$20 Million Luxury Apartment Development Now Under Construction in Riverside, CA; Pacific Properties to Convert Site Into 158 Units.Business Editors RIVERSIDE, Calif. & LAS VEGAS--(BUSINESS WIRE)--July 30, 2003 Pacific Properties has started construction on a $20 million, 158-luxury apartment complex located in Riverside, Calif., named Sycamore sycamore: see plane tree. sycamore Any of several distinct trees called by the same name though in different genera and families. In the U.S. the term refers to the American plane tree or buttonwood (Platanus occidentalis), a hardy street tree. Highlands. Located on the site, zoned for retail use, Pacific Properties enlisted the support of neighbors in rezoning the site to allow this new 158-unit luxury apartment community. "There is a high demand for luxury rental apartments in Riverside," said Jim Stockhausen, Senior Vice President of Development for Pacific Properties (www.pacificpropertiesllc.com), one of the country's largest private real estate developers. "This project turns a vacant lot into a vibrant new neighborhood that meets a market demand for alternative housing." Located at the intersection of the 60 and 215 freeways, Sycamore Highlands gained city approval with the help of community stakeholders Stakeholders All parties that have an interest, financial or otherwise, in a firm-stockholders, creditors, bondholders, employees, customers, management, the community, and the government. that will benefit from a new 20-acre regional park nearby. Pacific Properties is contributing $300,000 toward the $800,000 park budget to complete the first phase. "Creating a neighborhood of luxury housing involves the careful balance of a variety of uses," commented Stockhausen. "People need space to play ball, go jogging jogging Aerobic exercise involving running at an easy pace. Jogging (1967) by Bill Bowerman and W.E. Harris boosted jogging's popularity for fitness, weight loss, and stress relief. and walk their dogs. As a result, our contribution allows the city to begin building this community park five years earlier than planned." Designed by Irvine-based KTGY Group, the seven two- and three-story buildings are surrounded by extensive landscaping. The units feature luxury amenities including vaulted ceilings, crown molding Crown molding encapsulates a large family of moldings which are designed to gracefully flare out to a finished top edge; generally used for capping walls, pilasters, cabinets; used extensively in the creation of interior and exterior cornice assemblies and door and window hoods. , ceiling fans, fireplaces, enclosed en·close also in·close tr.v. en·closed, en·clos·ing, en·clos·es 1. To surround on all sides; close in. 2. To fence in so as to prevent common use: enclosed the pasture. patios and balconies, and top of the line appliances. Residents will have full use of a swimming pool, hot tub, fitness center, business center and play areas. Completion is slated for April 2004. Civil Engineer on the project is Riverside based Albert Webb & Associates. One of the premier multifamily developers in the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. , Pacific Properties (www.pacificpropertiesllc.com) and its principals have developed and acquired more than 20,000 multifamily units since its founding in 1985. The company has developed 1,500 units a year since 2000, with another 2,500 units to be developed in 2004. Headquartered in Las Vegas Las Vegas (läs vā`gəs), city (1990 pop. 258,295), seat of Clark co., S Nev.; inc. 1911. It is the largest city in Nevada and the center of one of the fastest-growing urban areas in the United States. with additional offices in Los Angeles Los Angeles (lôs ăn`jələs, lŏs, ăn`jəlēz'), city (1990 pop. 3,485,398), seat of Los Angeles co., S Calif.; inc. 1850. and Dallas, the firm's projects are located throughout California, Colorado, Texas, and Nevada. Note to editors: rendering is available in jpeg format. Please email: LLHOYT@Hoytorg.com. |
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