Business Journal: New Arena Proposal

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(Sacramento, CA)
Friday, August 5, 2005

What they want in return is a quick annexation by the City of Sacramento. Woodside Homes and the family of developer Angelos Tsakopoulos say they’d sell 20% of their 577 acre tract and apply the proceeds to a new arena. They estimate it would fetch more than $50 million.

The Taskopoulos family also says it will donate all its profits from the overall development, at least $20 million, to the facility expansions for the Crocker Art Museum and the UC Davis Medical Center.

The Kings’ owners haven’t commented as yet. Speeding up the annexation would benefit other holdings of Tsakopolous and various other landowners in that area.