IE Business Daily Business news for the Inland Empire.
A public parking lot in downtown Upland will become the first commercial and residential development in that part of the city.
The multi-story project, which the city council approved last month, will cover 34,450 square feet at the southwest corner of Third Avenue and C Street, according to a report in the Inland Valley Daily Bulletin.
Developer WP Properties in Rancho Cucamonga wants the first floor to be restaurant and retail, the second and third floors to be residential units. Eventually, the project is expected to generate between $14,000 and $18,000 a year in annual sales tax revenue and $11,00 to $12,000 annually in property tax revenue.
All of that money will go into the city’s general fund, the report stated.
