Business Owners Near Sacramento Kings Arena Fear Rent Hikes Will Drive Them Out Of City
SACRAMENTO (CBS13) — As excitement and curiosity build over a new Sacramento Kings arena, some businesses that have been in Downtown Sacramento for decades are worried about their future.
Armando Ponce has been cutting hair in downtown, just a few blocks away from the arena site, for 20 years. He says several tenants have already moved out of the building where he works because the rent was getting too high, and he fears he could be next when his lease is up.
Either I go back to teaching, or I just may have to find a spot locally downtown," he said.
But finding a spot nearby might not be so easy as Steve Cuneo of River City Brewery has found. He's been through it all, running a downtown business for more than 20 years.
"We've weathered all of those storms, we've met all those challenges in the past," he said.
But his next biggest challenge comes when he says River City will be forced out by July, along with the rest of the businesses on the west end of the mall, to make way for new retail as part of the arena plan.
Cuneo is trying to find a new home nearby for River City Brewery, but rent even blocks away from the arena site is something he just can't afford.
"'Change is good' has always been a philosophy of mine, and if we have to relocate out to the suburbs, or go outside of downtown, then we are looking forward to that challenge," he said.