Armenian-American developer Art Zargaryan’s Las Vegas-based Pegasus Development has expanded to Sacramento as a key member of the Republic FC 20,000 seat stadium development team, with Zargaryan set to oversee the club’s stadium project and the transformation of the surrounding 31-acre site into a new downtown district.
Stadium construction is expected to begin later this year, as the long-awaited project moves beyond groundwork and toward reshaping the Railyards area with a new home for sports, entertainment, and broader urban revitalization.
Pegasus Development oversees experiential corporate and entertainment ventures for clients including Universal Creative, Guggenheim Partners, Netflix, Meow Wolf, Goldman Sachs, Museum of Ice Cream, Aquarian, and The Neon Museum, bringing to Sacramento a portfolio shaped by high-profile projects across entertainment, hospitality, and mixed-use development.
The 31-acre project has advanced past the groundwork phase. 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.
Republic FC is an American professional soccer team based in Sacramento that competes in the Western Conference of the USL Championship.
“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.”
“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.”
About Pegasus Development
Pegasus Development is a Las Vegas-based project management and real estate development firm providing comprehensive owner’s representation and strategic oversight for complex, high-profile projects worldwide. Since 2017, the firm has managed more than $7.5 billion in development across 9.2 million square feet, delivering immersive, experience-driven destinations across hospitality, entertainment, gaming, retail, and mixed-use sectors.
Looking ahead, Zargaryan is focused on scaling Pegasus Development’s national footprint, advancing innovation in mixed-use experiential environments, and cultivating the next generation of leadership within real estate and entertainment development. Anchored by its headquarters in Las Vegas, the firm has expanded its operations into Sacramento and is actively establishing its third office in New York, positioning Pegasus to deliver across key strategic markets. He is currently leading initiatives in experiential placemaking and sustainable design, reinforcing the firm’s role in shaping the next generation of immersive and urban environments.
Born in Armenia and raised in Burbank, 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.
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 a proud husband to his wife Nelli and a devoted father to their three daughters Juliana, Olivia, and Nazeli.
