RIVERSIDE, CA-The first phase of the 1,000-acre March Business Center, which ultimately is expected to be a 16-million-sf, $1-billion development, is under way. Ground has been broken on the first five million sf of manufacturing and office space, the first step in Lennar Partners’ redevelopment of the former March Air Force Base.

The first buildings are expected to be ready in early 2004, but the entire project consisting of build-to-suit and speculative construction is expected to take another 10 years to complete. Still, local officials are counting the revenue boost.

“This project is expected to add approximately 15,000 local jobs to Riverside County, and potentially generate $700 million in the local economy,” says Riverside County supervisor Bob Buster.

Frank Geraci, Walt Chenoweth, Art Day, Daniel De La Paz and Jana Rafferty from CB Richard Ellis are in charge of leasing the March Business Center. Lennar Partners vice presidents Michael Morris and Jim Cottrell are overseeing the development.

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