(Read more on the multifamily market.)

UPLAND, CA-Hutton Development Co. of Orange County plans 448 luxury apartments, 40,000 sf of retail space and 89 single-family homes in a new development called College Park on a 40-acre site near the Claremont Colleges. Hutton, based in the City of Orange, recently closed escrow on the 40 acres, which is at Monte Vista Avenue and Arrow Route in Upland.

According to Scott Felix, vice president of Hutton, the company will begin infrastructure improvements this month for College Park, which is designed to provide housing and retail services adjacent to the seven Claremont Colleges. The retail amenities have been long-awaited by the more than 10,000 students, faculty and staff at the Claremont Colleges.

The 448 luxury apartments will offer high-end amenities in the units. Additionally, the common area features will include a full gym and business center, as well as a private movie theater for the residents’ use.

The retail component will feature service retailers and restaurants geared toward the college community. Felix comments that the retailers who traditionally serve college communities are noticeably absent in the Claremont market.

Felix adds that College Park “is the only fully entitled option available” to retailers seeking to capture the college business in Claremont. The listing agents for the retail space are vice president Brian McDonald and associate Erik Westedt of CB Richard Ellis.

Hutton expects to begin construction on the apartments and retail center in the fourth quarter of 2007, with completion in time for the 2009 school year. The construction schedule for the single-family homes has not been set yet.

The new project joins another recent Hutton development in the area, a 240-unit luxury apartment complex at 2100 W. Arrow Route between Central Avenue and Monte Vista, about a quarter mile east of the Claremont Colleges. The apartments provide pedestrian access to the Montclair Metrolink Station via the City of Upland’s Rails to Trails project, which includes a series of paved walking and jogging paths.

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