Tejon Ranch, developer ink deal on resort
This story appeared in the Antelope Valley Press on Wednesday, May
24, 2006.
BY TINA FORDE
Valley Press Business Editor
TEJON RANCH - Tejon Ranch Company on Tuesday announced the signing
of a joint venture agreement with DMB Associates Inc. of Scottsdale,
Ariz., a resort/recreational planned community developer, to jointly
develop and build Tejon Mountain Village.
The development of the 28,000-acre Tejon Mountain Village is part of
the master plan for Tejon Ranch, which owns 270,000 acres of land in
southwestern Kern County .
"DMB's outstanding reputation and track record as a developer of
resort/recreational and primary home communities makes it the perfect
company to help us develop Tejon Mountain Village," said Robert A.
Stine, president and CEO of Tejon Ranch Company. "Another strength DMB
brings to the partnership is the success it's had collaborating, and
reaching consensus with, major conservation groups."
According to Barry Zoeller, Tejon Ranch vice president of Corporate
Communications, DMB's equity investment in the partnership ultimately
could exceed $100 million.
The companies signed a letter of intent regarding the joint venture
on Nov. 11. Zoeller said the intervening time has been "a period of due
diligence" by both parties.
He said with the finalization of the agreement, during the coming
months the partners will work on planning and entitlement.
"The expectation is that in 2007 the environmental impact report will
be available for public review and comment," he said.
The Tejon Mountain Village plan includes a 23,000-acre nature reserve
and 5,000-acre mountain retreat development. It will offer a variety of
homes and building sites, from golf- and lakeside homes to mountain and
equestrian estates, a number of small resort hotels, championship golf
courses, hiking and equestrian trails and a variety of lakeside
amenities.
"Of those 5,000 acres," Zoeller said, "only 2,800 or 2,900 acres will
have buildings on them."
The rest of the developed acreage consists of vineyards, golf
courses, roads and other amenities, he said.
"Tejon Mountain Village has all the ingredients for success," said
Drew Brown, Managing Director and CEO of DMB Associates Inc. "It's
located just an hour or so north of Los Angeles, the landscape and views
are spectacular and the environmentally sensitive plan respects the
land. Together with Tejon Ranch Company, we're looking forward to
turning this wonderful location into a special place where residents and
guests can enjoy this beautiful natural setting."
Tejon Ranch announced its 100,000-acre Tejon Ranch Preserve in June
with its conservation partner, The Trust for Public Land. According to
the company, Ranch Vision affirms Tejon's commitment to its historic
ranching, farming and hunting operations.
In addition to Tejon Mountain Village, Tejon's master plan for the
development of its land holdings includes expansion of Tejon Industrial
Complex and the building of the sustainable town of Centennial. Tejon
Ranch is partnered with Pardee Homes, Standard Pacific Homes and Lewis
Investment Company in the development of Centennial.
Tejon Ranch Company's principal asset is the Kern County land
holding. Founded in 1984 and headquartered in Scottsdale, DMB has
developed properties in Arizona, California, Utah and Hawaii. For
details, visit www.dmbinc.com. For company details, visit
www.tejonranch.com. For Tejon Mountain Village details, visit
www.tejonmountainvillage.com.
|
www.tejonmountainvillage.com.