The city of Temecula’s Economic Development Department held its fifth annual appreciation breakfast for commercial real estate brokers, Nov. 2, at the Temecula Civic Center. Mary Piper, Sherry Shoemaker and Carey Pastor were recognized for their outstanding contributions in the industry.
Christine Damko, economic development analyst for Temecula, gave a brief city update, before honoring the award recipients.
The city population is 111,024 with a median age of 35. Average household income is $97,573 and the media home sales price in September was $470,000. The unemployment rate is 4.1 percent with 52,999 jobs in Temecula.
Fiscal year 2017-2018 revenues are projected at $76 million with 49 percent coming from sales taxes. Automotive and transportation account for 26 percent of the revenues; consumer goods account for another 23 percent.
Expenditures are projected at $73 million with 55 percent slated for public safety, police and fire; 18 percent set for public works.
The city is reinvesting in the community with $393 million budgeted for 64 capital improvement projects.
The resident-approved Measure S, which raised sales tax by 1 percent, has enabled the hiring of 10 new police officers, eight new fire personnel, two fire prevention personnel and the opening of the Roripaugh Ranch Fire Station, coming in January 2018. Funds are also being used for road repaving projects throughout the city, with $1 million allocated to the design of a new public parking garage in Old Town and $100,000 toward the design of Interstate 15 beautification plan.
The $50 million Temecula Parkway Interchange is scheduled for completion in December 2018. The construction on Butterfield Stage Road to improve it to two lanes plus bike lanes on each side from Rancho California to La Serena will start summer 2018.
The Overland Drive to Diaz extension will be accomplished in two phases: extend the road, which is the Commerce Center Extension, and build the Murrieta Creek Bridge.
Temecula’s job market is healthy with only a 4.1 percent unemployment rate and the highest job count in history. Thirteen percent of the 53,000 jobs are in manufacturing/distribution; 11.9 percent are professional and 16.6 percent are in education. Emerging sectors include life science, biotech and technology.
Retail sales place Temecula in the top 6 percent of the state; the shopping district centered around the Promenade Mall comprises 44 percent of sales tax revenues. Temecula Parkway is proving a popular retail location with 1.6 million square feet of retail, over 300 tenants and five grocery stores. Old Town is emerging as a “foodie” haven and night life entertainment hub.
Some new retailers include ALDI, DSW, Jared, Total Wine & More, Barrel Republic, Raising Cane’s, CycleBar, Cafe Rio and Airstream.
The new Hoehn Audi dealership is open, Temecula Valley Toyota is the fastest growing Toyota dealership in the USA, and Paradise Chevrolet Cadillac has once again been named a “Top Dealer” out of 4,500 Chevrolet dealers in the USA.
Tourism in the Valley attracted 2.7 million visitors and generated $712 million.
Breweries are a growing industry with the opening of Wiens Brewing, Garage Brewing and Aftershock, among others.
There are over 7,000 proposed new hotel rooms; half are in uptown Temecula on Jefferson Avenue, including Hyatt House, Home2 Suites, Hilton Garden Inn, Comfort Suites and Staybridge Suites by Holiday Inn.
Altair, a master planned community for Old Town Temecula is a 270-acre project with an estimated 1,500 homes. Solaire is building 140 market-rate, luxury Old Town apartments at the end of Pujol Street.
A number of projects are underway or proposed to double senior living and assisted care housing.
Residential development includes 245 duplex and triplex homes at Cypress Ridge on Pechanga Parkway and Loma Linda Road; another 174 single family homes are proposed at the northwest corner of Temecula Parkway and Butterfield Stage Road.
Temecula Village on Rancho California Road will feature a 65,000 square-foot retail center with 160 apartments behind.
Next, Damko presented awards to the three commercial broker professionals for their outstanding contributions.
“I’ll take the wine!” Piper said.
Shoemaker, also a vice president with Lee & Associates, is a third generation native of the Valley.
“I have seen a lot of changes,” Shoemaker s aid. “What the city has done is remarkable. It’s a great city to work with.”
Pastor is a senior vice president at Coldwell Banker Commercial, specializing in the acquisition and disposition of industrial, office and land properties.
“I am also a native of the Valley – Hemet – but to get anywhere, we had to go through Temecula,” Pastor said. “It’s amazing to see the growth and amazing to be a part of it.”