One of Sacramento's largest vacant lots sold to Shingle Springs Band of Miwok Indians
SACRAMENTO - One of the largest vacant lots in downtown Sacramento is getting a new owner. The Shingle Springs Band of Miwok Indians is buying the parcel.
The nearly two-acre lot sits along the Capitol Mall, near the tribe's ancestral village.
"The fact that we've got a local ownership group that is coming in to help write the next chapter of downtown Sacramento is going to look like," said Scott Ford of the Downtown Sacramento Partnership.
The land once proposed to be the metropolitan towers and later a CalPERS building that would be the tallest in the city was purchased by the Shingle Springs Band of Miwok Indians.
"We can only be a successful city unless we are created by those that live in this area," Ford said.
"By re-acquiring our ancestral lands, we're reclaiming our history, our traditions and a deeper connection to our ancestors," the Shingle Springs Band of Miwok Indians said in a statement.
CalPERS told CBS13 that it was the right time to sell given the market.
"The real estate market has been impacted by a lot of things. You mention the recession, the pandemic dramatically changed how things work in downtown markets," said James Scullary with CalPERS.
After over $50 million was invested into the site, CalPERS sold it for around $17 million.
"So while we would've loved to have been part of developing this property we decided selling it was in the best interest of our members," Scullary said.
The downtown Sacramento partnership sees the chance for a truly transformational moment in a key part of the city.
"We want to continue to be as competitive as possible and have a healthy mix of uses in the downtown core," Ford said.
The tribe says they don't have any specific plans for the lot just yet.