Development Committee Approves Regional Properties Redevelopment Proposal for Stalder Building
On February 20, the City of Riverside Development Committee reviewed two proposals for redevelopment of the existing Stalder Building and Public Parking Lot 42 located on the easterly side of Market Street between Mission Inn Avenue and Sixth Street. Both proposals agree to assume, acquire and develop the Property in compliance with the relevant provisions of the Disposition and Development Agreement (DDA) and as required by the Request for Proposals (RFP).
The DDA requires the buyer to purchase the property for $850,000 and redevelop with a mixed-use project while preserving the historic façade of the Stalder Building without additional financial assistance from the City or Successor Agency except for reinvestment of up to $350,000 from the sales proceeds for historic preservation purposes. Both proposals offered a similar development mix including residential units for lease at market rates targeted toward young professionals as well as commercial space at comparable leasing rates for consideration. The Committee approved the staff recommendation to select the proposal submitted by Regional Properties in partnership with Ted Weggeland (Regional Properties).
Regional Properties’ proposal offers an concept that is compatible with the surrounding historic properties and provides sufficient subterranean parking for the residential and commercial components of the mixed-use project. Regional Properties will engage Robert Chattel, an architect with extensive adaptive re-use experience, to ensure that the design of the proposed project, including the preservation of the Stalder Building façade, meets the expectation of the City’s vision, local design guidelines, Historic Preservation Code and the Secretary of Interior Standards for Rehabilitation and State Historical Building Code.
Regional Properties has also contracted Inland Pacific Advisors (IPA), a company with extensive experience in commercial leasing in the City of Riverside, to implement a flexible commercial leasing program in an effort to proactively seek active and quality tenants for the commercial space targeting young professionals working and living downtown. IPA’s initial effort has already resulted in a prospective tenant submitting a letter of interest for restaurant space in the Property.