THE IMPACT OF COMPLETION OF THE IMPACT OF COMPLETION OF
$73$73MILLION INTERCHANGE IMPROVEMENT PROJECT MILLION INTERCHANGE IMPROVEMENT PROJECT ONONREAL CORONA REALESTATE ESTATEDEVELOPMENTS DEVELOPMENTS ININCORONA
DAVID TRUBEY
O
ne 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 Ca jalco Road 1-15 Interchange Improvement Project will widen the Ca jalco 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 Ca jalco Road from Temescal Canyon Road to Bedford Canyon Road. this is a $45 million dollar investment that will include the widening of the Ca jalco 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
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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 Ca jalco road traffic and northbound loop on-ramp will be constructed to serve the eastbound Ca jalco 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 Ca jalco Road, there will be better to neighboring areas like Riverside county. The work on Ca jalco 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
THE POWER IS NOW MAGAZINE | MARCH 2020
