Indiana Avenue is a rare and remarkable investment opportunity that awaits development companies in the form of three adjacent lots situated on the border of Riverside/Corona, spanning 16 acres. The land parcels have the added advantage of utilities running through them, and the three lots will be sold together. The current zoning is R1/10000; Indiana Avenue has already been in the pre-approval stage with Riverside County to re-zone it for R3 (heavy residential). Per the pre-approval plan, a three-story, 72-unit apartment complex can be built on six acres with minimum grading, and each unit will be 1,150 square feet, comprising two bedrooms, two bathrooms, and a garage. The development will include a 2,600-square-foot clubhouse, a community pool, and 112 parking spaces. Grading plans are available on request. In addition, the current owner has plans for a 15-single-family home development in the pre-application stage. Gorgeous Indiana Avenue offers stunning views of two cities and is in a prime development area, just a mile from the 91 and 15 freeways. The land is only two miles from the Corona Costco and Walmart shopping center and less than a mile from the new Hillcrest High School. Nestled in the back of the Lake Hills community that faces Corona, this land is truly unique and one of the last-view lots in the area situated in a very sought-after Riverside location, making it a perfect investment for developers with endless possibilities for development, for dreams big or small.
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