SACRAMENTO - City of Industry-based Majestic Realty Co. has been selected to lease and develop 150 acres of state-owned property in Chino.Majestic Realty is negotiating a long-term lease with the state's Department of General Services to develop the land, which comprises a portion of the men's prison at 14901 Central Ave. A contract is expected to be in place later this year with construction anticipated to begin in 2012, officials said. "This unique land lease will allow the state to generate much-needed revenue from underutilized property, while ensure the state retains ownership for future use if necessary," said Scott Harvey, acting director of the Department of General Services. In 2009, state lawmakers agreed to lease out property owned by the state as a way to raise revenue.

********** Published: January 27, 2011 - Volume 9 - Issue 41