Los Angeles County Board of Supervisors Finalizes Approval of Centennial at Tejon Ranch
April 30 2019 - 3:32PM
Business Wire
Master planned community to positively impact
housing and job creation in Southern California
The Los Angeles County Board of Supervisors today gave final
approval to 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
addresses the serious need to develop additional housing that’s
within the reach of middle-class families in Southern California.
The specific plan for Centennial includes 19,333 residential units
and more than 10.1 million square feet of commercial space. A full
18% of the housing units at Centennial will be officially
designated affordable units.
Centennial is part of the historic Tejon Ranch Conservation and
Land Use Agreement that conserves 90% of Tejon Ranch
property—240,000 acres, and limits development to only the ten
percent of the property that’s located in the western-most region
of the ranch.
Back on December 11, 2018, 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. Los Angeles County uses a two-step
process for land use approvals and today’s action included approval
of specific ordinances, resolutions, and findings of fact related
to the Board’s initial vote last December.
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. In addition, Tejon Ranch has made a commitment
that at least 30% of the construction jobs will be filled by people
living in the local area.
“We again 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, create jobs, and
provide additional opportunities for businesses to locate in an
area where their employees can afford to live; all 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 fourth and most recent of our master
planned developments to receive legislative approval. We look
forward to advancing each of these projects as we execute our plan
to develop ten percent, and conserve 90% of Tejon Ranch.”
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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version on businesswire.com: https://www.businesswire.com/news/home/20190430006136/en/
Barry Zoeller, VP, Corporate Communications & Investor
Relations, Tejon Ranch Co.(661) 663-4212bzoeller@tejonranch.com
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