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Construction launched in February on Tricon Corona, a built-to-rent community in Corona.
Tricon Residential, a division of Blackstone Real Estate, is working with Orange County-based developer Foremost Pacific Group to build 38 single-family rental homes on nearly 5 acres of land at the intersection of Citron Street and Taylor Avenue.
Homes due by the end of the year include one- and two-story floor plans with three to four bedrooms, two-car garages and fenced backyards. Finishes will be modern with wood-style floors, granite countertops, white kitchen cabinets, solar panels, smarthome technology and more.
Tricon said rents would start in the high-$3,000s.
The company said tenants can expect to see an interest list later this year, closer to the completion of the first homes.
Last summer, Tricon Residential debuted its 303 built-to-rent community in Menifee.
850,000 square feet of warehouses coming online
Dedeaux Properties has gotten the green light for occupancy on five newly completed industrial developments.
The warehouses span a combined 850,000 square feet and include:
— 167,000-square-foot warehouse in Ontario
—326,000-square-foot warehouse in Riverside
—165,000-square-foot distribution center in Fontana
—53,000-square-foot cross-dock warehouse in Perris
—52,000-square-foot cross-dock in San Bernardino
—83,000-square-foot distribution center in Rialto
As of late 2024, just 12.6 million square feet were under development in the Inland Empire, the lowest volume since 2014, according to a report by Cushman & Wakefield.
“The disruption in the capital markets made it difficult for many developers to obtain construction financing, which has only served to thin the market and give it time to absorb the record amount of existing inventory,” said Matt Evans, president at Dedeaux Properties. “Still, the Inland Empire remains one of the strongest and most-in-demand industrial markets in the United States…”
Amazon associates give $23,400 to IEFLP
Amazon associates from eight local distribution facilities recently came together to present a $23,400 donation to the Inland Empire Future Leaders Program.
The money will support IEFLP’s six-day, overnight leadership conference in Idyllwild for local eighth- and ninth-grade Latino students.
Amazon’s contribution will cover program expenses such as rent, supplies, transportation, boarding, insurance, operating costs and meals.
The program, which launched 41 years ago, fosters public speaking abilities, cultural pride, academic excellence and community involvement.
The check presentation was held at the company’s LGB7 fulfillment center in Rialto. The participating warehouses sites, including Rialto, were KSBD (Amazon’s air hub in San Bernardino, SBD2 (Waterman Ave., San Bernardino), ONT9 (W. San Bernardino Avenue in Redlands), LAX9 (Oleander Avenue, Fontana), LGB6 (Krameria Avenue, Riverside), LGB4 (Pioneer Avenue, Redlands), and SNA4 (W Walnut Street, Rialto).
Students interested in the leadership program can apply at tfaforms.com/5160000
BoY honor for Collins
Collins Aerospace, a division of RTX Corp., will be honored as the 2024 Business of the Year at the Greater Riverside Chambers of Commerce annual celebration March 20.
A supplier of aerospace and defense products, the company employs at least 700 people in the region.
The celebration at the Riverside Convention Center will bring together hundreds of local business and community leaders who will welcome the chambers’ new board chair Jennifer Binkley of Altura Credit Union.
Tickets to the event are $150 per person. For more information, go to www.riverside-chamber.com.
News you might have missed
Driverless shuttles debut this week: Ohmio, a New Zealand company that makes electric autonomous vehicles for public transportation, opens its Riverside headquarters this week. The company also will unveil an electric shuttle branded for the city. The grand opening is scheduled for 10 a.m. Wednesday at 10 a.m. at 6868 Airport Drive.
Stater Bros. first layoffs ever
For the first time in its nearly 90-year history, Stater Bros. Markets laid off a number of its clerks. As reported by Pat Maio, the San Bernardino supermarket chain told 63 courtesy clerks they were losing their jobs because of inflation.
“I’m pretty certain that in the future we’re going to have to continue to reduce the number of jobs in this company. It’s a fact,” CEO Peter Van Helden told the workers in a 10-minute video.
The high price of groceries is sure to spark tension as the local union that represents some 50,000 supermarket workers begins negotiations this month for a new labor contract.
The fast-fashion brand founded in Los Angeles 41 years ago is closing a dozen or more stores in Southern California. Several are in the Inland Empire.
The company, which is in bankruptcy, announced in recent weeks that it would shutter its LA headquarters, laying off 358 people. Hundreds more retail workers will lose their jobs by May when the stores close.
Inland Empire locations include Galleria at Tyler Mall in Riverside (63 jobs), Ontario Mills in Ontario (70), Victoria Gardens in Rancho Cucamonga (17), Montclair Place in Montclair (21). Stores at Promenade Temecula and Inland Center in San Bernardino also had closure signs on storefronts. A job count for those locations was not available.
The company’s owners said that if a new buyer didn’t step forward in bankruptcy proceedings, it would like liquidate Forever 21’s assets and shutter the entire company.
Walgreens gets an offer: The private equity firm Sycamore Partners has offered $10 billion for the struggling retailer, which is trying to turn around years of losses. Walgreens also is in the early stages of a plan to close 1,200 of its roughly 8,500 U.S. locations.
Target the new Lenten sacrifice: Supporters of diversity programs have launched a 40-day shopping boycott of the retailer after it abandoned some of its programs aimed at inclusion and diversity. Called a “Target Fast,” the protest began Wednesday and ends April 17.
The business briefs are compiled and edited by Business Editor Samantha Gowen. Submit items to sgowen@scng.com. High-resolution images can also be submitted. Allow at least one week for publication. Items are edited for length and clarity.
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