Tejon Ranch Company to Start Construction on Its First Residential Multi-Family Community, Terra Vista at Tejon
10 January 2024 - 8:30AM
Tejon Ranch Co. (TRC: NYSE) announced today it is taking the
next step in its evolution as a real estate development company by
moving forward with the development of residential communities on
the Ranch, providing much-needed new housing for the region. The
Company will begin construction to start the new year on Terra
Vista at Tejon, a new multi-family apartment community located
immediately adjacent to the Outlets at Tejon in the
Company’s Tejon Ranch Commerce Center (TRCC). Terra Vista at
Tejon is the Company’s first residential development and will
complete the well-rounded progression of the Company to a fully
integrated real estate development organization. This development
will also begin TRCC’s transition to a mixed-use master-planned
community. TRCC already includes a large employment base of
industrial and retail users totaling over 8.2 million square feet
of existing development, under construction or near construction,
with an additional 11.1 million square feet of entitled space to be
developed in the future.
“This is a significant step for the Company as
we begin our first residential community,” said Tejon Ranch Co.
President and CEO, Gregory S. Bielli. “It marks the next stage of a
constant progression that will see Tejon Ranch eventually become
home to more than 35,000 homes, both single-family and
multi-family, for rent and for sale.”
The 228-unit first phase of the Terra Vista at
Tejon apartment community, which will ultimately have up to 495
units, consists of studio, one, and two-bedroom apartment homes.
The new community will be a convenient housing option for the
thousands of employees working within TRCC and the surrounding
area, as well as residents in south Bakersfield, the southern
portion of Kern County, and the adjacent Mountain Communities.
“Located next to the Outlets at Tejon and all
the great shopping opportunities available there, Terra Vista at
Tejon will include a wide range of quality amenities that will make
it a great place to live, transforming TRCC into a mixed-use
community where people can live, work and play,” said Hugh McMahon,
Executive Vice President of Real Estate, Tejon Ranch Co. “Amenities
include a clubhouse with a pool, spa and fitness facilities,
outdoor areas for entertaining and playing, including a large park
area connected to the Outlets at Tejon that will host community
gatherings and curated events, as well as a tot lot, dog park and
multiple lawns for lounging or barbequing. The apartment homes will
also feature fiber optic connectivity for high-speed internet and
streaming services.”
Construction will begin in late January 2024,
with the first units becoming available in the first half of 2025
and the remaining units in this first phase coming online soon
thereafter.
About Tejon Ranch Company (NYSE:
TRC)
Tejon Ranch Company is a diversified real estate
development and agribusiness company, whose principal asset is its
270,000-acre land holding located approximately 60 miles north of
Los Angeles and 30 miles south of Bakersfield. For more information
on the company, please go to www.tejonranch.com. For more
information on the Tejon Ranch Commerce Center, please visit
www.tejoncommerce.com.
MEDIA CONTACTBecca B.
BlandDirector, Corporate Communications & MarketingCell
661.529.0139
Email:
bbland@tejonranch.com
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