RIVERSIDE, CA-Silagi Development & Management Inc. of Thousand Oaks has won approval from city officials for the development firm’s 10-story Regency Tower, a class A project planned for the northeast corner of Tenth and Orange streets in Downtown Riverside. Completion of the project is tentatively scheduled for February of 2009, according to brokers from the Riverside office of Lee & Associates who are the listing agents for the development.

The Lee & Associates team includes Tom Pierik, David Mudge and Richard Erickson. Pierik describes the project as “the first opportunity in years for companies and firms to relocate or expand their offices into a new class A building in Riverside’s downtown core.”

Moshe Silagi, president of Silagi Development & Management, points out that the Regency Tower development will a drought of more than 17 years for larger office developments in Downtown Riverside. The last major office project that was completed in the area was Riverside Metro Center in 1990, he adds.

In addition to office space, Regency Tower will include a ground floor coffee shop, a three-level subterranean parking structure and a second smaller building, possibly a restaurant, connected via a landscaped courtyard. The tower’s location will be near the Main Street pedestrian mall.

According to Pierik, the Riverside office market has low vacancy levels and limited opportunities for companies looking for class A space. The city is a center of federal, state and county courts, along with the University of California at Riverside, the Mission Inn and other amenities.

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