Why more companies are selecting Riverside.

Ranked the 11th largest city in California, the City of Riverside offers everything that businesses need to grow and compete--a highly educated and skilled available workforce, lower land and facility costs, low-cost, reliable city-owned municipal utilities, exceptional quality of life, affordable housing, and ease of access to transportation.

Businesses such as Magnussen Home Furnishings and Quebecor World are taking advantage of Riverside's lower land cost and its strategic location as a key portal for the movement of goods and services between the greater Los Angeles area and the rest of North America.

Magnussen's Home's North American Logistics Center opened its 400,580-square-foot build-to-suit facility, developed by Panattoni Development, in late 2002. "Location was a large consideration when selecting Riverside, and in particular, Sycamore Canyon," said Richard Magnussen, chairman of Magnussen Home Furnishings. "We needed established transportation networks already in place."

Brian Bargemann, vice president of Newport Beach-based Investment Building Group (IBG) said, "Sycamore Canyon's low land cost and freeway-close accessibility was what attracted us to this area." IBG is building the first phase of its Sycamore Canyon project, a $10 million, speculative development on 14.25 acres. The development will consist of three divisible buildings from 42,000 to 150,000 square feet.

Quebecor World, the world's largest commercial printer, has completed a new state-of-the-art 200,000-square-foot commercial printing facility at Sycamore Canyon. Essential to Quebecor World's choice in moving to Riverside was "a business-friendly environment," said George Decker, vice president of operations at Quebecor World Retail Group. "The company had specific requirements including rail service and a location with easy access to the Southern and Central California markets. Low-cost utilities and exceptional quality of life offered in Riverside is what really swayed us." Riverside's electrical rates are up to 55% less than investor owned utilities (e.g. Southern California Edison) and the City's water rates are up to 50% lower than neighboring jurisdictions.

"Riverside's excellent quality of life always plays a significant role in businesses selecting our City," says Riversides Economic Development Interim Manager Gerald Buydos. Known as the Inland Empire's downtown, the City of Riverside is a large and diverse economy with a unique blend of historic charm and modern city activities. The community is rich in history, art and culture, and its residents enjoy excellent ballet, symphony, art, museums, theater and the Citrus State Historic Park. Riverside public schools are among the Inland Empire's finest. With over 268 days of sun shine per year, residents enjoy year round recreation at the City's 45 parks totaling 2,815 acres as well as five private and public golf courses.

"Riverside also offers a wide variety of quality, affordable housing in safe and friendly neighborhoods. Existing home prices are in many cases over $100,000 less than comparable homes in Orange and Los Angeles counties," notes Buydos.

Another developer taking advantage of the hot industrial market in Riverside's Sycamore Canyon is Magnon Companies, which recently closed escrow on a 16-acre site between the Ralphs' distribution center and Pepsi along Eastridge Avenue. According to Ian DeVries, senior vice president and industrial specialist at CB Richard Ellis, "The Magnon Companies plans to build four buildings ranging in size from 58,000 to 101,000 square feel. They will be available fourth quarter of 2003."

"The Sycamore Canyon area is becoming a highly desirable business location," stated Riverside's Economic Development Interim Manager Jetty Buy, dos. Each week we receive new phone calls requesting information concerning the business park. The low utility rates and affordable land in a freeway accessible business park are key attractions." Riverside is also experiencing rapid business growth in the office/professional and technology sectors including the development of the 56-acre University Research Park. With four internationally recognized universities and colleges, including the prestigious University of California, Riverside (UCR) research campus, has an intellectual competitive advantage that few regions can boast. Riverside institutions supply growing companies with a ready workforce of professional, managerial, technically trained and semi-skilled workers. More than 3,800 degrees annually are generated. When you include the supply of graduates from the region's 19 colleges and universities, the result is a supply of more than 20,000 graduates per year.

Two major insurance companies, Hartford Insurance and Sedgewick Insurance, recently opened claims servicing centers in Riverside. "One of the key factors that led to the selection of Riverside was local labor," said Troy Riccitelli, leasing manager at The Hartford. "Riverside is convenient to a large, educated labor pool, and to our customers. Plus the City's housing prices are attractive and its quality of life is excellent," Riccitelli said.

For more information, contact the City of Riverside's Development Department at 1-877-RIV-SIDE.