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WEBVTT RESNIKEXPLAINS.>> HOME TO THE SACRAMENTO KINGS,THE GOLDEN ONE CENTER CROWNS ISITS ACHIEVEMENTS BY ITS IMPACTON EVERYONE ELSE.>> THE GOLDEN 1 CENTER IS MANYTHINGS.IT IS A WINDOW INTO WHATSACRAMENTO CAN BE.IT IS A DIRECT ECONOMIC BOOST.>> ACCORDING TO NUMBERS BY THEDOWNTOWN SACRAMENTO PARTNERSHIPAND THE GREATER SACRAMENTECONOMIC COUNCIL, 11 DOWNTOWNPROPERTY SOLD FOR $359 MILLION.>> EVERYONE CAME TO WORK AT 8:00AND LEFT AT 5:00 EVERY DAY.WE ARE FINDING MORE AND MORECOMPANIES ARE MOVING IN BECAUSETHEY WANT TO HAVE THE EXPERIENCEOF DOWNTOWN, NOT JUST THELOCATION.>> DOWNTOWN OFFICE BECAUSE THERATES ARE AT A FIVE-YEAR LOW AT8.2%.GREG LEVI IS FROM JLL.>> OUR LEASE RATES ARE GOING UP.>> IT IS NOT JUST THE REALESTATE MARKET BENEFITING FROMTHE GOLDEN 1 CENTER, THEY SAYFOR TRAFFIC IS UP 51%,SPECIFICALLY ON EVEN DAYS.IT -- ON EVENT TODAY'S.IT BENEFITS -- ON A EVENT DAYS.IT BENEFITS BUSINESSES.>> I SEE 80%, ALMOST 90%.>> 90% MORE BUSINESS?>> YES.>> THERE ARE PORTIONS OFBUSINESSES DESPERATE FOR AMAKEOVER.>> IS NOT HAPPEN OVERNIGHT.TO GET HIGH-QUALITY DEVELOPMENT,YOU CANNOT GET EVERYTHING DONEAT ONCE.IT HAS TO BE WELL CONCEIVED ANDTHOUGHT OUT AND INCREMENTAL.>> WHICH PART GETS A NEW LOOKREMAINS TO BE SEEN.

Advertisement Report: Sacramento sees economic boost thanks to Golden 1 Center More people, businesses drawn to downtown because of arena, report shows Share Shares Copy Link Copy

In its first year, downtown Sacramento's biggest attraction -- Golden 1 Center -- is leading to multi-sector growth, according to an economic impact report released Wednesday morning."The Golden 1 Center is many things," Sacramento Mayor Darrell Steniberg said. "It's a window into what Sacramento can be, and it's also a direct economic boost."The numbers provided by Downtown Sacramento Partnership and Greater Sacramento Economic Council show gains in real estate transactions, office space occupancy, downtown employment, foot traffic and more."Every single recession/recovery, we thought, 'This is the time -- this is the time that downtown is going to take off,'" said Greg Levi, managing director for real estate firm JLL. "And it took the arena to really, finally get us to this point." Levi said the arena is directly responsible for transforming Capitol Mall from a row of law firms to an area that now includes the tech and insurance industries, as well as a slew of businesses that have moved to downtown.By the numbers: Economic development since Golden 1 Center opened its doorsInfogram"Everybody came into work at 8 o'clock and then they left at 5 o'clock every day," Levi said. "Now, we're finding more and more companies are moving in from the suburbs because they want to have the experience of downtown -- not just the location of downtown."The drop in office space vacancy rates to 8.2 percent -- a 5-year low, according to the report -- could eventually lead to a new office building downtown. Levi said that could come as soon as five or six years from now."There's more tenants that are expanding and moving into the downtown. It also means our lease rates are going up," Levi said. "If the lease rates go up and eventually get to a point with vacancy being low enough, rates high enough mean we get to see new office buildings come out of the ground."The foot traffic has been a major boom for local businesses, too. Laura Cadena, owner of Latin Flame food truck, positions her mobile kitchen near the arena specifically for the people flocking to its events. "For me, it's perfect. It's the perfect time," Cadena said. "I've seen around 80 percent, almost 90 percent (more business)."There are other parts of downtown desperate to latch onto the Golden 1 Center's far-reaching impacts, like areas of J Street, which remain boarded up or vacant.Levi said those areas and others like it are likely to get their due, but he reminds the public to be patient and embrace what's already happened. "It just doesn't happen overnight," Levi said. "To get really high quality development, you can't just get everything done at once. It has to be well-conceived and thought out and incremental."