The developers say they will apply to further re-zone the property to allow another residential development in addition to the condo project, which is envisioned as 173 units of 1,600 sf to 2,000 sf. The parcel was successfully re-entitled during the last 10 months with final approvals from the Corona Planning Commission and the Corona City Council in mid March. Demand for both residential development and office space has increased as Corona's population has grown in recent years. Many of the new residents have moved out of Orange County and into the Inland Empire for more affordable housing, the developers note. In addition to the Broadreach-Mulligan-Allen project, Corona and nearby areas have attracted a host of residential, office and industrial projects in recent years as development has pushed toward the Inland Empire from Orange County.
The development site consists of two parcels, a residential project site on 15 acres and a five-acre parcel that is zoned for the 87,000-sf office development. David Simon, managing director and head of Broadreach's Southern California operation, says that the developers' decision to re-zone the land for more housing is based in part on recent input from the city.
Broadreach Capital Partners LLC invests in a variety of western US commercial real estate properties through a $314 million fund managed by the former executive team of Spieker Properties Inc. Mulligan-Allen & Associates was formed in 2004 by Pete Mulligan and Jeff Allen, who have extensive experience in developing residential and commercial land.
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