By a vote of 4-1, board takes action to approve Tejon Ranch Co.’s master
planned mixed-use residential community
LOS ANGELES--(BUSINESS WIRE)--Dec. 11, 2018--
The Los Angeles County Board of Supervisors today took action to approve
the specific plan for Centennial at Tejon Ranch, a master planned
mixed-use residential community located in the northwest Los Angeles
County section of Tejon Ranch. Centennial consists of 19,333 residential
units and more than 10.1 million square feet of commercial space. By a
vote of 4-1 the Board of Supervisors affirmed the recommendation of the
Los Angeles County Regional Planning Commission and Department of
Regional Planning that Centennial be approved. Located in the Western
Economic Opportunity Zone designated in the Antelope Valley Area Plan
and the Los Angeles County General Plan, Centennial, in addition to
much-needed housing, is projected to create more than 23,000 permanent
jobs on site and nearly 25,000 construction jobs.
“We want to thank the Board of Supervisors for its support of
Centennial, which is an important part of our vision to engage in the
environmentally-sustainable development of a portion of Tejon Ranch,”
said Gregory S. Bielli, President and CEO of Tejon Ranch Co.
“California, and Los Angeles County in particular, is suffering from a
severe housing deficit. Our regional development plan will help address
our state’s housing crisis, all the while preserving 240,000 acres of
open space within Tejon Ranch.”
Tejon Ranch Co.’s (NYSE: TRC) regional development plan includes nearly
35,000 housing units and more than 35 million square feet of commercial
space, all divided amongst four master planned developments: the Tejon
Ranch Commerce Center, the company’s growing commercial/industrial
center, and three planned residential communities—Mountain Village,
Grapevine and Centennial.
“This is an important step forward for Tejon Ranch Co.,” Bielli added.
“Centennial is the final of our master planned developments to go before
a local jurisdiction for approval. We look forward to advancing each of
these projects as we develop Tejon Ranch, California.”
About Tejon Ranch Co.
Tejon Ranch Co. is listed on the New York Stock Exchange under the
symbol TRC. Tejon Ranch 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. More information about Tejon Ranch Co. can be
found online at www.tejonranch.com.
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Source: Tejon Ranch Co.
Barry Zoeller – (661) 663-4212, Tejon Ranch Co.