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Tag(s): California Digest
The Riverside City Council just approved the opportunity for 20,000 new homes to be built by 2029. The city had some mixed reactions – some believe it will increase traffic within the community while others are expecting it to improve overall living quality in the city. Regardless, the county has moved forward with it and Riverside is expected to see some major changes as a result.
Riverside is expected to take on a new strategy as the county is beginning to develop townhomes to rent instead of to sell. This “build for rent”’ strategy has recently been quite popular throughout the nation, but California and more specifically Riverside, has yet to adopt anything like this before now.
As Riverside is the fourth most populated county in California with over 2 million residents, it is no surprise that the county is on the rise. Despite, however, the hard hit it took years ago following the recession, the community is beginning to see new jobs, population growth, economic stability, etc. and it is largely due to new residential construction.
A large supportive housing development has broken ground in Downtown Riverside. The apartment is being built for low-income seniors and is expected to open in the Summer of 2023.
Disney is beginning to branch into the real estate market and it plans on making Riverside one of its first locations. The first development, Cotino, will be built in Rancho Mirage and it will be a way to bring the magic of Disney to everyday lives. This project also includes a mixed-use development that will include shopping, dining, entertainment and a hotel. Disney and DMB Development are taking the lead on this master-planned development.