New rental community will offer families high-quality professionally managed single-family rental homes at affordable prices, increasing housing supply in a high-demand market

Tricon Residential Inc., a major player in the residential rental market and a Blackstone Real Estate portfolio company, has announced the groundbreaking of Tricon Corona, a new built-to-rent (BTR) community. This development will introduce 38 professionally managed single-family rental homes to the Inland Empire, a region grappling with escalating housing costs and limited supply.

Addressing California’s Housing Shortage

California’s housing market has been plagued by a persistent shortage, driving home prices to unprecedented levels. Tricon Corona is a direct response to this crisis, aiming to provide more affordable housing options in a sought-after location. The community offers convenient access to schools, employment centers, and essential community resources.

Community Features and Design

Situated in Corona, California, Tricon Corona will comprise 38 new single-family homes with a mix of one- and two-story options. The homes will feature spacious three- and four-bedroom layouts, two-car garages, fully-fenced backyards, and modern finishes. High-quality design and construction are hallmarks of the project. The community’s location within walking distance of local elementary and middle schools adds to its appeal for families.

Expanding Housing Access and Affordability

Andrew Carmody, Senior Managing Director at Tricon Residential, emphasized the company’s commitment to addressing the housing shortage. “California desperately needs more housing, but supply constraints are a major obstacle. Tricon is proud to build and develop more homes that allow families to live in communities with high-quality schools, easily accessible employment opportunities, and local amenities, all at prices well below the cost of ownership,” he stated.

Partnerships and Resident Support

The Tricon Corona project is being developed in partnership with Foremost Pacific Group and constructed by Woodbridge Pacific Group, both experienced and reputable firms in the real estate development and construction sectors.

Tricon’s built-to-rent communities are designed to expand access to single-family living, offering an alternative for families who may not be able to afford homeownership but still desire the benefits of a single-family home. Residents of Tricon Corona will also have access to Tricon Vantage, a suite of resources designed to promote financial well-being and goal attainment. This program reflects Tricon’s commitment to supporting its residents beyond just providing housing.

Long-Term Vision

Tricon Residential’s investment in built-to-rent communities like Tricon Corona represents a long-term vision for addressing housing affordability and accessibility challenges. By expanding the rental housing stock and offering high-quality, professionally managed homes in desirable locations, Tricon is contributing to a more balanced and sustainable housing market in California.

The City of San Bernardino has proposed a set of initiatives, programs, and investments intended to revitalize its downtown area.

“When we transform our downtown, we transform San Bernardino.” said Interim City Manager Charles McNeely. “And that time is now.”

The Mayor and City Council were given a preview on June 30 of the initiatives planned to revitalize downtown. In the coming months, the City Council will be asked to approve many of the specific steps.

“Downtown San Bernardino is already a huge economic driver for our City,” added McNeely. “It has the potential to bring many more jobs, much more housing, and significantly more economic activity than there currently is.”

The downtown area accounts for only 1.4 percent of the city’s population, but accounts for 19 percent of the city’s jobs.

“To build upon the opportunities in downtown San Bernardino, the City has assembled a set of proposals that will take advantage of San Bernardino’s strengths,” said Economic Development Manager Amanda Hernandez. “Some are best practices; some are specific to San Bernardino. Collectively, they will make a tremendous impact.”

Among the proposals are:

• Partnering with the Cal State San Bernardino Inland Empire Center for Entrepreneurship (IECE) to create an Entrepreneurial Resource Center to offer programs and counseling to existing and startup businesses. Since its inception, IECE has counseled and trained nearly 150,000 existing and aspiring entrepreneurs, small business owners, and students.
• Evaluating the feasibility of using Court Street between D and E Streets as a pedestrian corridor to hold farmers markets, arts, culture, and food fairs, and other special events.
• Partnering with downtown businesses and property owners to create a downtown property and business improvement district (PBID).
• Working with Cal State, San Bernardino to develop a downtown satellite campus for select programs.
• Authorizing the San Bernardino Police Department to hire additional officers to create a permanent downtown quality of life team to address safety issues specific to the downtown area. This would build upon a successful pilot project launched earlier this year downtown.
• Working to revitalize City-owned property, including the Regal Cinema Plaza, the Convention Center, San Manuel Stadium – home of the 66ers, E Street retail sites, and the former Woolworth Building.
• Conducting a preliminary Engineering and Space Study Plan to determine the next steps for San Bernardino’s City Hall.
• Starting a $2.5 million renovation to the historic California Theater.
• Adding additional economic development staff to focus on the attraction, retention, and expansion of businesses, housing, and employment.
• Contracting with a real estate brokerage firm to market city-owned property.
• Developing an economic development action plan to build upon recent planning efforts such as the downtown specific plan and investment playbook.
• Launching a façade improvement program to enhance and upgrade building exteriors along key commercial corridors.
• Developing a revolving loan program to provide emergency and ongoing financing to small businesses.
• Exploring the creation of additional downtown special events to build upon the success of the Miracle on Court Street, Route 66 Rendezvous, Arts Fest, and Vegan Fest.

Some steps to revitalize downtown San Bernardino are already underway. In recent months, the City has:

• Created a $3 million small business and non-profit grant program. The program, in partnership with the Small Business Development Center, awards grants between $10,000 and $35,000 to qualifying small businesses and non-profits who receive training on how to sustain and grow their business. A second round of funding will be available in the coming months.
• Began a proactive review of downtown properties to ensure that owners maintain the physical appearance and condition of their properties. This is a result of recent Council actions to expand the size of the Code Enforcement department.
• Investing $9 million into the refurbishment of Seccombe Lake Park. Conceptual plans were presented to the City Council on July 19.

“We are already seeing increased investment in downtown San Bernardino,” added Hernandez. “Entrepreneurs, investors recognize that the transformation is underway.” 

• Last year, the San Bernardino County Board of Supervisors voted to consolidate and expand its footprint in downtown San Bernardino with the creation of a 307,000 square foot government center. This project will bring more employees to downtown San Bernardino and create additional demand for downtown business and housing options.
• Several new restaurants are under construction on 5^th street. This includes a second downtown Starbucks location, a Del Taco, and a Chipotle. In addition, the Planning Commission recently approved the expansion of the In-N-Out Burger and the construction of a Sonic restaurant.
• Investors recently purchased the historic Heritage Building on Court Street with the intention of renovating the building and opening a new restaurant.
• The owners of 330 D Street where Chase Bank is located recently created the shared workspace Studio D. Among its tenants are the Inland Empire Regional Chamber of Commerce and Music Changing Lives.

One of the biggest economic opportunities remains the 42-acre Carousel Mall property. Currently, the mall is being demolished, with planning underway to build the infrastructure needed to re-develop the property. Ultimately, the City will seek a private partner to develop the site with new housing and commercial development.

The transformative mixed-use building, designed by AO, celebrates historic and modern architecture, setting the stage for the urban renaissance of Downtown Riverside 

Finding the delicate balance between historic preservation and modern renewal, AO, a leading full-service architecture firm with design expertise spanning the full commercial real estate spectrum, is celebrating the completion of The Mark, a mixed-use seven-story residential and retail building in the heart of Riverside’s historic core.

After nearly a decade in development, The Mark now sits proudly across from the neighborhood favorite Fox Theater and is steps from the historic Mission Inn Hotel. The design preserves the unified 1926 façade of the former Stalder Building where once stood three structures (the city’s first fire station, a livery stable and an automobile dealership) and restores many of the original character details including urn-shaped finials, small cartouches, and beam and pulley from the original fire station. The renewed façade has been transformed into 20,000 square feet of retail space hosting street-level boutiques and restaurants, integrated with a modern seven-story podium project that houses 165 apartments ranging from studio to three-bedroom units.

“We worked closely with the preservation society and a historic consultant to ensure that we restored as much as possible of G. Stanley Wilson’s original Mission Revival facade,” said Michael Heinrich, Principal at AO. “Our intent was to showcase the ornate beauty of the original design by providing a modern counterpoint with the contemporary residential building.”

In addition to the historic restoration of the Stalder Building, The Mark is an important catalyst for the urban renaissance of downtown Riverside. The vision called for the revitalization of the historic core, which was achieved through thoughtful design emphasizing urban blocking, active streetscapes, and the pedestrian experience.

“After nearly a decade in development, we are extremely pleased to see the completion of The Mark which couldn’t have come together without the leadership and vision of Mark Rubin and the team at Regional Properties,” said RC Alley, Managing Partner at AO. “The design was very much a collaborative effort involving many stakeholders dedicated to creating a place that represents the history and future of downtown Riverside, and I think that The Mark really demonstrates that.”

The Mark boasts a robust mix of family-friendly amenities including a fitness facility, event lounge with sports simulator, three roof decks and two interior courtyards, all of which are sited to emphasize connection to the active streetscape. Sitting above the historic façade on the third level, a resort-style pool deck overlooks Mission Inn Avenue providing direct views to the adjacent Fox Theater, while a glass-bottom sky deck along 6th and Market Streets allows for panoramic city views and an incredible vantage point overlooking the Historic Mission Inn.

Named for accomplished local developer Mark Rubin, the project is the last of his many contributions to the city. He was extensively involved in design and development of The Mark until his passing in 2021. Rubin, a holocaust survivor and significant donor to the University of California Riverside and many other Riverside organizations, was honored posthumously in January with the first ever Riverside Innovation Award.

“The Mark was the vision of my late father, Mark Rubin, who believed this was the best piece of property in Riverside. He sought to restore the history of the building and blend it with a modern downtown community and having worked with AO in the past, he knew their design expertise would align with the vision. We couldn’t be more pleased with the result, and I know he would be so proud of his legacy that lives on at The Mark,” said Michelle Rubin, President of Regional Properties, Inc.