ONTARIO – New jobs and an economic boost is expected with the arrival of a new business park near L.A./Ontario International Airport.
Development recently broke ground on a 15-acre site at the southeast corner of Mission and Grove avenues. Construction on the first phase of development is expected to be completed by July 2015, with development of the second phase still in the permitting process.
The Mission Grove Business Park, which will serve light manufacturing and warehousing, is planned to have a total of seven buildings, with five industrial buildings slated for the approved first phase of construction.
Total space in the first phase is about 250,000 square feet. Offers have been made on all the spaces for phase one, and two unnamed companies have already signed purchase agreements to move in, officials said.
The project has generated about 350 construction jobs, and 50 permanent job numbers are projected, officials said.
“I think that the project will bring much needed space on a variety of square footages of medium-sized and larger-sized buildings, but also the important thing here is the availability of smaller spaces for start-ups and smaller businesses that are looking to expand,” said John Andrews, economic development director for the city of Ontario.
City officials and developers say the lull in demand for smaller industrial space during the recession is starting to recede. The Mission Grove Business Park is the first new small industrial building project to break ground in Ontario after the recession, said Greg Ashwill, a broker with the Diamond Bar-based commercial real estate brokerage firm Ashwill Associates Commercial Real Estate, which is bringing in tenants for the buildings.
“Light industrial spaces haven’t been in great demand over the last few years coming out of the economic downturn, but I think this is a positive sign that demand is increasing and the development market is responding to that demand,” Andrews said.
Brad Boatman, project manager for the Costa Mesa-based Boatman Development Company, which is developing the project, said his company decided to begin efforts several years ago, despite the low demand at the time.
“In our view, we couldn’t be in a better position,” Ashwill said. “A lot of developers are just jumping in and we jumped in a few years ago. We’re ready and we’ve got a lead in the market, I think.”
Ashwill said the market for light industrial buildings is set for a rebound.
“When you look at this marketplace, really the under built area of the market is small industrial buildings for sale, and we’re really the first project to get out of the ground post-recession that caters to the small building buyer,” Ashwill said.
Article written by Neil Nisperos, Inland Valley Daily Bulletin.