Corona, CA: Rexco Development Breaks Ground on Corona Industrial

New Development to Total 188,000 SF

Rexco Development broke ground on a new industrial development totaling 187,788 square feet at 1400 W. Rincon St. in Corona, CA. The projected is expected to deliver in the first quarter of 2013.

The property sits on 9.3 acres located at the southwest corner of W. Rincon St. and Alcoa Circle, with easy access to the 91, 55 and I-15 Freeways.

Corona, CA: Foothill Parkway extension project delayed

In an effort to push a much-delayed Corona road extension project forward, city officials may temporarily downsize it.

Corona planning officials are in the final stages this month of acquiring land for the 2-mile Foothill Parkway extension project that would connect Skyline Drive and Paseo Grande from south Corona to Sierra del Oro.

The project has been envisioned since the mid-1980s, but has been postponed repeatedly because of a lack of funding.

Corona, CA: Forestar Land Partners Purchases Last Remaining Residential Master Planned Community in Corona, Calif. at Public Auction

Residential Land Investment Company Makes Strategic Acquisition of Coveted Project at Western Edge of Corona

Forestar Land Partners, a venture between the owners of Foremost Communities and an affiliate of Starwood Capital Group Global, LP, announced today it has acquired a 300-acre parcel of entitled land at the western edge of Corona at a public auction.

The 249 single-family lots will be developed as Sierra Bella, a gated community with terraced homesites featuring spectacular views across the Inland Empire to the San Bernardino Mountains 20 miles away.

Corona, CA: CalBank may foreclose on Corona synagogue

Members of interfaith coalitions in Corona and Riverside plan to protest outside a local branch, hoping they can apply pressure to get the mortgage renegotiated.

Facing the same dire fate as thousands of homeowners in the recession-flattened Inland Empire, a synagogue in Corona is battling a local bank to stave off foreclosure.

Congregation Beth Shalom built a $1.4-million house of worship at the top of the real estate market in 2008, only to see income from donations plummet as regional unemployment soared.

Corona, CA: Upscale all-inclusive development finally sees homes

Years ago a developer and architect envisioned plans to connect an upscale retail development in South Corona through lakes and bamboo walkways to housing, creating an all-inclusive mini city that few residents would need to leave for necessities.

But after years of falling home prices and a deflated construction market, bankruptcy and struggling retail sales, that vision was put on hold, until this month. Dirt is moving and grading is underway beside Interstate 15 adjacent to the Dos Lagos retail center for a 93 live-work project, project architect Norberto Nardis said.

Corona, CA: Residential project advances urban vision

It’s rare to see a large-scale residential project under construction in the Corona area these days, but one building project in the city’s redevelopment zone is in full swing, pushing ahead the city’s vision to create an urban hub.

The bustling site of framed buildings is on West Rincon Street, west of North Main Street and south of River Road, where crews are at work on a five-building, 404-unit apartment complex on nearly 14 acres.

Corona, CA: Stealing Copper Wire is a Crime

The City of Corona Public Works and Police Departments ask residents to report suspected theft of copper wire.

At isolated sites in Corona, late at night and in the early morning hours, thieves are stealing underground wire between streetlights. After cutting the stolen wire into small pieces to resemble "scrap metal", the thieves take it to recycling centers for quick cash; thus making the copper stealing business a profitable crime. The rising value of copper has stimulated this criminal activity.

Corona, CA: The All-NEW Dos Lagos...An Early Christmas Present!

Editors Note: Completion is scheduled by December 5, 2011

CAPITAL IMPROVEMENTS UNVEILED FOR REVITALIZATION PLAN

New signs, children’s play area, storefront walk and plaza enhancements underway

 
The Shops at Dos Lagos announced construction is underway for the revitalization plan for the center, located at Temescal Canyon Road between Weirick Road and Cajalco Road, in Corona. The plan encompasses new signage along I-15 and extensive capital improvements including the addition of a children’s play area and enhancements to the storefront walkways and amphitheater plaza.

Corona Mayor Stan Skipworth attended the official groundbreaking ceremony this morning at the site of the new children’s play area at The Shops at Dos Lagos. The three phase revitalization construction, which will be completed by December, will begin at the children’s play area.

“We could not be more excited to finally unveil and begin construction on the revitalization plan,” said Scott Harrington, managing principal for the Dos Lagos property management company, Cypress Equities Managed Services. “This property holds a special place in the hearts of the community. We believe the revitalization efforts will enhance that sentiment while creating a true sense of place where the community will rediscover the love of The Shops at Dos Lagos.”

Sign production is underway, and the first sign is expected to be installed within the next couple of months. As part of the signage package, new directional signs will be placed throughout the property to help shoppers find stores and restaurants. In addition, new pylon and monument signs will be positioned along I-15 including one with a state-of-the-art LED screen.

The new children’s play area will be centrally located just west of the existing water fountain. The vehicular roundabout will be removed and a new intersection will be created, but the fountain will remain. The play area will feature a rubberized play surface with themed play structures under a shade sail; new public restroom facilities; multiple umbrella seating areas; hardscape and softscape improvements; and a pop-jet interactive water feature.

The storefront walkways will be enhanced with the addition of multiple new date palms, providing a natural shade pattern; bench seating and decorative pottery; a new canopied shading system at the existing trellis areas; hardscape improvements along sidewalks; and increased landscaped areas throughout Dos Lagos.

Improvements to the amphitheater plaza include the removal of the sound buffer element at the amphitheater stage for better viewing of the lakes; umbrella seating; and softscape enhancements including fireplaces and date palms.

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.

Corona, CA: OCTA pumps $72.5 million into SR-91

Construction on the project began Monday and is expected to conclude in September 2012

The Orange County Transportation Authority (OCTA) broke ground on Monday for a $72.5 million project that is expected to ease traffic along State Route 91 (SR-91), which is a main transportation artery connecting Orange County with the Inland Empire. The section of highway is a busy commuter and goods movement corridor with an average daily traffic volume of 300,000.

“The improvements planned for the 91 freeway are a top ranked priority for the business community,” said Lucy Dunn, president and CEO of the Orange County Business Council. “The 91 freeway…accommodates not only commuters to and from the Inland Empire, but it is a major trade corridor between the Ports of Los Angeles and Long Beach and America’s Heartland. Adding extra lanes to ease congestion increases mobility, improves goods movement, and helps parents get to their kids’ soccer game after work.”

The project will add one general-purpose lane for six miles in each direction between the SR-55 and the SR-241, according to OCTA. In addition, it will widen the bridge for Imperial Highway and the Weir Canyon Road under crossing in both directions. On and off ramps will also be constructed to accommodate for the widening. OCTA plans to finish the improvements by September 2012.

“OCTA is very pleased to see this project get under way and we are looking forward to bringing much-needed traffic relief to the hundreds of thousands of residents, commuters and visitors who travel this stretch of freeway every day," said OCTA chair Patricia Bates, also the Fifth District supervisor.

In addition to improving traffic, OCTA is continually seeking to improve the environment. Local leaders expect the construction will eventually help lower emissions.

“When cars and trucks aren’t idling in heavy traffic, they aren’t contributing exhaust emissions,” said Dunn. “Good flowing traffic is better for good air quality—important to a high quality of life in the Southland.”

Corona, CA: Project may energize Dos Lagos center

An upscale retail center in southern Corona, hit hard by the recession and housing-market collapse, appears to be regaining some momentum with a live-work project under way.

The beleaguered shopping center off Highway 15 that opened in 2006 with high-end shops went into foreclosure in December 2009 after a developer defaulted on a $125 million mortgage. A new management team came in to revive the former The Promenade Shops at Dos Lagos, now The Shops at Dos Lagos, and is considering new ways to attract families and business.

The live-work project is expected to start construction next year, according to Corona Community Development Director Joanne Coletta.

The owner of the shopping center, Dallas-based Cypress Equities, has been attempting to diversify shops by offering everyday services such as dry cleaning. The firm also wants to enhance the center's two lakes, amphitheater and bamboo bridge by adding outdoor seating and shaded areas.

Owners plan to make Dos Lagos more visible with freeway signs alerting passing drivers. A playground might be built.

Most shops, a movie theater and a nearby golf course are open but have had trouble attracting customers because the center is in a residential area surrounded by condominiums, senior housing, townhouses and single-family homes.

"Unfortunately, it's sitting in a hole, so you don't really see it unless you're looking for it," Corona Councilman Eugene Montanez said. "It's hard, because some people think when they've reached the Crossings, that they're at Dos Lagos."

Developers had planned on business from residential developments, a second golf course and a retreat that were never built.

But a new neighbor could offer much more for the center, which sits near 64 acres of undeveloped property that had been planned for development, Coletta said.

The majority of it, 52 acres, is owned by Bank of America and could put it up for sale in the next month, she said.

The city is open to approving projects that would support the local shops and residents, Coletta said.

CLOSE TO SHOPPING

It is reviewing architectural plans for a 93-unit live-work space by U.S. Dos Lagos Development Company. Originally, the company had planned a senior housing project with the $15 million live-work project but has downsized.

The bottom floors of the project are expected to be designed as workspaces with upper levels as living quarters in the condominium-like buildings, Montanez said.

Other developments at Dos Lagos are stalled as the owner of a nearby office building keeps plans for two additional buildings on hold, Coletta said.

A vacant lot across the street planned for an industrial park also is on hold until the commercial market improves.

Montanez said he hopes that by the end of the year all of the vacant parcels will have new plans and be moving forward.

"I think the developers who are out there, and the investors who are out there, see that there's a positive momentum in the economy," Montanez said.

Corona, CA: Miguel's Jr Expanding (Rialto site ready for 3 restaurants)

Developer Fernando Acosta is hoping to bring in a triple play.

The three-acre site at 1925 Riverside Ave. is shaping up to have three restaurants by the end of this year, he said.

Acosta, a real estate broker who owns Popeyes and other franchise restaurants in Rialto, has been contracted by the city to negotiate sales for three parcels where Fire Station 202 used to be.

A deal with In-N-Out is considered a sure bet, but Acosta said last week that two other restaurants are likely to move there.

Miguel's Jr., a Mexican restaurant based in Corona, has signed a "letter of interest" on the site, he said.

Officials from that company could not be reached for comment.

Acosta said that several restaurant operators have interest on the third parcel but that it is too soon to reveal their identities.

The third parcel would hold the largest restaurant on the site. It would be a 5,000- to 6,000- square-foot business with 75 or more employees.

Miguel's Jr. would likely be in the 2,900- square-foot range and have about 50 employees.

In-N-Out would occupy 3,900 square feet and have about 60 employees, he said.

The restaurant planned by In-N-Out is a new design and will be larger than most In-N-Outs in the area, he said.

The Rialto Redevelopment Agency is investing $2.4 million on the project. It has paid for the demolition of the fire station and will upgrade infrastructure in the area, said agency director Robb Steel.

The agency will move a cell tower and utility lines and install a traffic signal at the entrance to the property's parking lot.

Steel said the agency will move forward with the project regardless of whether the state takes local redevelopment money, as Gov. Jerry Brown has proposed.

"It's pretty far along," he said.

Corona, CA: Road extension stuck in budget traffic jam (Foothill Westerly)

Fans and foes of the Foothill Parkway westerly extension will have to wait at least another year before the bulldozers arrive to complete the missing link between Skyline Drive and Paseo Grande in Corona.

The $35 million project, envisioned since the mid-1980s, was to begin in the fall of 2009. It was delayed a year, and now construction of the two-mile road is scheduled to begin this fall. Maybe.

Corona still must acquire several acres of right-of-way, according to Clint Herrera, a senior civil engineer and project manager, and two-thirds of the funding has yet to be approved.

Once work begins, he said, construction will take about two years.

Land acquisition has not gone as quickly as expected. Corona Mayor Stan Skipworth explained, "There have been continual negotiations taking place during this time with the intent of always being fair to the property owners. This approach is the right thing to do, but takes more time than opting for other legal means of acquisition."

Funding for the project will come primarily from the Riverside County Transportation Commission. Corona councilmember Karen Spiegel, who represents the city on the commission, is concerned but hopeful that construction will begin by the end of the year. "Funding is holding it up," she said. "RCTC is short on funding, but we're pushing to make it a high priority. Work on the 91 is the top priority in the county, so the (Foothill) funding is out of our control."

So far, she said, the city of Corona has spent about $6 million on planning.

Once completed, the extension is expected to reduce traffic by up to 40 percent on Ontario Avenue, which along with Sixth Street is the city's primary east-west thoroughfare. That's good news for residents along Ontario Avenue, which often is backed up with rush-hour commuters.

But not everyone is happy with the plan, particularly residents on Border and Mangular avenues, which will be connected to the extension and have traffic lights. Some residents still have signs on their front lawns protesting the connections.

"We're communicating with those residents," Herrera said. "We've promised to monitor traffic there after it's done and to mitigate any impact." Traffic studies, he said, indicate that Border and Mangular can accommodate any additional traffic.

Another concern is the likelihood that commuters heading north on I-15 to the westbound 91 freeway will be tempted to use Foothill Parkway to avoid congestion at that interchange. Herrera said studies show that improvements on the 91 will keep drivers on the I-15, adding, "We are aware that with accidents it will encourage commuters to find the easiest way to get around."

Widening the east end of Foothill Parkway, from Bedford Canyon Road to Tamarisk Lane, is a separate project. "Our intent is to have it widened by time the (westerly extension) is completed," Herrera said.

Hearthside Lane in Corona in default!

Potential buyers beware

One of the new communities in Eastvale is in trouble. Irvine builder California Coastal Communities is in default on a loan that is secured by several properties. One of those is Hearthside Lane in Corona. They are currently negotiating with the lender to turn over these properties to them. So it you are currently looking at a Hearthside home you might want to hold off. There's no telling what will happen once the lender takes the project.

Here's part of the press release

Impairment charges of $29.1 million recorded during the third quarter of 2008 primarily reflect fair value write-downs for the Hearthside Lane project in Corona and Las Colinas project in Lancaster of $24.1 million and $1.5 million, respectively, and a $3.4 million charge related to our Woodhaven project in Beaumont. Subsidiaries of Hearthside Homes, Inc. are currently in default on the loans secured by the Hearthside Lane and Las Colinas projects and they are attempting to negotiate a consensual resolution of the loans which is likely to involve turnover of the properties securing these loans to the lender. Therefore, under GAAP the Company was required to reduce the carrying value of the Hearthside Lane and Las Colinas projects to their estimated fair values during the quarter ended September 30, 2008. After these impairment charges, the related debt exceeds the carrying value of these assets by approximately $18.5 million. If the Hearthside Lane property is transferred to the lender in full settlement of that loan, the Company will recognize a substantial gain as a result of debt cancellation. If the gain is equal to the amount that the recorded debt exceeds the carrying value of the assets, the $18.5 million pretax gain would result in a gain of $10.9 million after tax, or $1.00 per share. Both of these loans are guaranteed by Hearthside Homes, Inc.; however, they are not guaranteed by and do not otherwise constitute obligations of California Coastal Communities, Inc. There can be no assurance that the lender will agree to a consensual resolution of these loans.

Daum Represents Seller in Sale of 4190 Green River Located in Corona, CA

Quick Pitch $1.9 Million Office Building Sale in Corona, CA

DAUM Commercial Real Estate Services announced today that it represented Lawrence and Vicki Jackson in the sale of an 8,204- square foot office building located in Corona. The total consideration of the sale was $1,900,000.

Mike Barreiro of DAUM’s Newport office represented the sellers, Lawrence and Vicki Jackson in the transaction. The free standing, two-story, class-A office building is located at 4190 Green River in Corona. This is a user/investment deal, with the buyer occupying half, and the seller leasing back half.

Economy experts say Inland Empire's economy could suffer until 2011

More job losses, mounting foreclosures and dwindling sales tax revenues keep smashing into the Inland Empire's economy.

How long will it last?

Think 2011 -- coupled with a slow, painstaking recovery that might gain full speed by 2013.

That's what was discussed during the 2008 Inland Empire Economic Forecast Conference held at the National Orange Show Events Center in San Bernardino on Wednesday.

Six months ago,several experts across Southern California forecasted grim scenarios into the end of 2009, but the financial monster gripping Wall Street is pushing those projections much further into the future.

The bursting real-estate bubble will continue feeding thousands of foreclosures into the Inland Empire's housing market for another two or three years, according to Christopher Thornberg, founder of San Rafael-based Beacon Economics.

"The wealth is disappearing," he said about inflated home prices. "That money was never there in the first place."

Never mind those plunging prices homeowners have suffered since 2006 -- Thornberg is predicting residential real-estate owners nationwide will collectively lose another $15 trillion over next year.

That's good for home shoppers sitting on the sidelines, says Johannes Moenius, business and economics professor at the University of Redlands.

"But the problem is, (those homes) are going to be in destabilized neighborhoods," he said.

Financially secure bargain hunters are picking up cheap deals on one side of the street, while cash-strapped mortgage borrowers on the other side barely hang on to their homes.

The biggest Inland Empire price drops are happening in lower-income neighborhoods and high-unemployment areas -- regions where home prices jumped four times their 1998 values, Moenius said.

He's forecasting home prices will drop through the end of 2008, then somewhat stabilize in 2009, then drop again in 2010.

Thornberg said the nation's largest banks will continue to feel the impact from their massive real-estate losses.

Experts say it's a key factor in why lenders are hoarding the liquidity injected into them from the Treasury Department's $700 billion bailout package. Thornberg says they have $65 billion in "excess reserves" right now.

Even if banks immediately put that money into play, the economy is starting its descent into a deep recession, Thornberg said.

"It's not a depression, but a rough ride," he said.

That means dire consequences for California's budget and tax revenue for local cities, according to Thornberg's sidekick, Brad Kemp, the director of regional research at Beacon.

At their peaks in 2006 and 2007, property tax revenue jumped 23 percent in Riverside County and 20 percent in San Bernardino County, according to the forecast report.

Nowadays, property tax revenue is expected to grow 5 percent in San Bernardino County and a mere 1.5 percent in Riverside County for the 2008-09 fiscal budget.

Taxable sales are falling, too, the report says. Don't expect them to bottom out until early 2010.

Kemp says he expects more stimulus initiatives by the Federal Reserve or Treasury Department that will ultimately trickle down to the Inland Empire's battered real-estate market.

As the federal government keeps propping up a financial system beleaguered by losses, it's trying to spread out the economic pain over a longer period of time so the entire economy doesn't get hit all at once, Kemp said.

"It's a matter of the fallout being long and shallow versus short and sharp," Kemp said.
It's also a matter of confidence. The federal government is waging a psychological war on consumer pessimism about the economy, which usually means less spending on goods and services.

Given that fact, coupled with the Inland Empire's gloomy economic forecast, the area's fundamentals for economic growth haven't totally disappeared.

"The fundamentals that helped (this area) grow 27 percent over seven years are still here," Kemp said. "This is the region of expansion for California."

University of Redlands President Stuart Dorsey, who is a former chief economist for the U.S. Senate Committee on Finance, said the government's intervention in the financial markets have a "limited ability" to prop up the system.

Recently, government and business leaders from San Bernardino and Riverside counties decided to keep pursuing a proposal that would open the door for Los Angeles-area investors and Inland Empire cities to buy thousands of troubled mortgages behind the region's economic problems.

They're proposing a public-private partnership between cities and investors, which would buy these distressed mortgages from the Treasury Department and shut out investors from outside the Los Angeles region.

Dorsey said he thinks the plan will help "certain areas" across the Inland Empire.

But no matter what, local housing prices will continue to fall, "and they should," he said.

"What's going to happen in the next few years is important," Dorsey said about the two-county region. "How we come out of this -- how we're steered and in what direction -- will determine how we go into the next couple of decades."

INTERSTATE 15 MAGNOLIA AVENUE INTERCHANGE UPDATE

CORONA- Caltrans continues construction on this $14 million interchange improvement project. Crews will be constructing drainage along Magnolia Avenue next week. One lane will be available in each direction. See the schedule below.

Magnolia Ave. Within the project limits
10/27/08 thru 10/31/08
8 PM to 5 AM

Magnolia reduced to one lane in each direction.

Minor delays are expected. Add time to your commute.

Credit Union Leases 22,000 SF at Riverwalk in Riverside, CA

Turner Development Corp., based here, has signed SchoolsFirst Federal Credit Union to 22,000 sf of office space at Turner's one-million-sf Riverwalk mixed-use development in Riverside, CA. The property, which will serve as credit union's new telephone service center and regional office, is in the Towers at Riverwalk, part of the 400,000 sf of office space at Riverwalk. The project also includes 375,000 sf of R&D and industrial space, 100,000 sf of medical office space and 125,000 sf of retail including 11 restaurants and a 131-room executive style hotel.

SchoolsFirst Federal Credit Union will occupy the entire first floor of the building located at 4204 Riverwalk Parkway, which will serve as a its regional office, call center and full-service retail branch. The offices and telephone service center are set to open in November; the full-service branch is scheduled for a March 2009 opening.

SchoolsFirst FCU is the nation's largest educational credit union, with more than 391,000 members, approximately $8 billion in assets, and 27 locations in Southern California. Originally based in Orange County, the credit union now operates in 10 counties throughout Southern California.

Erin Mendez, senior vice president of finance and information services for SchoolsFirst, says that the credit union chose the Riverwalk location after evaluating a number of properties in the Inland Empire. Mendez says that SchoolsFirst chose the Riverwalk campus for its amenities as well as its convenient access off the 91 Freeway for a large and growing member base in the area.

The Towers at Riverwalk consists of two, four-story class A office buildings totaling 200,000 square feet. Construction on the buildings was completed in August. The credit union was represented by Rick Sherburne and Bob Taylor of Cushman & Wakefield, with Turner Development represented by Tom Pierik, Dave Mudge and Rich Erickson of Lee & Associates. Terms of the deal were not disclosed.

El Cerrito park wins Funding and Support! See Corona, CA's latest Park Project.

City Grille, I mean At My Place...NEW LOOK (Click the Pic)