Economic Development Update
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- Arthur Elmer Watts
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1 Economic Development Update
2 Moreno Valley Slower growth, but still among the fastest growing cities in California
3 Quality Housing, Restaurants, Jobs and Shopping
4 Quality Housing
5 Invest In Your Community What s spent in MoVal, stays in MoVal!
6 TownGate NOW OPEN: COMING:
7 Stoneridge Towne Centre New Owner Weingarten Realty
8 Moreno Beach Plaza 40-acre center anchored by Walmart LA Fitness NOW OPEN
9 Moreno Valley Auto Mall Moss Bros. Auto Remodeling All Existing Dealerships
10 Employment Opportunities Created more than 2,900 jobs past two years Ross Stores Philips Electronics Serta Mattress O Reilly Distribution iherb Harbor Freight Tools RCRMC KAISER PERMANENTE On average new businesses employ 70% from Moreno Valley residents
11 Harbor Freight Tools Distribution Center opened November 2011 with workforce of 350 Current workforce is ,000 s.f. 2 nd Distribution Center HFT S opened early Summer 2013 with an additional 100 workers Will add another 507,000 s.f. to original building to move entire west coast distribution operation to Moreno Valley
12 World Logistics Center Proposed 41 million s.f. master planned logistics business campus Specific Plan and EIR underway Targeted to be one of the largest concentration of E-Commerce and Fulfillment Centers in U.S.
13 City Center Healthcare and Education Advance the development of the City s medical overlay zone New CIP projects will help assist development of medical overlay area Kaiser Permanente s 75,000 s.f. MOB expansion RCRMC plans Emergency Room expansion RCRMC will be a teaching hospital of new UCR Medical School Moreno Valley College underway with major expansion project
14 Get ConnectED Moreno Valley Business Support Services Goal is business retention and business expansion Business Visitation Program Business Roundtable Business & City Connecting Small Business Development Center Chamber of Commerce Outreach Employment Resource Center (ERC) Now open every other Friday
15 Economic Development Efforts Newly Adopted ED 3-Year Action Plan April 2013 The updated Economic Development Action Plan has been formulated to build upon the 2-Year ED Action plan, but continues to push many more economic development efforts and expand the focus to nine geographic areas.
16 Objectives for Economic Development Create jobs locally and address City s high unemployment rate Address the Community s jobs to housing imbalance Strengthen and broaden the local economic foundation by attracting quality businesses Enhance City revenue generation from sources such as sales tax, property tax, transient occupancy tax, and utility tax all aimed at improving quality of life in Moreno Valley
17 Areas of Opportunity
18 Economic Development Areas of Opportunity Action Plan Edgemont TownGate Festival Sunnymead Blvd. Centerpointe Business Park South Moreno Valley Industrial Area City Center Medical/Healthcare Corridor World Logistics Center at Rancho Belago SR60 East Corridor
19 Edgemont Pursue the revitalization of the Edgemont area through the adoption of a multi-faceted redevelopment strategy. TownGate Collaborate with the Fritz Duda Company and CW Capital towards stabilizing, upgrading and expanding retail and restaurant development opportunities in TownGate and Moreno Valley Mall area. Festival Cooperate with the Kodash Company and Miller Family Trust-the ownership of the Festival Center, to explore ways to redevelop or enhance the viability of the Festival Center including rehabilitation efforts and incorporating new appropriate land uses. Sunnymead Blvd. Work towards the further redevelopment of Sunnymead Boulevard, between Frederick Street to Perris Boulevard.
20 Centerpointe Business Park Work with Ridge Property Trust and USAA Real Estate to expand development and business opportunities aimed at completing the Centerpointe Business Park. South Moreno Valley Industrial Area Work with seven developers (Alere Property Group, First Industrial Realty Trust, IDS Real Estate Group, Panattoni Development Co., Sares-REGIS Group, Trammell Crow Company & Western RealCo) on new business attraction and development projects in the South Moreno Valley Industrial Area. City Center Medical / Healthcare Corridor Cooperate with Riverside County Regional Medical Center (RCRMC), Kaiser Permanente, Moreno Valley College and Highland Fairview to help facilitate the further expansion of the City of Moreno Valley s Medical/Healthcare Corridor on Nason Street & Iris Avenue.
21 World Logistics Center at Rancho Belago Collaborate with Highland Fairview in the development of the World Logistics Center a 41.6 million S.F. master planned corporate park proposed to be developed on 2,700 acres in the Rancho Belago area of eastern Moreno Valley. SR 60 East Corridor Pursue new development opportunities along the SR 60 East corridor from Nason Street to the easterly City limits.
22 For More Information Community & Economic Development Department
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