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Globe Street RETAIL Headlines
June 1, 2006 by Bob Howard-Venture Unveils $200M Fox Plaza Plan

"Riverside, California- Riverside city officials have named MetroRiverside LLC of Tiburon to develop the $200 million Fox Plaza project, which is planned for 500 condominiums and live-work lofts, 65,000 sf of class A retail space and a 120-unit high-end, all-suites hotel. The development site is across the street from the Fox Theater, a designated cultural heritage landmark that is scheduled to be renovated into a regional performing arts center.

The Fox Plaza development site is bounded by Mission Inn Avenue, Market Street, Sixth Street, Fairmount Boulevard, Fifth Street and the alleyways west of Main Street. The new Fox Plaza and Fox Theater are part of the City of Riverside's overall redevelopment plans to bring more upscale living space, retail, dining and entertainment to its central downtown district, notes Siavash Barmand, principal with MetroPacific Properties.

MetroRiverside, which is owned by MetroPacific Properties and The Nicholson Co., expects to break ground on the project in July 2007. Designed by the architectural firm of MVE & Partners, the development will follow the look of existing structures such as the Mission Inn and Fox Theater, the developers say.

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Multifamily News
May 23, 2006 - Riverside to get its own Fox Plaza

"A venture of MetroPacific Properties and The Nicholson Company has been selected by the city of Riverside to develop Fox Plaza, the fist mixed-use project to be built in historic downtown Riverside. Plans for Fox Plaza include approximately 500 luxury, for-sale condominiums and live/work lofts, 65k sf of all-suites hotel. The new development, valued at over $200 mil, is adjacent to and across the street from Fox Theater, a designated cultural heritage landmark scheduled to be renovated into a regional performing arts center. The new Fox Plaza and Fox Theater are part of the city of Riverside's overall redevelopment plans to bring more upscale living space, retail, dining and entertainment to its central downtown district.

"Downtown Riverside has unique qualities that can only be acquired through time," said Siavash Barmand, Principal with MetroPacific Properties. "It was important for our team to create a project that serves the fast-growing population of Riverside while preserving the history and character of its downtown area."

"The reason we chose MetroPacific Properties and The Nicholson Company's plan for Fox Plaza was because it was important to give our residents a project that provides a high-quality lifestyle," said Riverside Mayor Ronald Loveridge. "The mixed-use concept of urban living responsibly addresses growth by balancing quality of life economic viability. Fox Plaza, with all it has to offer, will be a true centerpiece of our downtown."

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The Business Press
June 4, 2006 by Joseph Ascenzi- Fox Plaza to put Condos downtown

After years of false starts and abandoned plans, downtown Riverside might finally be on the verge of a revitalization.

MetroPacific Properties in San Francisco and The Necholson Co. in San Jose, doing business as MetroRiverside LLC, are developing Fox Plaza, a retail and residential project.

The Project will be in the 3800 block of Mission Inn Ave. across the street from The Fox Theater.

The $200 million development will include 500 luxury condominiums, 65,000 square feet of Class-A retail space and a 130-room full-service hotel, said Siavash Barmand, principal with MetroPacific Properties.

MetroRiverside LLC hopes to break ground on the project's first phase in about one year. Fox Plaza will be built in two phases over 3-1/2 years.

The first phase will cost $60 million to develop. Cost of the second phase hasn't been determined, Barmand said.

Riverside officials have tried for years to turn downtown into a neighborhood where people live and wok with little success. The MetroRiverside project was formerly called Villagio before it was dropped by its original developer.

"I don't know why those projects failed," Wise said. "I only know there is a lot of potential in downtown now. It as tremendous upside."

Downtown Riverside might finally be on the verge of its long-sought renaissance because people want to live closer to their jobs and reduce their drive time, Barmand said.

"I think developers are just started to realize what's happening downtown," he said. "I think they looked at [developing] residential units in the past, but it never worked because construction costs were too high. But that's not true now."

The City Council approved a development agreement with MetroRiverside in April. Members will probably vote on the final plans for Fox Plaza this fall, said Joyce Powers, Riverside's downtown project manager.

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Reno Gazette-Journal
August 30,2005 by Ben Kieckhefer-More condos for downtown: California builder wants to convert Club Cal Neva's Nevadan Tower

A California developer plans to buy nearly a half a block in the heart of downtown Reno and expects to start the project by converting the Club Cal Neva's Nevadan Tower into condominiums.

The condominium plan is the eighth downtown condo project that's been publicly disclosed. They would bring 1,355 new residential unites to the urban core.

Siavash Barmand, of the Bay Area company MetroPacific Properties LLC, said his proposal to convert the 181-room hotel tower into 70 condominiums and commercial space is part of a broader strategy to provide living, dining and shopping options downtown.

"We believe our market target is the single professionals and the empty nesters who would like to be able to talk out to the amenities that the downtown could end up offering," Barmand said. "That's why with the mixed use we try to provide the amenities ourselves."

Barmand said he also has options to buy the other buildings on the south half of the block bound by First and Second streets and Sierra and Virginia streets.

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