6/10/2026
1 RiversideCA.gov1
RiversideCA.gov
Housing and Homelessness CommitteeJune 22, 2026UPDATE ON SUCCESSOR AGENCY-OWNED PROPERTIESCommunity & Economic Development Department RiversideCA.gov2
LONG-RANGE PROPERTY MANAGEMENT PLAN (LRPMP) DISPOSITION CATEGORIESEnforceable Obligation For Sale9 Properties remain on the LRPMP 4 properties remain on the LRPMP 6/10/2026
2 RiversideCA.gov3
ENFORCEABLE OBLIGATIONS
California Tower BuildingNegotiations: Property transfer and leaseback of ground floor in progress with Department of General Services (DGS) Raincross Promenade Phase 2Negotiations: PSDA with Coral Reef Development in progress. California Square (CSP)Land Exchange Agreement with CSP approved November 2006. Exxon Mobil working on Water Board Remediation.1910 University AvenueDeveloper defaulted. HCD approved site as exempt surplus land. Unsolicited Letter of Intent (LOI) submitted by RC Hobbs.
RiversideCA.gov4
CALIFORNIA TOWER BUILDING•LRPMP Site 4 –Enforceable Obligation•APN(s): 213-262-006 (3737 Main Street)•PSDA negotiations initiated: 2023•Property Disposition approved by Successor Agency: Date TBD •Current Status: Transfer and Leaseback of ground floor in progress with DGS. Anticipated execution 2026. 6/10/2026
3 RiversideCA.gov5
•LRPMP Site 5 –Enforceable Obligation•APN(s): 213-022-001, -004, -005, -006, -008, and -009 (First and Main Street)•Surplus Land Declaration: 4/25/2023–Resolution No. 50•NOA issued: 6/16/2023; no proposals received.•RFP issued: 3/7/2024; two proposals received on 4/8/2024. •Preferred developer: 1/23/2025 Coral Reef Development Group (CRDG)•PSDA negotiations initiated: 4/18/2025•HCD Approval Letter: 9/25/2025•Current Status: Negotiating PSDA with CRDG. Proforma pending KMA evaluation. RAINCROSS PROMENADE PHASE II RiversideCA.gov6
•LRPMP Site 6 –Enforceable Obligation•APN(s): 193-261-027 (8690 California Avenue)•Surplus Land Declaration: 4/25/2023•NOA issued: 3/13/2023; 2 proposals received.•Current Status: 3/25/2025, Water Board issued site closure order; Exxon Mobile working on well destruction as final step. Next step: Issue NOA early 2027.CALIFORNIA SQUARE PROPERTY 6/10/2026
4 RiversideCA.gov7
•LRPMP Site 7 –Enforceable Obligation•APN(s): 221-052-002•Surplus Land Declaration: 4/25/2023•NOA issued: 5/26/2021; Praxis selected, 5/2/2023 HCD approved, 7/24/2024 failed out of escrow•Current Status: 11/22/2024 Exempt Surplus Land Declaration approved by HCD. Received unsolicited proposal from RC Hobbs 2/11/2026. 5/6/26: meeting to explore density transfer program.1910 UNIVERSITY AVENUE RiversideCA.gov8
FOR SALE: AVAILABLESTATUSWARDADDRESSHCD SLA Exempt. Ready to receive proposals, SOQs, LOIs, and pro formas14271 and 4293 Market StreetProposal Consideration: Eden Housing. Staff to reach out. 12015, 2025 and 2039 University AvenueProposal Consideration: RC Hobbs pending General Plan Update to allow increased density. Staff to reach out regarding number of additional units needed, discuss density transfer program with Planning. 12227 and 2243 University AvenueNegotiating PSDA with Grapevine Development.12585 and 2617 University AvenuePSDA approved by City Council 1/6/26 and COB 1/15/26.Housing Authority: Reaching out to Eden Housing to request an updated proforma and timeline. 12731-2871 University Avenue Available for disposition. Unsolicited proposal submitted by RC Hobbs. Preparing for closed session for ENA. 13870 Ottawa AvenueProposal consideration from Riverside Housing Development Corporation (RHDC) 36963 Streeter AvenueNegotiating PSDA with Railroad Storage LLC5Madison at RailroadProposal consideration from RHDC 58717 Indiana AvenueTen (10) properties are available “For Sale” 6/10/2026
5 RiversideCA.gov9
•LRPMP Site: 13 •APN(s): 215-261-006 and -007•Surplus Land Declaration: 4/25/2023•NOA issued: 3/20/2023; no proposals received.•RFP issued: 5/24/2023; one proposal and later withdrew.•RFP issued: 2/14/2025; one proposal received on 4/7/2025 from 7 Leaves Café. •Current Status: 11/22/2024 Exempt Surplus Land Declaration approved by HCD. 5/6/26 LOI from John Russo for office building development being reviewed.4271 AND 4293 MARKET STREET RiversideCA.gov10
•LRPMP Site: 16 •APN(s): 211-174-028•Surplus Land Declaration: 4/25/2023–Resolution No. 50•NOA issued: 6/15/2023; no proposals received•RFP issued: 5/8/2024; three proposals received; none selected. •Preferred developer: •PSDA negotiations initiated:•HCD Approval Letter:•Property Disposition(PSDA) approved by Successor Agency (date):•Property disposition approved by OB (date):•Escrow opened (date):•Current Status: Proposal consideration from Eden Housing. Eden working with HA for funding.2015, 2025 AND 2039 UNIVERSITY AVENUE 6/10/2026
6 RiversideCA.gov11
•LRPMP Site: 17 •APN(s): 211-143-002 and -003•Surplus Land Declaration: 4/25/2023•NOA issued: 3/13/2023; one proposal and later withdrew.•RFP issued: 5/8/2024; one proposals received from R.C. Hobbs. •Current Status: 11/22/2024 Exempt Surplus Land Declaration approved by HCD. 5/6/26 meeting with R.C. Hobbs to explore density transfer to increase density on 2024 proposal. 2227 AND 2243 UNIVERSITY AVENUE RiversideCA.gov12
•LRPMP Site: 18 •APN(s): 211-131-017 and -018•Surplus Land Declaration: 4/25/2023•NOA issued: 3/13/2023; no proposals received.•RFP issued: 8/15/2023; no proposals received. •Current Status: Negotiating PSDA with Grapevine. 5/6/26: Proforma pending KMA evaluation. 2585 AND 2617 UNIVERSITY AVENUE 6/10/2026
7 RiversideCA.gov13
•LRPMP Site: 19 •APN(s): 211-131-021, -022, -023, -024, -026, -031, and -032•Surplus Land Declaration: 4/25/2023•NOA issued: 5/28/2020;•RFP issued: 7/8/2021; five proposals received. •Preferred developer: 4/21/2022, the Economic Development , Placemaking and Branding/Marketing Committee unanimously voted for Grapevine•PSDA negotiations initiated: 5/2/2025•HCD Approval Letter: 5/8/2023•Property Disposition(PSDA) approved by Successor Agency (date): 1/6/2026•Property disposition approved by OB (date): 1/15/2026•Current Status: Escrow is contingent on the execution of the Housing Authority DDA for property at 2882 Mission Inn where the 15% affordable housing requirement is being placed. 2731-2871 UNIVERSITY AVENUE RiversideCA.gov14
•LRPMP Site: 20 •APN(s): 221-061-002•Surplus Land Declaration: 4/25/2023•NOA issued: 5/26/2021; Praxis selected, 5/2/2023 HCD approved, 7/24/2024 failed out of escrow•Current Status: 11/22/2024 Exempt Surplus Land Declaration approved by HCD. Received unsolicited proposal from RC Hobbs 2/11/2026. 5/6/26: meeting to explore density transfer program. 3870 OTTAWA AVENUE 6/10/2026
8 RiversideCA.gov15
•LRPMP Site: 23 •APN(s): 190-340-011•Surplus Land Declaration: 4/25/2023•NOA issued: 3/13/2023; no proposals received.•RFP issued: 8/15/2023; no proposals received.•RFP issued: 2/2/2024; one proposals received.•Current Status: 11/22/2024 Exempt Surplus Land Declaration approved by HCD. Proposal consideration from Riverside Housing Development Corp. 6963 STREETER AVENUE RiversideCA.gov16
•LRPMP Site: 25 •APN(s): 230-245-013, 230-245-015, Portion of 230-233-013, portion of 230-253-010•Surplus Land Declaration: 4/25/2023•NOA issued: 2/22/2024; five LOIs resulting in two proposals received by 6/24/25.•Preferred developer: 1/23/2025 Overland Development (Railroad Storage LLC) was selected by staff panel and selection approved by RPS Manager.•PSDA negotiations initiated: 8/12/2025•HCD Approval Letter: 9/11/2025•Current Status: Negotiating PSDA with Railroad Storage LLC.MADISON AT RAILROAD PROPERTY 6/10/2026
9 RiversideCA.gov17
•LRPMP Site: 26 •APN(s): 233-140-016•Surplus Land Declaration: 4/7/2020–Resolution No. 40•NOA issued: 3/13/2023; no proposals received•RFP issued: 8/15/2023; no proposals received. •RFP issued: 2/2/2024; one proposal received. •Current Status: Project includes Housing Authority property at 8733 Indiana Avenue. 4/15/2025 received proposal from Riverside Housing Development Corporation (RHDC). 8717 INDIANA AVENUE RiversideCA.gov18
•LRPMP Site: 31 •APN(s): 146-231-016, -017, -027, -031, -032, -033, -034, and -036•Surplus Land Declaration: 4/25/2023–Resolution No. 50•NOA issued: 6/16/2023; one response; no sale finalized.•RFP issued: 5/20/2024; one proposals received 6/28/2024.•Preferred developer: 1/23/2025 R.C. Hobbs Company, INC.•HCD Approval Letter: 3/17/2025•PSDA negotiations initiated: 5/13/2025•Property Disposition(PSDA) approved by Successor Agency (date): 11/4/2025•Property disposition approved by OB (date): 11/20/2025•Escrow opened (date): 1/22/2026•Current Status: Sold -PSDAwith R.C. Hobbs FIVE POINTS INTERSECTION – SITE C 6/10/2026
10 RiversideCA.gov19
RECOMMENDATIONThat the Housing and Homelessness Committee receive and file the update on properties owned by the Successor Agency to the Redevelopment Agency of the City of Riverside.