0 Center St, Riverside, CA 92501

Property Description

We are pleased to present the opportunity to acquire land for multi-family development in Riverside, California. The property is 1.17 acres and is located at the south-east corner of Center Street and Placentia Lane. The site is triangular in shape and has more than 200 feet of frontage on both Center Street and Placentia Lane. According to the Riverside Northside Specific Plan, the land use designation for this site is medium high density and the zoning is R-3-3000. The site can be developed at a density up to fourteen dwelling units per acre. (Build 16 units on 1.17 acres, buyer to verify). With density bonuses permitted under state law, the residential density may exceed sixteen units, buyer to verify. Northside is a rapidly expanding neighborhood in the City of Riverside. The community is conveniently located at the busy intersection of three major freeways, California 91, California 60, and the Interstate 215. The City of Riverside has a vision for the Northside neighborhood to grow into a healthy and well-balanced community that celebrates the region’s history and promotes recreational activities. New developments within a two-mile radius of the subject property include the Northside Village Center and the Trujillo Adobe Heritage Village. Both sites provide a mixture of new residential units, office space, restaurants, community service providers and retail opportunities. Known as the Inland Empire, the Riverside-San Bernardino metro is a 28,000-square-mile region in Southern California composed of San Bernardino and Riverside counties. The metro contains a population of 4.6 million. The largest city is Riverside with more than 324,100 residents and the population has increased over 22 percent since 2000, while being forecasted to grow 2.3 percent over the next five years. Within a five-mile radius of the subject property, the average household income is $77,944 and the population is nearly 250,000.