IE Business Daily Business news for the Inland Empire.
An Irvine-based development group is buying 150 acres of open space in Ontario, where it plans to build light-industrial buildings.
The land, at the southeast corner of Fourth Street and Vineyard Avenue next to Interstate 10, has been owned by the Meredith Family Trust for about 50 years, according to a report in The Inland Valley Daily Bulletin.
An additional 100 acres, also owned by the trust, will remain zoned for mixed-use development. The 250-acre parcel is one of the largest pieces of undeveloped commercial property in the Inland Empire.
If approved by the city, the Sares-Regis project could create up to 5,000 jobs and generate $85 in revenue for the city over 20 years, the report stated.
