Tejon Ranch Co. Approved to Develop Multi-family Residential Complex

Rhea-AI Summary

Tejon Ranch Co. (NYSE: TRC) has received approval from the Kern County Board of Supervisors for two Conditional Use Permits (CUPs) to develop up to 495 multi-family residences within the Tejon Ranch Commerce Center. The development will include thirteen apartment buildings, approximately 6,500 square feet of community amenity space, and 8,000 square feet of retail space. This project is set on a 27-acre site north of the Outlets at Tejon, marking a significant step in the company's expansion strategy within its 270,000-acre landholding.

Positive

• Approval of two Conditional Use Permits (CUPs) for multi-family residences.
• Development includes 495 new residences, enhancing housing availability.
• Incorporation of community amenity space and retail areas.

Negative

• None.

Tejon Ranch Co. (NYSE: TRC) announced today the Kern County Board of Supervisors has approved two Conditional Use Permits (CUPs) which will authorize development of multi-family apartment uses within the Tejon Ranch Commerce Center.

The approved CUPs authorize the Company to develop up to a maximum of 495 multi-family residences, in thirteen (13) apartment buildings, as well as approximately 6,500 square feet of community amenity space and 8,000 square feet of community serving retail on the ground floor of a portion of the residential buildings. The development would be located on a 27-acre site located immediately north of the Outlets at Tejon.

About Tejon Ranch Co.

Tejon Ranch Co. (NYSE: TRC) is a growth-oriented, fully 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. Tejon Ranch Co. is positioned for growth with its fully operational commercial/industrial real estate development and three master planned residential communities on the horizon.

View source version on businesswire.com: https://www.businesswire.com/news/home/20210106005240/en/

FAQ

What recent development was approved for Tejon Ranch Co. (TRC)?

The Kern County Board of Supervisors approved two Conditional Use Permits (CUPs) for the development of up to 495 multi-family residences.

How many residences will be built in the Tejon Ranch Commerce Center?

Up to 495 multi-family residences will be developed within the Tejon Ranch Commerce Center.

What additional facilities will be included in the Tejon Ranch development?

The development will include approximately 6,500 square feet of community amenity space and 8,000 square feet of retail space.

Where will the new Tejon Ranch residences be located?

The residences will be located on a 27-acre site immediately north of the Outlets at Tejon.

What is the significance of the CUP approvals for TRC?

The approvals represent a significant step in TRC's expansion strategy within its 270,000-acre landholding.