The Inland Gateway Association of Realtors - April 8th, 2010

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The Inland Gateway Association of Realtors - April 8th, 2010

  1. 1. THE INLAND GATEWAY ASSOCIATION OF REALTORS City of Corona Update April 8th, 2010
  2. 2. KEY INDICATORS FOR ECONOMIC DEVELOPMENT • Industrial Vacancy • Retail Vacancy • Office Vacancy • Residential Inventory/Sales • Redevelopment Activities
  3. 3. INDUSTRIAL MANUFACTURING GROWTH Waggin’ Train Pet food manufacturer and distributor First 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
  4. 4. SMS Supercars Manufacturer and R&D facility for legendary Saleen technology •Relocated from Irvine •40+ employees Zumiez Mall-based, specialty apparel store which currently caters to teens and young adults •168,450+ sf •180-200 employees
  5. 5. 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 Main Dress Barn - Spring at The Crossings Topsy Turvy Frozen Yogurt - April at The Crossings Beverly Hills Bridal Exchange - Now Open at Dos Lagos New Restaurants: Mantra Indian Cuisine - Now Open at North Main Austin’s Sports Grill - Now Open at Corona Pointe Sugar Tart Desserterie - Now Open at Dos Lagos Buffalo Wild Wings - Coming Soon at The Crossings
  6. 6. NEW OFFICE TENANTS ITT 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
  7. 7. HOME INVENTORY TRENDS City of Corona Inventory Trending 3,000 2,500 2,407 1,989 1,931 2,000 Units 1,500 1,000 907 600 621 500 0 Jul. 2007 Feb. 2008 Sept. 2008 Apr. 2009 Nov. 2009 Dec. 2009 Time Period Home Inventory Trend July 2007-December 2009
  8. 8. AVERAGE MONTHLY HOME SALES BY YEAR 400 Average homes by Month 357 320 326 240 160 121 80 2007 0 2008 2009 Homes on Market as of December 31, 2009 = 628 Based on Sales Velocity: 53 Days of Inventory
  9. 9. HOUSING PROGRAMS www.CoronaHOAPNow.com Home Owners Assistance Programs (HOAP Now) HOAP Now I To date has provided over $1 million in assistance Now 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
  10. 10. HOME ASSISTANCE PROGRAM Home Improvement Program (HIP) • 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
  11. 11. BUSINESS ASSISTANCE PROGRAM Façade Improvement Program • Financialassistance 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.
  12. 12. BUSINESS ASSISTANCE PROGRAM Sign Improvement 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.
  13. 13. 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 Araceli@MaryErikson.org
  14. 14. 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 Agency Grants/TAP Awards (Downtown) ULI Marketplace Study- $12,500+ Caltrans Grant- $200,000 Compass Blueprint- $60,000
  15. 15. TOOLS TO FOSTER BUSINESS!! TeamCorona.com DiscoverCorona.com ShopCorona.com InnerCircleCorona.com FilmCorona.com

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