Urban Lofts Coming to Downtown Riverside
On Tuesday, July 22, 2014 the City Council approved a Purchase and Sale Agreement with Ratkovich Properties, LLC for the sale and development of the Imperial Hardware Building and adjacent parking lot into a mixed-use apartment building with leasable retail space on the ground floor. To serve the new Riverside urban dweller, Ratkovich Properties is adaptively reusing the historic Imperial Hardware Building, built in 1900 and located in the heart of Downtown. At the intersection of the University Avenue and Main Street, this mixed-use project will include 91 apartment lofts, 10,000 square feet of ground floor retail and commercial uses, and rehabilitation of the historic facade. This catalytic development will be the first residential project of its kind in the downtown core. The image above shows the current condition of the Imperial Hardware building on the left and the right shows Santana Row in San Jose, CA which is the vision for the redevelopment project.
The Ratkovich team has a combined 45 years of real estate development experience and has developed residential, mixed-use and commercial projects throughout the Southern California region, with notable experience in historic districts and the adaptive re-use of historic buildings such as the Wiltern Theater, Pellissier Building and Chapman Market in Los Angeles and the Edison Lofts in Long Beach. Ratkovich Properties' "vision is to develop vibrant communities where people do life together and share in the best urban life has to offer. We aim to create special places that are beloved by our residents and embraced by existing communities."
This development project is an exciting new step towards more residents living and working in Downtown Riverside.