the inland gateway association of realtors - april 8th, 2010
TRANSCRIPT
THE INLAND GATEWAY ASSOCIATION OF REALTORS
City of Corona UpdateApril 8th, 2010
KEY INDICATORS FOR ECONOMIC DEVELOPMENT
• Industrial Vacancy
• Retail Vacancy
•Office Vacancy
• Residential Inventory/Sales
• Redevelopment Activities
INDUSTRIAL MANUFACTURING GROWTH
Waggin’ Train Pet food manufacturer and distributorFirst West Coast presence•230,000+ sf•100+ employees
Dunkel Motorsports Aftermarket vehicle manufacturer and reality TV show host•Expanded into 45,000+ sf•35+ employees
SMS Supercars Manufacturer and R&D facility for legendary Saleen technology•Relocated from Irvine•40+ employees
ZumiezMall-based, specialty apparel store which currently caters to teens and young adults•168,450+ sf•180-200 employees
RETAIL IN CORONA REMAINS STRONG!
• Less than 8% retail vacancy rate• Median Household Income $84,168• Retailers still seeking Corona
New Retail:Burlington Coat Factory - Open at North MainDress Barn - Spring at The CrossingsTopsy Turvy Frozen Yogurt - April at The CrossingsBeverly Hills Bridal Exchange - Now Open at Dos Lagos
New Restaurants:Mantra Indian Cuisine - Now Open at North MainAustin’s Sports Grill - Now Open at Corona PointeSugar Tart Desserterie - Now Open at Dos LagosBuffalo Wild Wings - Coming Soon at The Crossings
NEW OFFICE TENANTSITT Tech- ITT Educational Services, Inc. is a leading private college system focused on technology-oriented programs of study. •19,000+ square feet•75 employees
Anchor Blue- A clothing retailer which has over 112 stores in the Western United States relocated their Corporate HQ•38,000 square feet•125+ employees
University of Phoenix- Institution of higher learning with the largest student population in Northern America.• Expanded into 4,000 square feet• 35 employees
HOME INVENTORY TRENDS
Home Inventory TrendJuly 2007-December 2009
0
500
1,000
1,500
2,000
2,500
3,000
Jul. 2007 Feb. 2008 Sept. 2008 Apr. 2009 Nov. 2009 Dec. 2009
2,407
1,989 1,931
907
600 621
City of Corona Inventory TrendingU
nits
Time Period
AVERAGE MONTHLY HOME SALES BY YEAR
Homes on Market as of December 31, 2009 = 628
Based on Sales Velocity: 53 Days of Inventory
0
80
160
240
320
400
Average homes by M
onth
121
326357
20072008
2009
Home Owners Assistance Programs (HOAP Now)HOAP Now I
To date has provided over $1 million in assistanceNow Seeking New Applicants!*$75,000 maximum assistance
HOAP Now II
To date has provided over $400,000 in assistance Now Seeking New Applicants!
*$100,000 maximum assistance
HOUSING PROGRAMSwww.CoronaHOAPNow.com
HOME ASSISTANCE PROGRAM
•Offers technical and financial assistance to qualified homeowners to complete eligible improvements such as necessary repairs to correct health and safety deficiencies and code violations.
• Two forms of assistance available: loans up to $40,000 and grants up to $5,000.
• Contact Annette Cano - Corona Redevelopment Agency 951.739.4945
Home Improvement Program (HIP)
BUSINESS ASSISTANCE PROGRAM
• Financial assistance to revitalize the exterior appearance of existing buildings: 75% of the documented costs up to pre-determined maximums.
• The goal of this program is to promote business pride and ownership by creating a positive commercial/retail environment and enhancing economic growth in the area.
• Program Area: 6th St./Main St.
Façade Improvement Program
BUSINESS ASSISTANCE PROGRAM
• Financial assistance to remove/replace outdated signs: Up to 100% of the documented cost to remove outdated signage, 100% of the documented cost for sign design, and 50% of the documented cost for sign replacement up to pre-determined maximums.
• The goal of this program is to promote business pride and ownership by creating a positive commercial/retail environment and enhancing economic growth in the area.
• Program Area: 6th St./Main St.
Sign Improvement Program
NEIGHBORHOOD STABILIZATION PROGRAM
Affordable Homes for Sale in Corona
• 5 properties currently under renovation & available for sale.
• Priced from the low 100’s to mid 200’s
Mary Erickson Community Housing
Contact: (951) 340-3081 or [email protected]
REDEVELOPMENT TRENDS• Downtown
• Entered into exclusive right to negotiate with a medical development company
• North Main
• Watermarke Development underway on mixed-use project: 830 condos, commercial, office, restaurants…• Grading starts April 2010
ULI Marketplace Study- $12,500+Caltrans Grant- $200,000
Compass Blueprint- $60,000
Agency Grants/TAP Awards (Downtown)
TOOLS TO FOSTER BUSINESS!!
FilmCorona.com
TeamCorona.com
InnerCircleCorona.com
ShopCorona.comDiscoverCorona.com