City of Corona PlanetBids #143242

City of Corona Solicits Proposals for Mixed-Use Development with Affordable Housing, Retail, and Hotel

The City of Corona is seeking proposals for the sale or lease and development of approximately eight acres of surplus property in downtown Corona, Riverside County, CA. - Buyer: City of Corona Purchasing Department - Project scope: - Development of a mixed-use project on multiple contiguous parcels - At least 300 residential units required - Minimum 25% of units must be affordable housing for lower income households - Affordability must be maintained for 55 years (rental), 45 years (ownership), or 50 years (tribal trust lands), or longer if required by funding sources - Ground floor retail space to support downtown revitalization - Hotel with restaurant and ancillary commercial uses on approximately three acres adjacent to Sixth Street - All components must be developed concurrently - Site details: - Currently vacant commercial buildings and surface parking lots - Development plan must address significant underground infrastructure and planned street improvements - No specific OEMs or vendors are named in the notice - Notable requirements: - Single entity responsible for entire development - Compliance with California Health and Safety Code affordability requirements - Long-term affordability covenants for affordable housing units

Description

The City of Corona intends to sell or lease surplus property consisting of multiple contiguous parcels totaling approximately eight acres for a mixed-use development including retail, hotel, and residential components. The development plan must include at least 300 residential units with 25% designated as affordable housing, ground floor retail to support downtown revitalization, and a hotel with ancillary commercial uses on about three acres adjacent to Sixth Street. The project layout is designed to minimize mitigation costs and accommodate underground infrastructure and street improvements. Interested entities must notify the City in writing within 60 days to participate in the solicitation process.

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