A three-building office project in Corona could bring as many as 2,000 jobs to the city, according to the project’s broker.
Lakeshore Plaza will consist of two six-story structures and one four-story structure, all Class A buildings, said John Harty, principal with Trammell Crow Co.’s Irvine office.
The pair of six-story buildings will cover 160,000 square feet each, and the four-story structure will cover 150,000 square feet. Lakeshore Plaza will be adjacent to The Promenade Shops at dos Lagos, a retail/lifestyle project planned for Interstate 15 and Weirick Road.
Lakeshore Plaza will be developed by Timberline Commercial Real Estate in Irvine and SE Corp. in Corona. Space in all three buildings will lease for close to $3 a square foot. Groundbreaking is expected later this year, probably in December.
“I think we could get a corporate headquarters in here,” said Harty, who leads the three-member broker team that is marketing the project. “We’re getting a call a day from [companies] interested in leasing there. It’s going to be one of the best Class-A office projects in the Inland Empire.”
Construction cost for Lakeshore Plaza hasn’t been determined.
The project will be visible from Interstate 15, but perhaps its biggest perk will be that tenants can eat and shop at Dos Lagos.
“People are going to have about 35 restaurants to choose form,” Harty said.
Corona currently has 1.7 million square feet of office space, and another 1.4 million square feet – including Lakeshore Plaza – has either been approved or is awaiting approval from the city, said Scott Whyte, director of Corona redevelopment and economic development.
Corona’s office vacancy rate is about 2 percent.
“This is going to be a great anchor to the retail project, and it’s going to bring a lot of people into that area every day,” Whyte said. “We need more projects like this so we can get more businesses in the city.”
About 50 specialty tenants have agreed already to locate at The Promenade Shops at Dos Lagos, which is expected to be finished in 2008.
The retail project – an outdoor shopping district that will be set in an outdoor pedestrian environment and will include manmade lakes – is expected to generate $100 million to $2150 million a year in sales tax revenue.
The Promenade Shops at Dos Lagos will be part of Dos Lagos, a 534-acre mixed-use development that will include an 18-hole golf course, business and resort hotels, residential units and an office development.
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