X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

CORONA, CA-A partnership of Broadreach Capital Partners LLC and Mulligan-Allen & Associates plans an 87,000-sf office project and a condominium development on a recently acquired 20-acre parcel here. The development site is situated in Riverside County at the crossroads of Highway 91 and I-15, next to the Orange County border.

The developers say they will apply to further re-zone the property to allow another residential development in addition to the condo project, which is envisioned as 173 units of 1,600 sf to 2,000 sf. The parcel was successfully re-entitled during the last 10 months with final approvals from the Corona Planning Commission and the Corona City Council in mid March. Demand for both residential development and office space has increased as Corona’s population has grown in recent years. Many of the new residents have moved out of Orange County and into the Inland Empire for more affordable housing, the developers note. In addition to the Broadreach-Mulligan-Allen project, Corona and nearby areas have attracted a host of residential, office and industrial projects in recent years as development has pushed toward the Inland Empire from Orange County.

The development site consists of two parcels, a residential project site on 15 acres and a five-acre parcel that is zoned for the 87,000-sf office development. David Simon, managing director and head of Broadreach’s Southern California operation, says that the developers’ decision to re-zone the land for more housing is based in part on recent input from the city.

Broadreach Capital Partners LLC invests in a variety of western US commercial real estate properties through a $314 million fund managed by the former executive team of Spieker Properties Inc. Mulligan-Allen & Associates was formed in 2004 by Pete Mulligan and Jeff Allen, who have extensive experience in developing residential and commercial land.

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?

GlobeSt. APARTMENTS Fall 2021Event

Join 1000+ of the industry's top owners, investors, developers, brokers & financiers at THE MULTIFAMILY EVENT OF THE YEAR!

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 © 2021 ALM Media Properties, LLC. All Rights Reserved.