SACRAMENTO (CBS13) — A new 28-floor luxury high-rise will be coming to downtown Sacramento, just a few blocks away from the Golden 1 Center, the Sacramento Kings announced Tuesday.

The organization, along with national real estate developer Southern Land Company (SLC), announced the city’s first mixed-used luxury high-rise for rental residences will be built at Capitol Mall and 3rd Street.

READ MORE: California International Marathon Expected To Bring In $10M To City Of Sacramento

“The activation of this site continues to build on our original vision for downtown, Sacramento, the arena and Downtown Commons,” Kings Owner and Chairman Vivek Ranadivé said. “Southern Land Company is the perfect partner to bring this vibrant project to life.”

The project will feature 225 luxury apartments and an 80,000-square-foot mass timber office building on a 2.56-acre site.

READ MORE: 'Thousands Of Dollars In Damage;' Sacramento Sideshow Organizer Arrested In North Natomas

“We are excited to build a beautiful mixed-use project in an outstanding location and add to the vibrancy of downtown Sacramento,” said Tim Downey, SLC founder and CEO. “We are grateful to the Sacramento Kings for believing we are the best team for the job of transforming and revitalizing the site into something of which future residents and the greater Sacramento community can be proud. We look forward to showcasing Southern Land Company’s hallmarks of thoughtful design and best-in-class hospitality as this project comes to life and eventually welcoming residents to enjoy an elevated living experience.”

SLC said it plans to break ground in 2023 and expects to complete development by 2025.

MORE NEWS: Tracy City Council To Consider Appointing New City Manager At Upcoming Council Meeting

“We need more housing of all types in our downtown, and it’s great to see a property that has been underused for so long turned into a project that will bring new residents to our urban core who will patronize our city’s stores, our restaurants and our entertainment venues,” Sacramento Mayor Darrell Steinberg said.