Eastvale – The City of Eastvale issued a news release discussing that the Leal Ranch Property officially closed escrow and is now owned by The New Home Company. The Leal Ranch Property was renamed to Phase 1 of Downtown Eastvale.
Phase I of Downtown Eastvale will include a “Library, City Hall, Police Station, 3rd Fire Station, amphitheater, up to 495,000 of the 595,000 square feet of retail/commercial space, up to 802 homes, and parks,” according to the City.
“The New Home Company is committed to the growth and prosperity of the City of Eastvale by bringing together a magical destination for residents and guests,” stated the news release. “The future downtown will serve as an economic catalyst for the community by welcoming new businesses and employment opportunities for Eastvale.”
Mayor Clint Lorimore expressed his excitement of the new Downtown. “With the close of escrow on the Leal Property, we are excited to get to work on the planning for Downtown Eastvale! A destination location, Eastvale’s Downtown will be a place for the community and region to come together to enjoy new dining options, retail, entertainment, and our very own Civic Center!”
The news release outlined the background of how the project developed. “In December of 2017, the City of Eastvale adopted the Leal Master Plan and certified the Program Environmental Impact Report (PEIR) to facilitate the development of the Leal property, which is approximately 158.6 acres in size,” stated the City. “The Leal Master Plan establishes Eastvale’s vision to create a dynamic, distinctive downtown with mixed-use, retail, office, hotel, housing, public spaces, and a civic center.”
“In 2021, the property owner entered into escrow with the developer, The New Home Company, to purchase the land and develop the site as a comprehensive, integrated community. Earlier this year, the City Council approved a Development Agreement between the City of Eastvale and The New Home Company for a 20-year term. With the development agreement, 495,000 square feet of the retail/commercial space will be City controlled and operated. Businesses interested in leasing opportunities should contact firstname.lastname@example.org.”
When announced, residents took to social media to discuss their opinions of the additional houses expected and lack of schools. This was the City’s response: “Thank you everyone for your comments and feedback. The housing identified in this project will help satisfy the State mandated Regional Housing Needs Assessment (RHNA) requirement assigned to the City. This site was also identified in the recently adopted Housing Element as a site for future housing in the City, to help satisfy the RHNA requirement. Regarding additional schools, only Corona Norco Unified School District has the authority to build schools. The City has no ability to authorize additional schools. For more information, please see the FAQ regarding this project in the following link: https://bit.ly/3KvW8T9”