Panattoni says the new venue is expected to include large format national retailers, fashion-oriented and home furnishing stores, specialty shops, restaurants and cafes. the company is working with Chino city officials and is "quickly moving forward on a development plan," says Jeff Pintar, a partner at Panattoni.
Pintar says that Panattoni was drawn to the project by the same factors that it sees as attractions for prospective retail tenants: high visibility, strong demographics, continued residential growth, a growing work force and a city that is supportive of new development.
The area just east of the Panattoni 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. Homes at the Preserve are expected to sell for $490,000 to the mid $800,000s, and those at College Park will be marketed in the range of $1.4 million.
The home prices are a sign that executives and professionals are moving to the area, Pintar points out. A population of more than 920,000 lives within 10 miles of the new project, he notes.
Panattoni estimates that it will break ground on the project in 2006 and open in 2007. Leasing agents for the development are Bill Bauman, Bryan Norcott and Cameron Crowner of Colliers Seeley International.
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