By Brian Whitehead | | San Bernardino Sun
Published: September 20, 2018 at 4:30 pm | Updated: September 20, 2018 at 4:30 pm

San Bernardino approved an agreement with Los Angeles-based ICO Real Estate Group on Wednesday, Sept. 19, for the purchase and development of 6.56 acres just east of the 215 Freeway.

The 5th Street Gateway Project calls for the development of 27 parcels near West Fifth and Sixth streets and North H and G streets, less than a mile from downtown San Bernardino. Developing the site will be the first step in San Bernardino’s renaissance, city leaders have said.

“This (agreement) is a great sign of progress,” Councilman Henry Nickel said Wednesday.

In the past five years, ICO Real Estate Group has renovated, expanded and developed San Bernardino office buildings and retail spaces.

The real estate developer currently is working on a plaza in the Shandin Hills neighborhood.

According to a staff report on the 5th Street Gateway Project, ICO is expected to include commercial and residential development in its present and future plans, a key element sought by the city. Furthermore, ICO will implement a practical financing plan and is open to working with additional partners.

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