Armenian-owned firm expands to Sacramento to develop stadium and downtown district

2026-03-15 - 12:44

LAS VEGAS — Pegasus Development, a Las Vegas-based boutique project management firm that oversees experiential corporate and entertainment ventures has expanded its operations to Sacramento, California, as a key member of the stadium development team for Republic FC. Pegasus owner and CEO Art Zargaryan will oversee the club’s development projects, including its soccer stadium and the surrounding 31-acre neighborhood that will become a new downtown district in the years to come. The project has advanced past the groundwork phase, and stadium construction is expected to begin later this year. In addition to building a new outdoor downtown home for sports and entertainment, the project will help double the size of downtown, revive a plot of land that has sat vacant for a half-century and restore vitality to the Railyards area, the ancestral home of Wilton Rancheria. Founded in Las Vegas, Pegasus Development has rapidly emerged as a national leader in complex, experience-driven real estate projects. In just eight years, the firm has managed more than $7.2 billion in development totaling 8.1 million square feet, spanning luxury resorts, themed attractions, museums, multi-use retail destinations and multifamily communities. “I am immensely proud of the projects we have done in Las Vegas and am excited to expand to work on this monumental project in Sacramento,” said Art Zargaryan, owner and CEO of Pegasus Development, who recently opened a second office in Sacramento to support the company’s business activities there. “Our projects in Las Vegas, such as Universal Horror Unleashed and the Museum of Ice Cream, are unique immersive experiences that have prepared our team to design and develop not only Republic FC’s soccer stadium but the entire downtown entertainment district that it will anchor.” “Our Republic FC Stadium is the catalyst for transforming the Railyards into a thriving new district for Sacramento,” said Chris Franklin, chief operating officer of Wilton Rancheria and Republic FC board member. “Pegasus brings the experience needed to help turn this long-awaited project into reality, and we’re excited to continue building momentum toward the permanent home for Republic FC that the community deserves.” Republic FC is an American professional soccer team based in Sacramento that competes in the Western Conference of the USL Championship. Art Zargaryan Since founding Pegasus Development, a boutique project management firm headquartered in Las Vegas in 2017, Zargaryan has led the development of a distinguished portfolio of real estate and entertainment projects across the United States. Under Zargaryan’s leadership, the firm has become a trusted partner for immersive experiences and commercial developments that harmonize creative vision with disciplined execution. As of 2025, Pegasus Development oversees more than 5.5 million square feet in active development, with a total construction value exceeding $4.2 billion. Born in Armenia and raised in California, Zargaryan has a distinctive blend of cultural fluency, adaptability and strategic foresight. He earned his Bachelor of Arts from the School of Architecture at Woodbury University in Southern California, where he developed a foundation in both creative and business disciplines. Prior to launching Pegasus, Art held senior project management and design roles at several notable firms. He served as project manager at BluePoint Development in Las Vegas (2014–2016), overseeing hospitality and healthcare projects; project manager and lead designer at Nextep Design International (2011–2014), leading international architectural and themed entertainment initiatives; and project manager at Oks’n Associates in Los Angeles (2005–2011), managing architectural documentation for a range of commercial and institutional developments. With more than two decades of project management experience, Zargaryan has become known for guiding complex, high-impact projects with hands-on oversight and outcome-driven focus. His proven track record includes managing multimillion-dollar hospitality, cultural and experiential ventures while consistently bringing together cross-disciplinary teams to deliver complex initiatives with clarity and impact. Looking forward, Zargaryan is focused on expanding Pegasus Development’s national presence, driving innovation in mixed-use experiential environments and fostering the next generation of leadership in real estate and entertainment development. He is currently spearheading initiatives in experiential placemaking and sustainable design across key markets, continuing to shape the evolving landscape of immersive and urban environments. Zargaryan is a board member of several nonprofit organizations, including the Mayor’s Fund for Las Vegas LIFE, Make A Wish Nevada and Communities in Schools of Nevada. He is also an active member of the Las Vegas Executives Association (LVEA), a professional network of business leaders across the city, and mentors rising professionals in the field. He is a proud husband to his wife Nelli and a devoted father to their three daughters Juliana, Olivia and Nazeli.