ONTARIO, CA-City officials have struck a deal to sell 94.3 acres to Sacramento-based Panattoni Development for $26 million in a transaction that sets the stage for Panattoni to develop a 1 million-sf mixed use “urban village” in the heart of Ontario’s business district, and for the city to create an 8,500-sf community events center that would be a counterpart to facilities like the Staples Center in Los Angeles and The Pond in Anaheim. The project would be one of the largest of its kind ever in the Inland Empire.

Greg Devereaux, Ontario city manager, tells GlobeSt.com that the proposed sale will go before the Ontario City Council Nov. 9. The land that Panattoni would buy stretches along the I-10 Freeway and is bordered by Fourth Street to the north, Milliken Avenue to the east and Haven Avenue to the west. The city has owned it since August 1998, when it bought a 200-acre tract from the developers Concours and Regis for $17 million.

Panattoni’s project would be called Piemonte and would comprise approximately 380,000 sf of class A office space, 800 condominiums built adjacent to and above 55,000 sf of retail as part of what the city describes as a “Main Street-style live, work, play experience.” Plans also include an additional 309,000 sf of lifestyle-oriented retail, a proposed 45,000-sf health club and fitness center, and a 236-room hotel.

If the sale is approved, the city’s events center would be built on a 23-acre site next to Panattoni’s mixed use development. The events center would house minor league hockey and an ABA professional basketball team as well as family-oriented entertainment or concerts. The city would choose an operator for the events center, Devereaux explains, and would work with the operator to choose an architect and a construction manager for the center. If all goes as hoped, construction would begin in 2005, with completion in early 2007.

“The entire development is what we want to achieve, but an events center has always been the centerpiece of the mixed-use development,” Devereaux tells GlobeSt.com. City officials believe that building a regional destination venue such as a major events center will spur even greater economic activity in Ontario, just as it has at places like Staples Center and The Pond. The events center and other supporting development are expected to drive $7 million to $8 million in annual revenue to the city from property tax, transient occupancy tax, sales tax and operator payments.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

Dig Deeper

 

GlobeSt Net Lease Spring 2024Event

This conference brings together the industry's most influential & knowledgeable real estate executives from the net lease sector.

Get More Information
 

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.