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When news broke that San Francisco-based JWA Ventures now owns Downtown Plaza, reaction in the Sacramento business community varied from excitement to skepticism.
Downtown Plaza has struggled in the current economic climate, but Sacramento business and development leaders are optimistic that the new owners can turn the tide for a property that is one of the largest tax generators in the city.
“They want to take a look at what exists and position the plaza as a traffic generator for the downtown,” Downtown Sacramento Partnership Executive Director Michael Ault said Wednesday. “They seem ready to reinvest in the city and make the center much more relevant than it has been.”
Sacramento Mayor Kevin Johnson called the purchase by JWA Ventures an “unprecedented win for the city,” at a press conference Wednesday.
But not everyone who heard the news was quite so optimistic.
“JWA has their work cut out for them,” Tony Bizjak reported in The Sacramento Bee.
Here’s the buzz on the sale of Downtown Plaza in social media today: