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ONTARIO, CA-Panattoni Development Co. of Sacramento has started work on the $900 million, one-million-sf Piemonte at the Ontario Center, a combination lifestyle retail center with office, multifamily and hotel development as well. The project will include 500,000 sf of retail space anchored by Target and Best Buy, along with approximately 268,000 sf of class A office space, a seven-story 256-room full service hotel and approximately 800 luxury condominiums to be built by Toll Brothers Inc.

The 120-acre project site is along the Interstate-10 Freeway, bordered by Fourth Street to the north, Milliken Avenue to the east and Haven Avenue to the west. The location is in the heart of Ontario’s business and retail area, surrounded by high-end housing.

Scheduled to be completed in 2009, the development is starting with a first phase that includes a 252,000-sf power retail component that will be anchored by Target and Best Buy. That phase is slated for completion in the fall of 2007.

The office portion of the project will consist of six buildings of one to five stories, ranging in size from 6,261 sf to 125,000 sf, with the first 125,000-sf five-story building expected in the winter of 2008. Additional buildings will be completed in the following 12 to 24 months.

The listing agents for the Piemonte development include Natalie Bazarevitch and Ted Snell of CB Richard Ellis for the office portion and Sean Deasy of CBRE for the multifamily portion. The agents for the retail space are CBRE’s Greg Whitney and Allen Young.

In a strategic partnership with the City of Ontario Redevelopment Agency, Panattoni bought the land for the mixed-use center for $26 million in 2004. Jeff Phelan, a Panattoni partner, says that the new center is expected to become a regional draw in addition to serving the nearby community.

In addition to the space that Panattoni is developing, the City of Ontario plans to develop an 11,000-seat sports and entertainment arena adjacent to the mixed-use center, using the funds from the sale of the land to Panattoni. The 225,000-sf arena will take shape on 36 acres along Concours Avenue, between Haven and Milliken avenues.

The arena is expected to host approximately 140 events annually including hockey, basketball, arena football, concerts and family shows. It will be operated by Anschutz Entertainment Group, which also operates the Staples Center in Downtown Los Angeles.

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