For more than 20 years, Florin Square has been an important center for Black-owned businesses, culture, and community in South Sacramento. It is home to the African Market Place, the Sojourner Truth African Heritage Museum, community events, and many small businesses. Community leaders often refer to it as a modern-day Black Wall Street.
Now, the 75,000-square-foot property is officially on the market.
Owner Thomas Donaldson says he is selling not because of financial issues or slow business, but simply because it feels like the right time.
“I’ll turn 80 this July,” Donaldson said. “I’ve owned the building for 22 years, and I look forward to opening a new chapter in my life, one that doesn’t involve as much stress and hard work.”
Donaldson said Florin Square, situated on a 4.43-acre lot, has been officially listed for about two weeks. He estimates the property could sell within six months but emphasized he is in no rush.
“I plan to continue along the same path,” he said. “Ensuring that it’s clean, safe, and well run.”
Donaldson said his vision for Florin Square was built on four main ideas: health, education, economics, and culture.
Over the years, that vision has come to life through Black-owned businesses, places like the Sojourner Truth Heritage Museum, and large community events that draw people from across the region. Even with economic challenges, Florin Square has stayed busy and is about 94% leased.
“Despite the economy, Florin Square has always been one of the hubs of activity in Sacramento,” said Aaron Boyce, executive director of the Florin Square Community Development Corp. “There’s a lot happening here.”
Boyce made clear the sale has nothing to do with businesses struggling.
“This is simply about the owner getting older and wanting to retire,” he said.
As Florin Square enters a potential transition, Florin Square Community Development Corp., a nonprofit closely tied to the space, is exploring purchasing the property itself.
“Our goal is to continue the legacy of Florin Square,” Boyce said. “If we acquire it, we want to turn it into a small business incubator.”
That vision includes plans for a podcast and media center, a computer lab, multipurpose rooms, and converting traditional leases into memberships to better support small business owners.
Boyce said tenants already have been informed of the potential transition, and many are optimistic.
“They’re excited about what we’re trying to do,” he said.
However, there are still significant challenges, especially regarding funding.
“Like most nonprofits, the challenge is money,” Boyce said. “We’re looking for investors and donors who see this not just as an organization, but as a movement.”
He compared Florin Square’s role to historic Black business districts such as the Greenwood District in Tulsa, Oklahoma.
“We are Black Wall Street,” Boyce said. “One of the largest concentrations of Black-owned businesses in the country.”
Donaldson said he is open to selling to any buyer, but he hopes the next owner sees the value in what has been created.
“I would hope that whoever buys it continues the legacy,” he said. “But I’m smart enough to know you can’t micromanage someone who purchases something from you.”
When the property is sold, existing tenants would remain protected under California law, which requires buyers to honor current leases.
“No one is going to be thrown out simply because there’s a new owner,” Boyce said.
As Florin Square stands at a crossroads, its future remains unwritten, but its past, built on culture, resilience, and community, continues to shape what comes next.