Wednesday, March 19, 2014

Judge delays ruling in Sacramento's eminent domain case: City Vs. CALPERS

The Sacramento Bee reports:
A judge today stopped short of granting the city of Sacramento possession of the old Macy's building at Downtown Plaza, needed for construction of the new Kings arena, after hearing last-minute arguments on the city's eminent domain lawsuit.

There's way more to this story:
The city sued the owners - CalPERS and a collection of mortgage certificate holders - in January after negotiations broke down on the sale of the vacant building. The city wants control of the building so it can begin demolition of much of the mall later this spring, with an eye toward starting construction on the arena this fall.
The wacky world of stealing real estate.