile properties in the central city have been purchased and several have upgrades now underway.MORE NEWS: Auburn Man Arrested Twice In One Day On Suspicion Of Theft
The arena is here, and now comes the spotlight on the public investment payoff.