Corona, CA: Future Corona Project (Coming Soon)

Projects moving forward in Corona include a 404-unit apartment complex at the location of a former Edwards Cinema on Rincon Street.

This, the first significant apartment project to be built in Corona in five years, is being developed by Watermarke Properties, a Corona real estate investment firm.

“I think it is still a risk to move forward. We are banking on things getting better,” said Greg Neville, Watermarke’s senior vice president of development. He noted that Inland Empire rents dropped about 20 percent from their peak in 2007 and only began to stabilize last year. “It will be a slow climb getting back up to those levels,” he said.

Still he said he is optimistic that Inland rents will continue to increase before leasing on the Corona apartments begins in July of 2012. He said the tenants also will pay a premium to live within a short walk of the Metro Station, so they can take the commuter train to jobs in Los Angeles and Orange County.

Also West Coast Development Inc. received approval from the city of Corona for a 459-unit apartment project on Foothill Parkway that is planned for three lifestyle options: family-style townhouses, walk-up apartments and a multilevel apartment building with elevators and subterranean parking. Amenities include a 10,000-square foot clubhouse, cyber cafe, swimming pools, tennis court, dog park and putting green. Leasing is expected to start at the end of 2013.