Panattoni Adds 328,00 SF to Project

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CHINO, CA-Panattoni Development Co. of Sacramento has expanded its plans for a project site here to include 328,00-sf of light industrial and office buildings for sale in addition to its previously announced retail project of approximately 350,000 sf. The industrial project will comprise 39 buildings that will range from approximately 2,700 sf to 28,300 sf that will be designed as manufacturing and warehouse space that the developer expects to deliver in the second quarter of 2007.The development site is next to the 71 Freeway at the northeast corner of Ramona Avenue and Chino Hills Parkway in Chino. Panattoni now owns 47.49 acres at the development site, 19.4 of which is earmarked for the industrial project and slightly more than 28 acres for the retail center. It is under contract to buy an additional 12.49 acres that it will add to the retail site to bring the retail project to nearly 41 acres.The development site, which is divided by the San Antonio Channel, is in an area that is surrounded by industrial and commercial development and, until two years ago,. was used by Chino Valley dairy farmers. The Panattoni project will occupy what is now some of the last undeveloped agricultural land west of Chino's Central Avenue.The new retail project will be called Rancho del Chino in recognition of the agricultural history of Chino, according to partner Jeff Pintar of Panattoni. He notes that the City of Chino's motto, "Where Everything Grows," originally referred to this agricultural beginning but today it applies equally to the housing and commercial growth in the region.The Rancho del Chino project is in the entitlement phase and is estimated to break ground in mid 2006, with opening planned in mid to late 2007. It will feature large format retailers, fashion and home furnishing stores, specialty shops and restaurants.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.