Tejon Ranch, Partners to Develop Community

Tejon Ranch Co. has formed a partnership with Pardee Construction Co., Lewis Investment Co. and Standard Pacific Corp. to develop a 4,000-acre, master-planned community on the northern edge of Los Angeles County. Standard Pacific replaced W.L. Homes, which dropped out of the project. The development will be located near the intersection of Interstate 5 and California Highway 33. Tejon Ranch President Robert A. Stine said that master planning and initial environmental studies are expected to be complete by the end of the year for the project, which is subject to government review and approval. Lebec-based Tejon Ranch, which owns more than 400,000 acres in Los Angeles and Kern counties, is one of the state’s largest landowners. Its shares fell 44 cents to close at $22.25 on the New York Stock Exchange.