December 20, 2016
Newport Beach, CA-based Pelican Communities acquired six parcels of land in Riverside, CA from the city’s former redevelopment agency for $1.45 million. A $26.2-million, mixed-use development is envisioned for the 3.17-acre site that would include 119 apartments and roughly 8,000 square feet of commercial uses.
The infill site is across from Riverside Plaza, and was envisioned as a ‘Restaurant Row,’ when the agency acquired the sites for $6.2 million between 2005 and 2008. Plans had been stalled since the dissolution of the state’s redevelopment agency in 2011.
Pelican Communities plans to integrate the project into the adjacent retail center through site design and pedestrian connectivity. The developer seeks to redesign Merrill Ave. to enhance the retail and pedestrian experience, and create a design solution with a high degree of architectural integrity.
For comments, questions or concerns, please contact Dennis Kaiser