January 1, 2017
San Diego-based CityMark LLC is set to acquire a 0.64-acre site in Downtown Riverside in an area undergoing revitalization. Development plans include a 2-story multifamily project with 11 luxury townhomes.
The city council, acting on behalf of the former redevelopment agency, is selling the site for $315,000. The project will offer for-sale units rather than rental, and fits with the surrounding neighborhood. The upscale and contemporary project is expected to appeal to Millennials and empty-nesters.
The vacant parcel was considered for a new main library last year, but the city elected to move that project to the bus terminal site on Fairmount Blvd. Once approvals have been secured, construction could commence on the townhome project in early 2018.
*CityMark San Diego Sales Center shown
For comments, questions or concerns, please contact Dennis Kaiser