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RIVERSIDE, CA-The junction of the 215 and 60 freeways here is fast becoming a favorite of developers, with construction beginning on a new $20 million luxury apartment complex and local business leaders voting support for a previously announced 499,000-sf retail development at the intersection of the two freeways.

The new apartment development will be called the di Renzo and is a project of Las Vegas-based Pacific Properties. The site was initially zoned for retail use, but the developer enlisted the support of neighbors in rezoning the site to allow the 158-unit apartment complex.

The 499,0000-sf retail development is a project of Alamo, CA-based Transcan Development, which has received the support of the Greater Riverside Chambers of Commerce for the development, which is called Canyon Crossings. The board of the Riverside Chambers voted unanimously to support Canyon Crossings. The chamber has no formal authority to approve or reject projects, but it is considered quite influential with local governing bodies, which take its recommendations into consideration when reviewing proposed projects.

The di Renzo apartment project will be a response to what Jim Stockhausen, SVP of development for Pacific Properties, describes as “high demand for luxury rental apartments in Riverside.” The development site is near a new 20-acre regional park nearby, with Pacific Properties contributing $300,000 toward the $800,000 park budget to complete the first phase.

Designed by Irvine-based KTGY Group, the di Renzo will consist of seven two- and three-story buildings surrounded by extensive landscaping. The units will feature vaulted ceilings, crown molding, ceiling fans, fireplaces, enclosed patios and balconies, and other amenities both inside the units and in common areas. Among these will be a swimming pool, hot tub, fitness center, a business center and play areas. Completion is slated for April 2004 and will add to a portfolio of more than 20,000 units that Pacific Properties and its principals have developed and acquired since its founding in 1985.

The Canyon Crossings project, as reported previously on GlobeSt.com, will include a mixture of large-scale retailers, specialty stores, restaurants and cafes. The Greater Riverside Chambers of Commerce, which encourages economic development and monitors local projects, says the new project will generate more than $10 million in sales tax revenue annually for the City of Riverside and will create more than 750 new jobs. The new development will serve thousands of homes that have been built in eastern Riverside over the last few years, helping to create a market for the new development. The project is in the entitlement phase and is estimated to be open by late 2004.

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