Strong Housing Demand Should Help the Tapestry Project in Hesperia

According to the Victorville Daily Press, April 17, 2018, California’s housing demand should help the Tapestry Project when its homes begin going on the market in 2020, developer John Ohanian said. Ohanian, director of development for the Terra Verde Group, gave updates on the progress of the 15,663-unit master-planned community located in southeastern Hesperia. Ohanian said Tapestry will be built in nine phases over the next 25 years. He shared statistics from a recent Wall Street Journal article that cited a shortage of 7.5 million homes in the U.S., with 3.4 million of those homes needed in California. He also revealed how the housing shortage has caused the average price of homes in the state to balloon to $540,000. Tapestry will include living units that resemble condos, apartments, townhomes, single-family dwellings and estate homes that are catered for young families getting started, families with children, singles, couples, “age-qualified” seniors and everyone in between, Ohanian said. Ohanian revealed 2,100 homes are planned for Phase One, which is expected to break ground on the north end of the Tapestry Project during the first quarter of 2019. Once completed, Tapestry will include two town centers, eight elementary schools, two middle and high schools, post office, library, fire and police stations, 390 acres of parks, 109 miles of trails and thousands of acres of open-space, Ohanian said. Some 700 to 800 homes are expected to be sold each year beginning in 2020 when Tapestry begins putting homes on the market, Ohanian said. Situated on 9,430 acres between Ranchero Road and Highway 138, Phase Five of the project will connect Tapestry to Highway 138. Phase Nine is designed to be the hub of Tapestry and will include a 700,000-square-foot commercial center, with retail, grocery and medical components. The project is expected to bring 48,000 more residents to the area over the next two and half decades. “The development agreement is completed and we’re working through the finance portion of the project right now,” Ohanian told the Daily Press. “Maybe by the end of this year, we’ll have the plans ready to submit to the city and start construction the following year.” Once the plans are approved, Terra Verde Group will pay an estimated $21 million to widen Ranchero Road from I Avenue to Interstate 15, and widen/improve I Avenue from Ranchero Road to Main Street.