Ambitious downtown project approved for Rancho Cordova

An ambitious plan to build a sprawling downtown entertainment complex and hub in the city of Rancho Cordova is set to become a reality; the Rancho Cordova City Council voted 4-1 to approve the "Downtown DOVA" project at its Nov. 2 meeting. After the vote, Mayor Garrett Gatewood called the project a blessing for the city, and said it will be the biggest development Rancho Cordova has ever seen. "This project is going to put us on the map," Gatewood declared excitedly. The $1.2 billion project will feature an 194,110-square-foot indoor arena space designed for a wide range of activities and events, with about 7,500 fixed seats and floor configurations to host concerts, community events and sports events with an emphasis on men's and women's professional soccer team games. Gatewood said he hopes to see basketball events at the venue in the future. The venue will also offer eateries, walking space and aims to be a key gathering spot in the community. The project will be built along Trade Center Drive, between the intersections of Trade Center Drive and Kilgore Road, and Trade Center Drive and Sunrise Boulevard. According to a city staff report, the future phases of the development may also include as many as 800 hotel rooms, up to 1,000 multi-family residential units, 220,000-square-feet of retail, restaurant and professional office space, as well as structured parking with up to 2,500 spaces. Local developer Joshua Wood, CEO of KozPure Development and Alpha One Sports and Entertainment Group, is the creator and longtime mastermind behind the project. While local media has recently publicized the evolution of this project, city officials said this is hardly a flash in the pan idea and, in fact, the developer has been working hard on the project for many years. The project will be financed in large part by private capital from the developer, though the project will also rely on city financial performance-based participation. which could total around $185 million. These funds would be raised through building fee waivers, city payment of city development impact fees and sharing of future tax revenues from the project, such as hotel stay taxes, sales tax and cardroom taxes. Over the past several months, city leaders have fielded a huge amount of input from the community about the project; City Council member David Sander remarked during the meeting that they have received possibly a record amount of feedback from the community, with what he estimated to be about a 6-1 split with the majority being in favor of the project. Before the council took a vote, it opened the meeting to public comments. One resident expressed major concern that the arena will not succeed if it's heavily reliant on bringing soccer events to the area. "I feel that this project is a dreamland and if you're going to build it for (soccer) and there's only eight teams out there, we're going to get four games a year and depending on if they get (more) teams, it doesn't make sense," said the resident. Several others took the podium to express their excitement over the project; they love the idea of Rancho Cordova having its own offerings for entertainment and gatherings rather than residents always having to travel outside the city for those things. One woman, a mother and businesswoman, said she's excited about the "generational impact" DOVA can have in the community. "I want our children to grow up here, to build strong families, and to grow old here. But when our children leave for bigger cities, they eventually have children of their own. And where do grandparents want to be? Wherever those grandbabies are," said the resident. She added that development such as the DOVA project will give more local people a reason to stay. The council members then added their own thoughts and comments, with Councilmember Sander explaining he's fielded some concerns about the city's financial liability, but he assures residents that the stated amount of $183 million in commitment from the city comes only if the project is successful and that it is performance based, meaning the money would come from revenue of the development. The city staff report adds that Rancho Cordova's financial participation in this project is structured in a manner that requires the developer to meet significant milestones and project delivery before substantial city funds are committed. It also noted "this approach is in contrast to many other arena projects in which the public agency contributes significant capital funding up front and bears significant operational risk." Sander described the deal as "genius" because since the developers are the owners of the project, they also hold the responsibility. "When it needs a new roof, it's not on us, it's on the people that own the roof," Sanders explained. Council member Siri Pulipati said she has scrutinized the project and the financial plan and offered to share her flow charts with any interested parties. But after doing her own research, she said, she is extremely excited for what the project can mean for the city. "I believe in Rancho Cordova and I believe this is a project that will take us to the next level," said Pulipati. In previous meetings, Council Member Joe Little expressed cynicism about the project and cited concerns about traffic impacts, whether the location for the arena is ideal and concern about the financial obligation. However, at Monday's meeting, Little said he didn't feel the need to re-litigate his previous expressed concerns. With that, the council took a vote and every member approved the project with the exception of Little, who voted no. Developers hope to break ground on the project in the next several months; during construction the project is expected to generate thousands of construction-related jobs, and hundreds more once it's built, they said.