CHINO, CA-Home Depot has struck a deal with Panattoni Development Co. of Sacramento for the retailer to buy 9.2 acres of Panattoni's previously announced 42-acre, 450,000-sf Rancho del Chino project. The development is under way at the northeast corner of Ramona Avenue and Chino Hills Parkway on some of the last undeveloped agricultural land west of Chino's Central Avenue.
According to Jeff Pintar, a partner with Panattoni and head of the company's retail division, Home Depot expects to build a 106,278-sf store plus a 34,760-sf garden center. Construction is slated to begin in December, with the new store scheduled to open in the fall of 2007.
The Panattoni retail venue 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.
Panattoni also plans to build up to approximately 328,000 sf of office and light industrial space on an additional 18 acres on the northeast side of the retail project. Leasing agent for the development is Bill Bauman of the Downtown Los Angeles office of Colliers International.
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