SACRAMENTO - After a decade of uncertainty, the NBA's Sacramento Kings broke ground Wednesday on a new stadium that Indian owner Vivek Ranadive vowed would be a state-of-the-art showpiece.
Vivek Ranadive, owner of the NBA Sacramento Kings, speaks at a press conference on October 30, 2013 in Sacramento, California
He and Sacramento mayor Kevin Johnson -- a former NBA player who championed the team's place in the city -- scooped up ceremonial shovels full of dirt to mark the start of construction on the downtown arena scheduled to open in 2016.
Ranadive led the investor group that halted the club's proposed move to Seattle.
"Today is about more than just digging shovels into the ground -- it's about celebrating the start of a new era for this city, the Sacramento Kings and the entire region," Ranadive said.
"We are working tirelessly to bring the best technology, environmental practices, locally sourced food and beverages, and fan experience to serve as a centerpiece for civic engagement, community and the arts."
The arena, projected to cost $477 million, is being built with a subsidy of $255 million from the city.
Backers say the project will serve as a major catalyst for economic development for the Sacramento region, generating an estimated 4,000 permanent jobs, 1.6 million new annual visitors to downtown and $11.5 billion in regional economic impact over the next 35 years.
"Whoever thought a hole in the ground would look this cool," Johnson said.
"Many people said this day was not supposed to happen... Our community rose to the occasion."
Several Kings players were in attendance at the ceremony, prior to hosting the Golden State Warriors in their season-opener.
While the players were thinking about launching the current campaign, Ranadive was simultaneously taking the long view, promising the crowd that the new 17,500-seat arena will "put Sacramento on the world map" and that "one day, there will be a championship banner" hoisted to its rafters.