Rancho Cucamonga - On Track for the Rebound
17 Jun, 2009
On Track for the Rebound Despite the economic slowdown across the country, The City of Rancho Cucamonga continues its forward momentum further solidifying its rebound-ready status. Historically, the City has established a reputation as one that has developed and fostered a well-rounded general plan; the results of which are clearly visible today. While there has been a general slowing in the local economy, there are several ongoing activities that support the fact that the forward momentum continues and Rancho Cucamonga is on track for the upcoming economic rebound. Select activities in the City include: Class “A” Commercial Office Space o Wachovia Corp. recently leased 38,628 square feet in Empire Corporate Plaza. o Corvel Associates has established a Rancho Cucamonga presence by leasing 20,490 square feet in Empire Corporate Plaza. o Kaiser Foundation Health Plan made news in 2007 by being the first tenant in Empire Corporate Plaza when it signed a 10 year lease in 2007 for 41,775 square feet. o A wide variety of new Class “A” office space is ready for occupancy, including: § Vintner’s Grove – a 138,000-square-foot, master-planned office and medical campus, including a 100,000-square-foot Class “A” office building, as well as smaller buildings ranging in size from 4,276 to 4,690 square feet in a campus-style environment. § One Town Square – a four-story 90,673-square-foot Class “A” office building located within Town Square. This mixed-use project features upscale apartment homes and work-live units, as well as a full compliment of restaurants and services. Each floor includes a 22,668-square-foot environment. § Rochester Park – a medical/office campus that consists of 14 freestanding one-story buildings ranging in size from 3,927 to 8,833 square feet. These buildings are for sale or lease. § RockPittsburgh Professional Center – features four freestanding one-story office buildings ranging from 4,450 to 5,249 square feet and four two-story buildings ranging in size from 14,000 to 18,800 square feet. These buildings are for sale. § RockHaven Professional Center – features eight freestanding buildings that include two one-story buildings with a size of 7,500 square feet each. The development also includes six two-story buildings, ranging in size from 11,000 to 14,000 square feet. These buildings are for sale. § RockJersey Professional Center – includes four freestanding buildings that offer two stories and range in size from 22,254 to 28,256 square feet. These buildings are for sale. In addition to the Class "A" office space, Rancho Cucamonga provides excellent manufacturing, distribution and/or warehousing facilities. Commercial Property Purchase Continues o Recently, a retail center located on Monet Avenue (Victoria Gardens) was purchased by Eternal Legacy Properties LLC from private investors for $3.6 million, or $513 per square foot. The 7,013-square-foot retail center was constructed in 2007, and is fully leased by tenants including David's Gifts & Tobacco, Happiness Nails, Visage Med Spa and West Coast Insurance. o A Newport Beach-based buyer recently purchased 25,002 square feet of retail shops in Rancho Cucamonga for $11 million. The retail center, known as Day Creek Village, and located at Day Creek Boulevard and Highland Avenue, is anchored by a Ralphs Supermarket. Other tenants include Wells Fargo, UPS, Starbucks, Supercuts, Hollywood Video and Marble Slab Creamery. o A parcel of land on Foothill Boulevard recently sold for $5.65 million, or $712,500 per acre. The 7.93-acre lot has approved pans for two eight-story high-rise office buildings and is adjacent to the City Center Building, which the buyer also owns. Retailers Continue to Move into Rancho Cucamonga o H&M, the woman’s specialty store, celebrated its grand opening in Victoria Gardens in May 2009. o Bare Escentuals, and upscale cosmetics and bath boutique, opened in spring 2009. o Swarovski, the well-known makers of crystals, jewelry and home décor items also opened for business in Victoria Gardens in spring 2009. o Victoria Gardens is now home to 170 retail, restaurant and retail services businesses. o Tesco, a British-based international grocery and general merchandise retailer, is opening three new Fresh and Easy locations in the City in 2009. Hospitality Sector Expands o Sheraton Four-Points, with 118 rooms, opened its doors for business in June 2009, bringing the total number of hotels in Rancho Cucamonga to nine. Place-Building Continues with the Victoria Gardens Expansion o The City and developers of Victoria Gardens are moving forward with plans for the next phase of Victoria Gardens. This “city within a city” is slated to house Rancho Cucamonga’s tallest building at 12-stories and will incorporate commercial, office and residential units. Traffic/infrastructure o A major highway improvement project is underway with the Haven Avenue Underpass which will direct MetroLink and freight trains on a bridge, making it possible for vehicular traffic to pass below, significantly improving the flow of traffic along the Haven Avenue Office Corridor. o A project targeting the Foothill thoroughfare east of Grove Avenue will expand the four-lane Foothill to six lanes and add medians and sidewalks. A Variety of Shovel-Ready Projects are in the Pipeline Diverse and Talented Workforce o Over the years, the City has also incorporated a robust plan for developing a local workforce, one from which, area businesses of all types can draw. If it’s blue, green or white-collar employees companies need they will find them in Rancho Cucamonga. o Rancho Cucamonga has worked closely with several colleges and universities to establish community campuses, making it convenient for both residents of, and employees in, the City to attend classes and earn a wide-array of degrees and certifications; allowing them to stay current in an ever-changing business world. In 2009, Chaffey College saw its largest graduating class since its founding. o The colleges and universities in and around the City help strengthen the skills of current employees and residents; and they provide a training ground for employees of the future. Demographic Shift o Over the past ten years, there has been a steady influx of highly educated management and executive level residents whose move to the City was spurred in large part by the escalating costs of homes in the surrounding counties. o This fact, fused with a shift in attitude about the overall quality of life, the work-play balance, and the ever-increasing cost of commuting, has resulted in Rancho Cucamonga residents wanting to work closer to where they live; and in order to do so, they may be willing to work for as much as eight percent less. General Quality of Place o For Rancho Cucamonga, thoughtful planning with an emphasis on building a desirable community that is family-friendly with upscale neighborhoods, quality schools, significant open spaces, and a vibrant and robust retail, restaurant and entertainment scene continues to strengthen the draw of people and businesses to the city. o As one of the safest major cities in California, Rancho Cucamonga‘s ranking as one of the 50 best places to live in the United States reflects the efforts of city leadership, and residents alike, to ensure a strong sense of community. (Rancho Cucamonga was named by CNN Money Magazine as one of the top “50 Best Places to Live” in 2006.) “Through these economic times, we are working to keep Rancho Cucamonga the robust entity is has become, keeping it on track and ready for the rebound when it comes,” states Linda Daniels, Redevelopment Director.