What's Happening?
Taylor Morrison is set to introduce nearly 100 new homes in Riverside's Victoria Square community, with sales expected to begin next year. The homes, located approximately four miles west of March Air Reserve Base, will range from 2,296 to 3,008 square feet and feature four to five bedrooms, three bathrooms, and two-car garages. Prices will start in the low $600,000s, with some homes listed online between $728,000 and $781,000. The community will offer amenities such as a basketball court, park, playground, and walking trails. In San Bernardino, the Echo Apartment Homes complex has been sold for $12.3 million to Aspen Real Estate Financial, which plans to convert it into workforce housing. The complex includes 38 units, with rents structured to fall within workforce housing levels, in collaboration with the county's housing authority and the California Affordable Housing Agency.
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Why It's Important?
The development of new homes in Riverside and the conversion of apartments in San Bernardino into workforce housing reflect ongoing efforts to address housing shortages in California. These initiatives are crucial as they provide more affordable housing options for residents, potentially easing the housing crisis in the region. The introduction of workforce housing in San Bernardino is particularly significant as it targets individuals who are often overlooked in traditional housing markets, offering them opportunities without requiring large capital contributions. This move could help stabilize the local economy by providing affordable living options for workers, thereby supporting economic growth and community development.
What's Next?
Taylor Morrison's new homes in Riverside are expected to be available by early 2026, with ongoing sales and marketing efforts to attract potential buyers. In San Bernardino, Aspen Real Estate Financial will work closely with local housing authorities to finalize rent structures and ensure the successful conversion of Echo Apartment Homes into workforce housing. The long-term lease agreement with the housing authority will eventually transfer all equity and value to the county, providing sustainable housing solutions for the future. These developments may prompt further investments in affordable housing projects across the region.
