Exclusively Listed By: Han Widjaja Chen, CCIM President Dir 626.594.4900 | Fax 626.316.7551 [email protected]Broker License No. 01749321 Leo Shaw Vice President Dir 626.716.6968 [email protected]Broker License No. 01879962 Northeast Corner of Cottonwood Ave & Elsworth St. Moreno Valley, CA 92555 OFFERING MEMORANDUM MORENO VALLEY DEVELOPMENT ±26.13 acres R10 Zoning Buildable Up to 261-Units Motivated Seller! Final Bid Date: 1/18/2018
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DISCLAIMER AND CONFIDENTIALITY AGREEMENT:This is a confidential Memorandum intended solely for your limited use and benefit in determining whether you desire to express further interest in the acquisition of NEC Cottonwood Ave and Elsworth St, Moreno Valley 92555 (“Property”). This Memorandum contains selected information pertaining to the Property and does not purport to be a representation of the state of affairs of the Owner or the Property, to be all-inclusive or to contain all or part of the information that prospective investors may require to evaluate a purchase of real property. All financial projections and information are provided for general reference purposes only and are based on assumptions relating to the general economy, market conditions, competition, and other factors beyond the control of the Owner and Growth Investment Group. Therefore, all projections, assumptions, and other information provided and made herein are subject to material variation. All references to acreages, square footages, and other measurements are approximations. Additional information and an opportunity to inspect the Property will be made avail-able to interested and qualified prospective purchasers. Neither the Owner nor Growth Investment Group, nor any of their respective directors, officers, affiliates, or representatives make any representation or warranty, expressed or implied, as to the accuracy or completeness of this Memorandum or any of its contents, and no legal commitment or obligation shall arise by reason of your receipt of this Memorandum or use of its contents. The Owner expressly reserves the right, at its sole discretion, to reject any or all expressions of interest or offers to purchase the Property, and/or to terminate discussions with any entity at any time, with or without notice which may arise as a result of review of this Memorandum. The Owner shall have no legal commitment or obligation to any entity reviewing this Memorandum or making an offer to purchase the Property unless and until written agreement(s) for the purchase of the Property have been fully executed, delivered, and approved by the Owner and any conditions to the Owner’s obligations therein have been satisfied or waived.By receipt of this Memorandum, you agree that this Memorandum and its contents are of a confidential nature, that you will hold and treat it in the strictest confidence and that you will not disclose this Memorandum or any of its contents to any other entity without the prior written authorization of the Owner or Growth Investment Group. You also agree that you will not use this Memorandum or any of its contents in any manner detrimental to the interest of the Owner or Growth Investment Group. In this Memorandum, certain documents, including leases and other materials, are described in summary form. These summaries do not purport to be complete nor necessarily accurate descriptions of the full agreements referenced. Interested parties are expected to review all such summaries and other documents of whatever nature independently and not rely on the contents of this Memorandum in any manner.
If after reviewing this Memorandum, you have no further interest in purchasing the Property, kindly return this Memorandum to Growth Investment Group.
Executive SummaryInvestment Highlights• Large lot size with an approved tentative tract map in an infill location
• R10 Zoning which allows maximum density of 261-units
• Rare infill location with enough buildable units in a quickly maturing area
• Ease of access to neighboring freeways- close proximity to the 60 Freeway on/off ramps with more than 106,000 cars per day
• Ideally located surrounding residential neighborhoods
• Within close proximity to Moreno Valley Mall, a 1,090,000 square foot multi-level mall with over 130 stores including Macy’s, JCPenney, Sears, Harkins Theatres, Crunch Fitness, and the Inland Empire’s only Round 1 Entertainment
• Less than 2 miles away from the Moreno Valley Mall and TownGate area, Moreno Valley’s retail hub with major retailers including, JC Penney, Sears, Gottschalks, Burlington Coat Factory, TJ Maxx/HomeGoods, Ross Dress for Less, ULTA, BevMo!, Starbucks, Chase Bank, Wells Fargo, and many more national and regional credit tenants
STRONG INLAND EMPIRE DEMOGRAPHICS
• More than 15,900 people in a 1-mile radius with an Average Household Income exceeding $48,300
• More than 126,600 people in a 3-mile radius with an Average Household Income exceeding $55,300
• More than 249,100 people in a 5-mile radius with an Average Household Income exceeding $68,900
• Over 5,600 employees within a 1-mile radius, 28,000 within a 3-mile radius, and 47,000 within a 5-mile radius
MISSION INN AND MUSEUMGLEN IVY HOT SPRINGS SPALA QUINTA RESORT AND CLUB AGUA CALIENTE CASINOJOSHUA TREE
A STRONG COMMUNITY216,450 projected number of residents by 201853,863 households58,040 housing units3,059 businesses2.8 million annual visitors willing to travel up to 30 minutes for quality shopping opportunities
CONTINUED GROWTH3,938 Units of New Single-Family Development2,420 Units of New Multi-Family Development4.6M sqft. of Currently Proposed Commercial Development Projects
60 million sqft.currently under development for new and expanding businesses
MAJOR INDUSTRY GROWTH
Restaurants & Hotels
General Consumer Goods
Fuel
Food & Drugs
Business and Industry
Building & Construction
Autos & Transportation
* Source from Southern California Association of Government’s Regional Council
The Growth Investment Group is proud to offer a ±26.13 acres resi-dential infill development site in the City of Moreno Valley, Cali-fornia. The lot is located at the northeast corner of Cottonwood Ave and Elsworth Street. The lot has R10 zoning which allows up to 261-units maximum density. It has an approved tentative tract map for 194 residential units. The lot is a U shaped lot in an infill location surrounded by mature single family residential communities.
It is abutted located across the street from Towngate Elementary School and across the street from a small park with view of moun-tains on its north side. It enjoys easy access to FWY 60 and FWY 215 and just minutes away from Moreno Valley Mall and Towngate Shopping Center. It offers easy access to public transportation and just minutes from all amenities city of Moreno Valley has to offer.
The sale includes an approved tentative tract map to build 194 resi-dential unit with below breakdown:
Proposed Use Planned Multi-Family Residential Development Detached Condo Plan Type A 1880 SF 18 Units Plan Type B 1830 SF 13 Units Plan Type C 2068 SF 33 Units Plan Type D 1994 SF 44 Units TOTAL 108 Units Attached Condo Plan Type E 1439 SF 28 Units Plan Type F 1909 SF 14 Units Plan Type F1 1925 SF 14 Units TOTAL 56 Units Senior Housing Plan Type G 1138 SF 6 Units Plan Type H 1151 SF 6 Units Plan Type J 1130 SF 6 Units
Plan Type K 968 SF 6 Units Plan Type L 966 SF 6 Units TOTAL 30 Units
GRAND TOTAL 194 Units
LOCATION AMENITIES & ACCESS
Moreno Valley’s coming of age can also be seen in the growth of the area around the Moreno Valley Mall (former Riverside Raceway property from 1957 to 1989) and nearby Day Street, which straddles the border between Moreno Valley and Riverside. Local shoppers enjoy the 1.2 million square foot Moreno Valley Mall, anchored by JCPenney, Macy’s and Sears. The area has seen massive construc-tion in recent years, attracting nationally recognized retailers such as Best Buy, Costco, Lowe’s, Ross Dress for Less, Starbucks and other upscale stores. Two major shopping centers with a combined one million square feet have also been developed in the rapidly grow-ing eastern area of the city. This is the site of the first Super Target in California, which opened in July 2007, a Walmart and a Sam’s Club.
Moreno Valley, California, is a city of scenic beauty among boulder-strewn hillsides located just east of Riverside at the crossroads of Moreno Valley Freeway (State Route 60) and Interstate 215. With only half of its 50 square miles built, Moreno Valley is enjoying ex-plosive growth in commercial, residential and industrial sectors. Our population currently exceeds 146,000 plus more than 4,000 single-family homes are currently under construction. Looking into the future, this growth trend is expected to continue with nearly 7,000 single-family and multi-family units, more than 800,000 square feet of retail, and more than 4.4 million square feet of industrial/office proj-ects in plan check or recently approved for construction.
Fresenius Medical Care12,000 sq ft Dialysis Center
Under Construction
Riverside County RegionalMedical Center Expansion
University of California Administration159,000 sq ft
Kaiser Permanente Medical Offices
55,000 sq ft
8
7
9
Minka GroupRelocation
354,810 sq ft
Harbor Freight ToolsExpansion to 1,280,446 sq ft
Aldi, Inc800,430 sq ft
First 36 Logistics555,670 sq ft
Procter & Gamble1,500,000 sq ft
Deckers Outdoor Corp800,000 sq ft
Amazon Fulfillment Center1,250,000 sq ft
24-Hour FitnessNew - Under Construction
6
5
4
3
2
1
5
4
2
1
63
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City of Moreno ValleyDevelopment Projects 2014
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The information shown on this map was compiled from the Riverside County GIS and the City of Moreno Valley GIS. The land base and facility information on this map is for display purposes only and should not be relied upon withoutindependent verification as to its accuracy. Riverside County andCity of Moreno Valley will not be held responsible for any claims, losses or damages resulting from the use of this map.
Map Produced by Moreno ValleyGeographic Information SystemGeographic Information in:State Plane NAD 83 California Zone 6 FeetG:\ArcMap\EDD\ConstructionProjects2014_August.mxdSeptember 22, 2014
Development Category
Other - New Industrial Projects
New Office Projects"
New Commercial Projects
Leased- New Industrial Projects"
"
"
COTTONWOOD AVE
EUCALYPTUS AVE
HEMLOCK AVE
Commercial Shopping Centers
Meridian Meridian Business Business
ParkPark
Number Applicant Project Number Number of Units Status1 Frontier Communities 34544 72 In Process2 Tilak Chopra PA14-0027 22 In Process3 MV Bella Vista GP, LLC PA14-0028 220 In Process4 Latco SC, Inc PA14-0042 112 In Process5 Renaissance Village Assisted Living P12-077 138 Under Construction6 Integrated Care Communities PA99-0024 99 Under Construction
Multi-Family Housingm
Number Applicant Project Number Number of Units Status1 Frontier Homes 31618 56 Under Construction2 GFR 31789 24 Under Construction3 Ralph Liu 35429 54 In Process4 Habitat for Humanity 36598 8 Under Construction5 Right Solutions, LLC 36761 8 In Process6 Nova Homes 36708 127 In Process7 DR Horton 32505 72 Under Construction8 RSI 27251 98 Under Construction9 MVR Properties, LLC 29920 299 Under Construction
Economic Development Action Plan and Areas of Opportunity
Eucalyptus Ave.
John F. Kennedy Dr.
Old
215Frontage
Rd. El
swor
thSt
.
Cottonwood Ave.
Nason St. & Cactus Ave.
Easy Access to Stoneridge Town Centre
TownGateIncorporates Moreno Valley Mall, TownGate Center, TownGate Crossing, TownGate Promenade and TownGate Square.
Moreno Valley Mall under new ownership.
Recent success with TJ Maxx, HomeGoods, BevMo and Ulta Beauty.
Negotiations ongoing with severalmajor retailers and restaurants for TownGate locations.
City Center
CenterpointeBusinessParkMajor Business Park location primed to produce more employment opportunities — already home to six major companies.
With 522,744 s.f. under construction and an existing logistics operation expanding to a total of 1.9 million s.f., and several other approved and entitled projects.
South Moreno Valley Industrial AreaSignificant job center in community with 10 major corporations located here. Prospects for short-term construction developments is excellent with:l 3.6 million s.f. in building plan checkl 3.5 million s.f. approved/entitledl 3.1 million s.f. ongoing with EIRs
Eastern Moreno Valley — Rancho BelagoPrime area of community with large undeveloped areas.
Skechers USA opening has generated interest by other prospective corporate users.
Proposed 41.6 million sq. ft. World Logistics Center submitted and under review.
Highest and best land uses should be evaluated to address City’s jobs to housing imbalance.
Installation of new SR-60 southerly ramps at Moreno Beach Drive, including extension of Eucalyptus Avenue to connect with Moreno Beach Boulevard.
Estimated cost: $10.5 million, through: RDA Bond proceeds, Savings from SR-60/Nason Project, proposed $1 million developer contribution.
Improvements on Cactus Avenue between Lasselle Street to Nason Street.
Extension of Nason Street southerly to connect Cactus Avenue with Iris Avenue.
Total cost of $23.3 million funded through: Estimated 10% savings by constructing projects together, $6 million funded by RDA pass-through targeted for Flood Control projects, $1 million funded from California’s SLLP Grant,Resequencing funding from five CIP projects to generate $13.4 million.
Geographic Center of Moreno Valley.
Home to Moreno Valley College,Riverside County Regional Medical Center, Kaiser Community Hospital, Stoneridge Towne Centre, Moreno Beach Plaza and Moreno Valley Auto Mall.
Contains large amounts of newer housing developments of major developers such as Richmond American Homes, Beazer Homes, DR Horton and Pacific Communities.
Festival CentersCooperate with the ownership of the Festival Center to explore ways to redevelop or enhance the viability of the Festival Center including rehabilitation efforts and incorporating new appropriate land uses.
EdgemontPursue the revitalization of the Edgemont area through the adoption of a multi-faceted strategy.
Upgrade the water system and evaluate land uses to establish the highest and best land use designations to support new development.
Other Areas of Opportunity Include:
Alessandro Blvd.Sunnymead Blvd.
Sunnymead RanchCanyon Springs Plaza
* Map does not reflect legal boundaries.
Community & Economic Developmentwww.moval.org 951.413.3460
During the last housing boom many housing projects were approved, but not built due to the recession. In an effort to assist developers in preserving the investment in pursuing these project approvals, the state of California and the City adopted measures to extend the life of the approved projects. With the current rebound of the economy, developers have begun to obtain permits for some of the projects listed. Please contact the Planning Division at 951.413.3206 for further information.
New Single-Family Development: 4,811 Units
Map # Tract Builder/Applicant # of Units Status
33 33963 Rance Garrett 31 Approved
34 34043 RM3 Building and Development 12 Approved
35 34748 Rados 135 Approved
36 35663 OFA 12 Approved
37 32835 Beazer Homes 274 Approved
38 30268 Pacific Communities 83 Recorded
39 31618 Frontier Homes 56 Under Construction
40 31494 Winchester Associates 12 Recorded
41 32715 GFR — Trinity 30 Under
42 33256 Granite Homes 79 Under Construction
43 32515 Mission Pacific Land Co. 161 Recorded
44 32711 Isaac Genah 9 Recorded
45 31789 GFR 24 Under Construction
46 32365 JW Capital 78 In Process
47 35429 Ralph Liu 54 In Process
48 22180 MPLC Legacy 140 Partners, LP 543 Recorded
49 36436 CV Communities 159 Approved
50 36401 Continental East Fund III, LLC 92 Approved
51 36598 Habitat for Humanity 8 Under Construction
52 36761 Right Solutions, LLC 8 In Process
53 31592 CV Communities 139 Approved
54 36708 Nova Homes 127 In Process
55 36436 CV Communities 159 Approved
56 29343 Professors Fund IV 58 Approved
57 24203 Blue Ribbon Enterprises 99 Approved
58 29920 MVR Properties, LLC 299 Under Construction
59 36882 Frontier Homes 40 In Process
60 36372 Motlagh Family Trust 26 In Process
61 36719 Kuo Ming Lee 34 In Process
62 31414 GFR 31 Under
63 29920 Pacific Communities 98 Under
Map # Tract Builder/Applicant # of Units Status
1 34151 Moreno Valley Property 37 Approved Investment LLC
2 28860 Professor’s Fund IV, LLC/Winchester 9 Approved Associates, Inc.
3 30411 Pacific Communities 25 Approved
4 36760 Mission Pacific Land Co. 189 In Process
5 30998 Pacific Communities 47 Approved
6 31297 Randy McFarland 7 Approved
7 31305 Richmond American/ 87 Approved Richland Communities, Inc.
During the last housing boom many housing projects were approved, but not built due to the recession. In an effort to assist developers in preserving the investment in pursuing these project approvals, the state of California and the City adopted measures to extend the life of the approved projects. With the current rebound of the economy, developers have begun to obtain permits for some of the projects listed. Please contact the Planning Division at 951.413.3206 for further information.
New Single-Family Development: 4,811 Units
Map # Tract Builder/Applicant # of Units Status
33 33963 Rance Garrett 31 Approved
34 34043 RM3 Building and Development 12 Approved
35 34748 Rados 135 Approved
36 35663 OFA 12 Approved
37 32835 Beazer Homes 274 Approved
38 30268 Pacific Communities 83 Recorded
39 31618 Frontier Homes 56 Under Construction
40 31494 Winchester Associates 12 Recorded
41 32715 GFR — Trinity 30 Under
42 33256 Granite Homes 79 Under Construction
43 32515 Mission Pacific Land Co. 161 Recorded
44 32711 Isaac Genah 9 Recorded
45 31789 GFR 24 Under Construction
46 32365 JW Capital 78 In Process
47 35429 Ralph Liu 54 In Process
48 22180 MPLC Legacy 140 Partners, LP 543 Recorded
49 36436 CV Communities 159 Approved
50 36401 Continental East Fund III, LLC 92 Approved
51 36598 Habitat for Humanity 8 Under Construction
52 36761 Right Solutions, LLC 8 In Process
53 31592 CV Communities 139 Approved
54 36708 Nova Homes 127 In Process
55 36436 CV Communities 159 Approved
56 29343 Professors Fund IV 58 Approved
57 24203 Blue Ribbon Enterprises 99 Approved
58 29920 MVR Properties, LLC 299 Under Construction
59 36882 Frontier Homes 40 In Process
60 36372 Motlagh Family Trust 26 In Process
61 36719 Kuo Ming Lee 34 In Process
62 31414 GFR 31 Under
63 29920 Pacific Communities 98 Under
Map # Tract Builder/Applicant # of Units Status
1 34151 Moreno Valley Property 37 Approved Investment LLC
2 28860 Professor’s Fund IV, LLC/Winchester 9 Approved Associates, Inc.
3 30411 Pacific Communities 25 Approved
4 36760 Mission Pacific Land Co. 189 In Process
5 30998 Pacific Communities 47 Approved
6 31297 Randy McFarland 7 Approved
7 31305 Richmond American/ 87 Approved Richland Communities, Inc.
Limitation of Liability for Informational ReportIMPORTANT – READ CAREFULLY:THIS REPORT IS NOT AN INSURED PRODUCT OR SERVICE OR A REPRESENTATION OF THE CONDITIONOF TITLE TO REAL PROPERTY. IT IS NOT AN ABSTRACT, LEGAL OPINION, OPINION OF TITLE, TITLE INSURANCE COMMITMENT ORPRELIMINARY REPORT, OR ANY FORM OF TITLE INSURANCE OR GUARANTY. THIS REPORT IS ISSUED EXCLUSIVELY FOR THE BENEFITOF THE APPLICANT THEREFOR, AND MAY NOT BE USED OR RELIED UPON BY ANY OTHER PERSON. THIS REPORT MAY NOT BEREPRODUCED IN ANY MANNER WITHOUT FIRST AMERICAN’S PRIOR WRITTEN CONSENT. FIRST AMERICAN DOES NOT REPRESENT ORWARRANT THAT THE INFORMATION HEREIN IS COMPLETE OR FREE FROM ERROR, AND THE INFORMATION HEREIN IS PROVIDEDWITHOUT ANY WARRANTIES OF ANY KIND, AS-IS, AND WITH ALL FAULTS. AS A MATERIAL PART OF THE CONSIDERATION GIVEN INEXCHANGE FOR THE ISSUANCE OF THIS REPORT, RECIPIENT AGREES THAT FIRST AMERICAN’S SOLE LIABILITY FOR ANY LOSS ORDAMAGE CAUSED BY AN ERROR OR OMISSION DUE TO INACCURATE INFORMATION OR NEGLIGENCE IN PREPARING THIS REPORTSHALL BE LIMITED TO THE FEE CHARGED FOR THE REPORT. RECIPIENT ACCEPTS THIS REPORT WITH THIS LIMITATION AND AGREESTHAT FIRST AMERICAN WOULD NOT HAVE ISSUED THIS REPORT BUT FOR THE LIMITATION OF LIABILITY DESCRIBED ABOVE. FIRSTAMERICAN MAKES NO REPRESENTATION OR WARRANTY AS TO THE LEGALITY OR PROPRIETY OF RECIPIENT’S USE OF THEINFORMATION HEREIN.
Moreno Valley, California, is a city of scenic beauty among boul-der-strewn hillsides located just east of Riverside at the crossroads of Moreno Valley Freeway (State Route 60) and Interstate 215. With only half of its 50 square miles built, Moreno Valley is enjoying explosive growth in commercial, residential and industrial sectors. Our population currently exceeds 146,000 plus more than 4,000 sin-gle-family homes are currently under construction. Looking into the future, this growth trend is expected to continue with nearly 7,000 single-family and multi-family units, more than 800,000 square feet of retail, and more than 4.4 million square feet of industrial/office projects in plan check or recently approved for construction.
Moreno Valley attracts growth with its wide range of housing op-tions, good schools, and a clean, safe environment close to major employment, education, recreation, and cultural centers. Moreno Valley’s strong customer service culture welcomes development through our award-winning one-stop center and an array of busi-ness assistance strategies that include site selection, fast-tracking, ombudsman service, employee training assistance, and more! Residents enjoy quality lifestyle that includes 2 major golf courses, 200 acres of parkland, riding trails, and the 8,000-acre Lake Perris, one of California’s most popular boating, fishing, and camping lo-cales. Two major medical facilities are located in the city. All this, and Moreno Valley is only an hour’s drive from major Southern Cali-fornia recreation destinations: beaches, amusement parks, moun-tains, and desert resorts!
Its coming of age can also be seen in the growth of the area around the Moreno Valley Mall (former Riverside Raceway property from 1957 to 1989) and nearby Day Street, which straddles the border between Moreno Valley and Riverside. Local shoppers enjoy the 1.2 million square foot Moreno Valley Mall, anchored by JCPen-ney, Macy’s and Sears. The area has seen massive construction in recent years, attracting nationally recognized retailers such as
Best Buy, Costco, Lowe’s, Ross Dress for Less, Starbucks and other upscale stores. Two major shopping centers with a combined one million square feet have also been developed in the rapidly grow-ing eastern area of the city. This is the site of the first Super Target in California, which opened in July 2007, a Walmart and a Sam’s Club.
2014 Estimated Population 203,583 2014 Estimated Average Age 32.462019 Projected Population 215,823 2014 Estimated Households 53,990
2010 Census Population 193,291 2019 Projected Households 57,128
2000 Census Population 141,564 2010 Census Households 51,558
Growth 2010-2014 5.32% 2000 Census Households 38,940
Growth 2014-2019 6.01% Growth 2010-2014 4.72%2014 Estimated Median Age 29.76 Growth 2014-2019 5.81%
Inland EmpireThe Inland Empire lies east of Orange, Los Angeles and San Diego Counties and consists of San Bernardino and Riverside, the two largest counties in the nation. Keu submarkets within the Inland Empire include Ontario, Rancho Cucamonga, Chino, Fontana, Mira Loma, Colton, Corona, Moreno Valley, Perris Redlands/Loma Linda, Rialto, Riverside and San Bernardino. Over the last decade, the Inland Empire has been regarded as one of the most robust economies in the United States in several categories including population growth, job creation, construction and office space absorption. This dynamic market is a real estate leader. The Inland
Empire is poised for continued growth due to affordable land, excellent quality of life and lower housing prices compared to the rest of Southern California, coupled with multiple efficient trans-portation routes. According to the U.S. Department of Commerce, the Riverside-San Bernardino Metropolitan area is California’s fourth most populous region. In fact, 12 of the top 100 suburbs are located in the Riverside-San Bernardino MSA, where the rate of domestic migration has nearly quadrupled since 1990, according to Forbes magazine. The region is currently home to more than 3.5 million people and many successful businesses.
RiversideRiverside is a rapidly growing city of 312,000 that currently ranks as the 12th largest city in California. Riverside has a large and diverse economy with the lnland Empire’s largest number of businesses and total jobs.
The City is home to four internationally recognized colleges and universities, including the prestigious University of California, Riv-erside with an expanding student population of 21,000. Its public schools are also among the Inland Empires finest. Incorporated in 1883, Riverside is a blend of historic charm and modern city features. The community is rich in history, art and culture, and its residents enjoy excellent ballet, symphony, art, museums, the-ater and the Citrus State Historic Park. Riverside has a progressive outlook, and a tradition of stable elected civic leaders committed to maintaining a diversified economy, balanced land uses, quality developments and cultural amenities.
DowntownDowntown Riverside’s vibrant downtown, anchored by the historic Mission Inn, is the “Downtown of the Inland Empire”. It is home to many state government offices, the Riverside County Administra-tive Center and a legal complex consisting of county, state and federal courts. The city is an important financial and professional center with numerous legal, accounting, brokerage, architectural, engineering and software firms, as well as banking institutions with holdings exceeding $3 billion in total deposits.
Riverside’s diverse manufacturing base includes such sectors as electrical instruments, plastics, wood and metal fabrication, food processing and recreational vehicles. Technology and manufac-turing companies are supported by higher educational institutions offering specialized training, research partnerships and a high-tech environment at the University Research Park. The City’s prime industrial land located within redevelopment or enterprise zones offer tax incentives to expanding eligible companies. Businesses
benefit from excellent freeways, rail access, high-speed fiber optic telecommunications, reasonable land and building costs, city owned electrical and water systems, and the Riverside Municipal Airport.
Galleria at Tyler Mall Galleria at Tyler is a regional mall in the Inland Empire located Off Interstate 91 at Tyler Street. Situated 40 miles east of downtown Los Angeles, Galleria at Tyler serves the Riverside-San Bernardino trade area. It is a two-level, enclosed super-regional center anchored by Nordstrom, Forever 21, JCPenney and Macy’s. Galleria at Tyler opened in 1970 and was expanded in 1991, and is now comprised of nearly 1.2 million square feet of retail space. Galleria at Tyler of-fers customers an impressive selection of amenities. There is a vast array of casual dining options, new relaxing soft-seating areas and convenient covered parking and valet service.
In 2007, Galleria at Tyler was renovated by adding out-parcel restaurants, including The Cheesecake Factory, and a North Village housing the AMC Theatre 16-plex, The Yard House, and Robbins Brothers. Galleria at Tyler is home of the only Nordstrom in the Inland Empire. It is the dining and entertainment hub for River-side County, offering customers a selection of the AMC Theatre, Elephant Bar, P.E Chang’s China Bistro, T.G.I. Fridays, The Cheese-cake Factory, Yard House and Red Robin. Galleria at Tyler also houses prominent retailers, including Aldo, Bare Escentuals, Barnes & Noble, Brighton Collectibles, Build-A-Bear Workshop, Francesca’s Collections, Loft, M.A.C. Cosmetics, Oro Gold, Pandora, Sephora, and Skechers. Galleria at Tyler serves nearly 985,000 people in its trade area. The average shopper is a young age of 31 and more than half are married with children. Galleria at Tyler also draws from an expanding 60,000 students from the four internationally recognized colleges and universities located in Riverside.