The impact of completion of $73 million interchange improvement project on

THE IMPACT OF COMPLETION OF $73 MILLION INTERCHANGE IMPROVEMENT PROJECT ON REAL ESTATE DEVELOPMENTS IN CORONA THE IMPACT OF COMPLETION OF $73 MILLION INTERCHANGE IMPROVEMENT PROJECT ON REAL ESTATE DEVELOPMENTS IN CORONA DAVID TRUBEY

One thing is certain, traffic in Corona is eased, commute time significantly reduced, the economy is expanding and more beautiful things coming to Corona, all thanks to the completion of the $73 Million interchange improvement project. The Cajalco Road 1-15 Interchange Improvement Project will widen the Cajalco Road from two to six lanes from Temescal Canyon to Bedford Canyon Road. this project also proposes several augmentations to the entrance and the exit ramps and the auxiliary lanes.

Overview of the Project

The City of Corona in collaboration with the California Department of Transportation (Caltrans), District 8, is reconstructing the interchange located in Interstate 15 at the Cajalco Road from Temescal Canyon Road to Bedford Canyon Road. this is a $45 million dollar investment that will include the widening of the Cajalco Road overdressing bridge on a new alignment north of the existing bridge. In addition, the bridge will include a stripped median, outside shoulders and a sidewalk on the southern side. The existing northbound and southbound ramp intersections will also be reconfigured and all the existing ramps will be realigned. The northbound on-ramp will be modified to serve the westbound Cajalco road traffic and northbound loop on-ramp will be constructed to serve the eastbound Cajalco Road Traffic.

What does this mean for real estate in Corona

While road improvement programs translate to better results and commuter time fo the residents in an area. The current developments on roads and highways, especially in a city like Corona, could have an impact on the property values due to increased traffic flow. Statically, it has been proven that with every meter a house was to a particular railway station, the property value went up by $2.29. While it may not seem like much, this study also showed that the houses immediately adjacent to the stations were sold for 38% more.

With the expansion of the Cajalco Road, there will be better to neighboring areas like Riverside county. The work on Cajalco Road Interchange Improvement Project began in the summer of 2018.

“It is an exciting day in Corona to see this project come to completion,” acting Public

Works Director Tom Koper said. “The improvements will increase the capacity of the bridge and ramps to reduce congestion and accommodate projected growth in the area.”

“The completion of the interchange improvement is the result of a successful partnership, one that we are proud to be a part of with the city,” said Leonard Miller, president of New Home. In addition, the aim of any infrastructural development is to improve accessibility at a regional or even urban level and to also relieve congestion in the areas. When these developments are evaluated by the property owners in the regions affected, they are capitalized in the price of housing. However, the effect of new roads or highway development has both positive and negative impacts on real

estate. While improved accessibility may scale up the prices of housing in the area, increased or higher traffic noise levels and increased traffic density may scale down the price of real estate adjacent to the highway. While this expansion may open up the real estate market in Corona, the same cannot be said of the adjacent areas to the expansion.

“This is a crucial transportation benefit for the entire region, and we’re pleased we could contribute significant funds to make it possible.”

Resources: https://www.coronaca.gov/home/ showdocument?id=4755 https://www.coronaca.gov/home/ showdocument?id=4757 https://vimeo.com/223629522

Works Cited https://www.coronaca.gov/ government/departments-divisions/ public-works/construction-projects/i15-cajalco-interchange http://i15cajalco.com/ https://mynewsla.com/ business/2020/02/18/completion-of73-million-interchange-improvementproject-imminent/