Panattoni Breaks Ground on a One Million-Square-Foot, Mixed-Use Urban Center
A fully integrated mixed-use urban center, Piemonte at The Ontario Center will include approximately 500,000 square feet of retail; approximately 268,000 square feet of Class A office space; a seven-story, 256-room full service hotel; approximately 800 luxury condominiums, some of which will be adjacent to and above specialty retail; and an 11,000-seat capacity sports and entertainment arena. When complete in 2009, the $900 million development will be a vibrant Main Street-style, central hub serving the interests and needs of millions of residents, employees and visitors. First phase of development includes:
• 252,000-square-foot power retail component that will be
anchored by national retailers Target and Best Buy. Completion is expected in
fall 2007.
• Approximately 268,000 square feet of corporate office space in six buildings with one to five stories, ranging in size from 6,261 square feet to Panattoni 125,000 square feet. Completion of the first building, a 125,000-square-foot, five-story Class A office building, is expected in winter 2008. Additional buildings will be completed in the following 12 to 24 months.
• 217 luxury for-sale condominiums built above 32,300 square
feet of specialty retail.
In a strategic partnership with the City of Ontario Redevelopment Agency, Panattoni Development Company purchased the land for $26 million in 2004. The city's investment in the Italian-themed Inland Empire destination and lifestyle venue is expected to generate $7 to $8 million in annual revenues.
Contributing to the new reality will be an 11,000-seat capacity world-class sports and entertainment arena, which will be developed by the City of Ontario (using funds from the Panattoni land sale) on 36 acres along Concours Avenue. The 225,000-square-foot arena will attract approximately 140 events annually including minor league hockey, NBADL basketball, arena football, concerts and family shows - more than any other arena of its size currently in the nation, according to the operator, Anschutz Entertainment Group (AEG), one of the leading sports and entertainment presenters in the world.