MARKET AREA UPDATE
By: Dan Stephenson, Founder & Chairman - The Rancon Group
Murrieta, CA - For more than 40 years, Rancon has been focused on developing property in Southern California’s Inland Empire. While we have developed major properties in San Bernardino, Ontario, Rancho Cucamonga and other key areas of the "IE," our home court has always been Southwest Riverside County. Today, we are pleased to have more than 25 excellent residential properties totaling more than 7,000 residential lots available for development in Southwest Riverside County.
We believe this area will be the most viable area in Southern California when the market for new homes returns. It has the location, the natural amenities, the affordability factor and an evolving infrastructure mandate designed to support Southern California’s next generation of homebuyers.
Today there are more than a dozen major projects either under construction, or in final planning, that will enhance mobility for residents and add connectivity for business in this vital area of Southern California. In fact, numerous government agencies from cities to council of governments, transportation commissions, Caltrans and the federal government are spending hundreds of millions of dollars to upgrade circulation infrastructure in Southwest Riverside County.
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We all know that circulation is critical for residential development as well as for economic growth. That’s why these multiple governmental agencies have joined forces to expedite the design, planning, and construction of vital circulation elements including the widening of highways and thoroughfares, new freeway interchanges, new bridges, new connector roads and more. They all know that the growth wave is coming here, and they are committed to being ready when it arrives.
"There’s no doubt that better circulation creates a better quality of life for residents and improves connectivity for business," says Jeff Stone, Riverside County Supervisor, Third District. "We have experienced some amazing growth here in Southwest Riverside County in the past few decades, and we know that there will be more growth in the future. That’s why it is critical for us to complete infrastructure projects such as the widening of the I-215, the widening of Hwy 79, and other circulation improvements, while we have the opportunity."
At Rancon, we are excited about all the projects that are currently in process that will improve mobility and bring even better access to our projects. Here’s a brief update on some projects that are underway.
Temecula Parkway / I-15 Interchange
This "ultimate interchange" project is scheduled to begin within the year and will be the southern gateway to Southwest Riverside County. This improvement will help traffic flow to and from the Temecula Parkway (Hwy 79 South), which provides access to the Pechanga Resort and Casino, the Temecula Valley Wine Country and other points of interest. Temecula Parkway is also the primary access to our Mount Palomar Estates and Redhawk Valley 44 projects as well a secondary access to our Europa Vineyard Estates and Europa Village in Temecula Wine Country.
French Valley Parkway / I-15 Interchange
This long awaited improvement to the I-15 / Hwy 79 (Winchester Road) interchange broke ground in June 2012 and will be completed in phases over the next several years. The project includes improvements to the existing interchange at Winchester Road, as well as a whole new freeway interchange that will access the new French Valley Parkway. Overall this is a massive improvement to mobility on the eastern side of Temecula and the French Valley. Both the new French Valley Parkway and Winchester Road provide access to our French Valley 41 and Sevilla properties.
Date Street Extension
Part of the improvements for the French Valley Parkway includes the extension of Date Street in Temecula. Once Date Street is extended across the I-15 it will transition to the French Valley Parkway. The Rancon Group’s Murrieta Hot Springs-20 property is located near the intersection of Date Street (French Valley Parkway), Murrieta Hot Springs Road and Winchester Road (Hwy 79 North).
Widening of Winchester Road (Hwy 79)
Winchester Road (State Hwy 79 North) is now under construction and being completed to a four-lane highway that will link Winchester to the I-15 by way of French Valley, through the City of Temecula and the Promenade Mall, and connecting to the future French Valley Parkway at Murrieta Hot Springs Road. The new improved intersection of Winchester Road and Domenigoni Parkway is the main entrance from Hwy 79 to Winchester Ranch where Rancon has more than a dozen properties with tentative tract maps for more than 2,000 homesites. Scheduled to open in early 2013, the improved Winchester Road (50,000 daily trips) will help pave the way for new development in the Winchester area.
Cal Oaks/ Kalmia I-15 Interchange
This new interchange project is near and dear to our hearts. While it doesn’t provide access to any or our current residential projects, it does provide access to our Rancon headquarters! In fact, when we acquired the property, which runs along the I-15 Freeway and now includes a retail power center developed by Rancon known as Village Walk Plaza, we worked with the City of Murrieta and Caltrans officials to convey the portion of the property now being used for the intersection.
Clinton-Keith I-15 Interchange
Clinton-Keith Interchange at the I-15 is being constructed to its "ultimate build" by Caltrans standards, and will greatly improve circulation elements on Clinton-Keith Road. It will also improve access to our Rancon Medical and Education Center project, which fronts on Clinton-Keith. The new interchange began construction in April (2012) and is scheduled for completion in the fall of 2013.
Clinton-Keith I-215 Interchange
A new interchange at Clinton-Keith Road and I-215 has recently been completed and will facilitate north and southbound traffic to Clinton-Keith. This new interchange features three lanes in each direction, new on and off ramps to the I-215 and a widening of Clinton-Keith Road. Clinton-Keith is a major thoroughfare spanning the cities of Wildomar and Murrieta. It will eventually be widened and extended to the east to connect with Highway 79 (Winchester Road).
Widening of I-215
One of Southwest Riverside County’s major transportation arteries is Interstate 215, which is being widened to three lanes in each direction from Murrieta through the City of Perris. The first phase of the I-215 expansion — Murrieta Hot Springs Road to Scott Road — will be completed in July, and the second phase — Scott Road to Nuevo Road in Perris — is scheduled to begin this summer (2012). The I-215 provides access to multiple Rancon projects in Menifee and Perris as well as to Winchester Ranch.
There are numerous other transportation infrastructure projects in the works that will improve circulation and mobility in Southwest Riverside County. All in all, the good news about the bad economy has been the opportunity to catch up on infrastructure projects at a time when construction costs are lower than they’ve been in years.
Today, we believe we are on the cusp of a new wave of development in Rancon Country. If you are a homebuilder with an interest in the area, or an investor looking for an opportunity to become part of the next cycle of real estate development, give us a call!