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1 RiversideCA.gov1
RiversideCA.gov
Community & Economic DevelopmentAugust 11, 2026DEVELOPMENT PROPOSAL OF SUCCESSOR AGENCY OWNED LAND KNOWN AS MADISON AT RAILROAD RiversideCA.gov2
AERIAL SITE MAP AND PROPERTIES DETAILMadison at Railroad APNs230-245-013, 230-245-015,Portion of 230-233-013, andPortion of 230-253-010Parcel Size: 3.7 acreZoning: Single-Family Residential (R-1-7000)General Plan: Medium Density Residential PlanPurchase Price: $650,000.Proposed Project:Self Storage facility with four affordable housing homes 1 2
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2 RiversideCA.gov3
BACKGROUND•2007: The property was acquired from Riverside County Transportation. Approximately 15,000 square feet was reserved by the City for a future grade separation project•2015: City Council approved the disposition to Riverside Harley-Davidson for the development of a warehouse and office space. •2021: On 7/15/2021, Escrow was cancelled due to failure to perform its obligations under the Purchase and Sale Agreement; anticipating Harley-Davidson Escrow cancelation, staff issued a notice of availability (NOA) on 5/26/2021, as required by AB1486.
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•2021-2023: On 7/26/2021, the deadline for interested developers torespond to the NOA, staff received a development proposal fromGilbane Development; 7/20/2023, the project was denied by thePlanning Commission. 9/5/2023: an appeal to City Council was notapproved and subsequently, Escrow was canceled.•2024: Staff issued a 60-day-NOA on 2/22/2024, per AB1486. On4/22/2024, prior to the NOA response deadline, Railroad AveStorage LLC submitted a letter of interest for the development of astorage facility and four affordable homes. An evaluationcommittee, consisting of Successor Agency, EconomicDevelopment and Planning staff was convened to evaluate theproposal and collectively determined its feasibility.BACKGROUND3 4 7/30/2026
3 RiversideCA.gov5
•On 9/11/2025, HCD notified the Successor Agency andacknowledged compliance with AB1486 on the disposition of theproperty (LRPMP Site 25) to Railroad Ave Storage LLC.PROPOSAL SUMMARY$650,000Purchase Price:3 separate two-story elevator served buildings totaling approximately 96,000 square feet (70,000 square feet rentable), building heights will block at least 50% of train noise. Self-Storage FacilitySingle family, 4 three-bedroom homes with car garage (approx. 1,200 square feet) for sale (80% AMI)Affordable HousingEstimated Construction Job Creation: 70Estimated Annual Property Tax Revenue: $150K to $187KTotal Investment: $15M RiversideCA.gov6
CONCEPTUAL/PRELIMINARY SITE PLANUNIVERSITY AVE.OTTAWA AVE. 5 6
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4 RiversideCA.gov7
That the Successor Agency to the Redevelopment Agency of theCity of Riverside recommends that City Council:1. Adopt the resolution and authorize the execution of the Purchase,Sale and Development Agreement with Railroad Ave Storage,LLC, for the sale of the property in the amount of $650,000. fordevelopment of a mixed-use project including 100% affordablehousing3-bedroom homes and a self-storage facility;RECOMMENDATIONS RiversideCA.gov8
RECOMMENDATIONS2. Recommend the Countywide Oversight Board adopt a Boardresolution authorizing the execution of the Purchase, Sale andDevelopment Agreement with Railroad Ave Storage, LLC, for thesale of the property in accordance with the CaliforniaDepartment of Finance approved Long-Range PropertyManagement Plan(Site #25), to be presented to the CountywideOversight Board for final consideration and approval; and3. Authorize the Executive Director, or designee, to take all actions,including making minor and non-substantive changes, andexecute the Agreement with Railroad Ave Storage, LLC.7 8