IE Business Daily Business news for the Inland Empire.
A former bus station in Riverside will be converted into a mixed-use student housing, retail and office space development.
The structure between the library and University Avenue immediately west of Market Street will be home to 392 units of mixed-use student housing, retail and office space, according to a statement on the city’s website.
The parcel will also have new parking garage that will increase library parking by about 25 percent.
“This project will complement our main library and inject vitality into our downtown,” Mayor Patricia Lock Dawson said in the statement. “The entire community benefits from new housing for students, plus retail and office, all within walking distance of parks and restaurants.”
On June 11, the city council vote unanimously to sell the 1.7 acres to Pelican Communities LLC so the $78 million project can proceed.
The site has been used for parking since the new Main Library opened at 3900 Mission Inn Ave. three years ago, according to the statement.
