Tejon Ranch Co. (NYSE:TRC) announced plans to move forward with the development of residential communities at its 270,000-acre land holding located approximately 60 miles north of Los Angeles.
The company plans to begin construction on Terra Vista at Tejon, a new multifamily apartment community located immediately adjacent to the Outlets at Tejon in the company’s Tejon Ranch Commerce Center. The 228-unit first phase of the Terra Vista at Tejon apartment community, which will ultimately have up to 495 units, will consist of studio, one- and two-bedroom apartments.
“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.”
Construction will begin in late January, with the first units becoming available in the first half of 2025 and the remaining units in this first phase coming online soon thereafter.
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