Downtown Riverside development preserves historic Stalder Building amid new apartments and parking

The City Council meeting held on February 19, 2025, in Corona, Riverside County, focused on urban development and the evolution of retail spaces in the area. The discussions highlighted the ongoing transformation of downtown Riverside, particularly regarding the Mark development project, which features underground parking and a preserved historic facade.

The meeting began with a presentation on the Mark development, previously known as Fox Plaza. The project aims to maintain the historic facade of the Stalder Building while constructing new residential units and retail spaces. The requirement for underground parking was emphasized as a city mandate to optimize space and increase the number of residential units. However, the high costs associated with underground construction have led to elevated rental prices, with current rates reaching $4.50 per square foot—significantly higher than other downtown properties. This pricing strategy has resulted in slower occupancy rates for the retail spaces, indicating potential challenges in attracting tenants.

Council members also discussed broader trends in urban retail, referencing the redevelopment of malls in nearby Santa Ana and Costa Mesa. These malls are being transformed into mixed-use spaces, incorporating residential units and open areas, reflecting a shift in consumer behavior and retail dynamics. One council member noted that while the local space is smaller, the evolution of retail is a critical consideration for future planning.

The meeting concluded with a reminder of the importance of thoughtful urban planning to shape the future of downtown Corona. Council members expressed a commitment to creating a vibrant community that balances residential needs with commercial opportunities. The discussions underscored the ongoing challenges and opportunities in adapting to changing urban landscapes, as well as the necessity for strategic planning to ensure sustainable growth in the area.