IE Business Daily Business news for the Inland Empire.
A Newport Beach developer will build an industrial park in Eastvale that will cover about two million square feet.
Summit Development Corp. will construct industrial buildings that will range from 75,000 to 300,000 square feet during the project’s first phase, according to a statement released earlier this month.
The second phase will include a business park and some smaller light industrial buildings. The project will be built on 76 acres. Eastvale, in western Riverside County, incorporated in 2010.
Cost of the development was not released, but Landmark Capital Advisors, a real estate capital advisory firm also located in Newport Beach, recently arranged $5 million in joint equity venture capital that was used to re-entitle the property.
That process included revising the city’s specific plan and making a record map of the site, according to the statement.
Land improvements are expected to start at the end of this year, with construction expected to begin in about 14 months. The project is scheduled to be completed in December 2016.
