Tejon Ranch Group Proposes Development
A partnership that includes Tejon Ranch Co. filed initial planning documents to build an 11,700-acre master-planned community on the boundary of Los Angeles and Kern counties.
Centennial Founders, which includes Tejon Ranch, Pardee Homes, Lewis Investment Co. and Standard Pacific Homes, said the proposed development, one of the largest in Los Angeles County history, would be built over 25 years and include 23,000 homes and 13 million square feet of commercial space.
Nearly half the development at the southern end of the Tejon Ranch near the junction of Interstate 5 and Highway 138 would be preserved as open space, the company said.
The first homes are scheduled to be occupied by 2007 if the company wins government approval. The project was first announced two years ago as a smaller, 4,000-acre residential subdivision.
Tejon Ranch shares were up 38 cents at $25.39 on the NYSE.
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