16803-16829 San Bernardino Ave, Fontana, CA 92335

Price Reduced $4455,000. The proximity to major employers, freeways, Southern California, and beyond makes this a strong location which will allow developer to capture the growing need for housing. The current zoning allows for a multifamily development.

The site is zoned multifamily residential vacant land and slated for construction of a 100-U garden apartment complex known as The Monterey Villas, located at the intersection of San Bernardino and Sierra Avenues within proximity of the Kaiser-Permanente hospital & medical complex. It consists of three separate parcels combined to accommodate two 3-story buildings and one 4-story building with elevator, grade level covered garage and covered and uncovered surface parking spaces, pool & spa, and a fitness and community center. The original size of the complex was 88-units, but with the entitlement package that comes with the project number of units was increased to 100 with the proviso that 12 of the units would be available at affordable rental rates. The project comes with a complete set of construction, structural, mechanical and landscaping plans package. The entitlements are still valid because construction has already begun even though it is currently on hold. The partially constructed project—the foundation of the largest building is already in place. At the time of stoppage of construction were in excess of $1M, with some of the major expenditures, details on the expenditures are provided upon request.

The obvious advantages of the acquisition of the project at this stage of construction, besides affording substantial cost savings, plus a builtin entitlement package, are the opportunity to complete a 100-unit development on the site quickly--as opposed to coming in with new set of plans which would lead to an approval process that would take considerable time. The current size of the site allows 88 units without the entitlement package. A new application for a new entitlement package would obviously result in delays getting the approval for additional units, if at all. Instead, given the City’s immediate need for additional housing, the project would be fasttracked if it remains essentially the same since the development has already been approved and ready for building permits except for code updates. That would result in considerable development time and architectural and other cost savings. The existing plans could be brought up to code very quickly with the present architect and structural engineering firm, and with a soils report, application for a new construction permit can be started immediately

A rare opportunity to acquire a 100-unit garden style apartment development project with complete site plans. Located in the growing city of Fontana, CA, this 3-parcel property offers ±3.12 acres, pre-existing construction, variety of units positioning it as an ideal candidate for future rental income.