Panattoni Plans New 42-Acre Retail Project in Chino, CA to Meet the Needs of a Rapidly Growing Region and Workforce
Capitalizing on the rapid growth in the Inland Empire, one of the fastest growing regions in the country, Panattoni Development Company, LLC has announced plans to develop a 42-acre retail project situated at the northeast corner of Ramona Avenue and Chino Hills Parkway in the City of Chino. Within a three-mile radius of the project, the average household income is $87,572. Additionally, more than 67,000 new homes have been approved in the area. The retail project is presently in the entitlement phase and is estimated to break ground in 2006 and open mid to late 2007.
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IRVINE, CA - Capitalizing on the rapid growth in the City of Chino and the Inland Empire, one of the fastest growing regions in the country, Panattoni Development Company, LLC has announced plans to develop a 42-acre retail project situated at the northeast corner of Ramona Avenue and Chino Hills Parkway.
Designed to serve the needs of this rapidly growing region and workforce, the new project is expected to include nationally recognized large format retailers, fashion-oriented and home furnishing stores, specialty shops, restaurants and cafes.
“We have been working closely with the City of Chino and are quickly moving forward on a development plan. The City has been great to work with and we are all excited to provide the area with well-recognized retailers, restaurants and conveniences. This also means new jobs for the community and sales tax revenue for the City. Everyone benefits,” says Partner Jeff Pintar, Panattoni Development Company.
“The new project will provide retailers with high visibility, strong demographics, continued residential growth, an abundant and affordable work force, plus a City that is very supportive of new business and development; all very attractive attributes for expansion-minded retailers,” says City of Chino’s Mayor Dennis Yates. Within a three-mile radius of the project, the average household income is $87,572.
The area just east of the site has been approved for more than 67,000 new homes in new master-planned residential developments such as The Preserve, Eastvale and College Park. Home prices for The Preserve are presently being marketed from $490,000 to the mid $800,000s. It is expected that the new College Park development, which will feature luxury homes on estate lots, will be marketed in the $1,400,000 range.
“Residential developers are clearly capitalizing on the droves of well-paid executives and professionals that are either trading up to a larger home or have moved to this area in search of executive-style housing,” notes Pintar. “We are designing our new shopping center to meet the needs of this growing and affluent community. Currently, there are more than 920,000 people within 10 miles of the project, which is more than Victoria Gardens has within its 10-mile radius.”
The new retail development is located adjacent to the Chino Valley Freeway (71) where there are more than 125,000 cars per day and easily accessible by a full interchange, as well as having street frontage on all four sides of the project. Both Ramona Avenue and Chino Hills Parkway are major community thoroughfares that accommodate both residents and employees throughout the daytime and evening.
Bill Bauman, Bryan Norcott and Cameron Crowner of Colliers Seeley International are the marketing and leasing agents for the new project. “We are very pleased with the response from the retailer community. Our marketing efforts have already produced strong tenant interest from several national retailers,” says Bill Bauman, Senior Vice President of Colliers Seeley International in Los Angeles. “We look forward to being able to announce our tenant line-up for this great project!”
The retail project is presently in the entitlement phase and is estimated to break ground in 2006 and open mid to late 2007.
For leasing information, contact Bill Bauman, Colliers Seeley International, 444 South Flower Street, Suite 2200, Los Angeles, CA 90071; telephone: 213-532-3262, fax: 213-327-3262 or via bbauman@colliers-seeley.com.
About Panattoni Development Company
Panattoni Development Company (PDC) is a privately held, full service development company founded in 1986 by Carl Panattoni. During the last five years the firm has averaged nearly 10 million square feet of development annually, one of the most active records in the United States. PDC has developed and managed industrial, office and retail facilities in more than 100 markets throughout the United States. The firm is headquartered in Sacramento, California, and maintains over 22 regional offices in the United States, Canada and Europe. For more information about Panattoni Development Company, visit the company website at www.panattoni.com.
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Contact:
Anne Monaghan
Monaghan Communications
949.722.2933
monacomm@pacbell.net
Send an email to Anne Monaghan of Monaghan Communications of Panattoni Development Company, LLC
949-722-2933
Keywords:
Chino, Panattoni Development, Retail
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