LOS ANGELES-Two locally based real estate companies have announced plans to co-develop a $21-million hotel, office and retail project in the Inland Empire community of Chino Hills.

The 40-acre site is at the intersection of Central Avenue and Fairfield Ranch Road, fronting the Chino Valley (71) Freeway. LA-based Investment Development Services and privately held Xebec LLC of Commerce expect to begin construction this summer and complete the project early next year.

Xebec president John Lehr says the site will be subdivided into 15 parcels, each parcel for a different type of use. Five of the parcels, totaling nearly nine acres, will be developed into a 111,800-sf multitenant business park.

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