DMB Development, a Scottsdale-based developer specializing in large-scale communities in the Western U.S., today announces plans for Tapestry, an expansive master-planned development in Hesperia, Calif., within California's Inland Empire. Entitled for more than 15,663 homes and 700,000 square feet of retail and commercial space, the 9,366-acre community is expected to bring more than $7 billion in capital investment. DMB plans to break ground in July 2021.
Situated at approximately 3,200 feet of elevation in the Mojave River Valley just 30 minutes north of Rancho Cucamonga, Tapestry features towering views of the surrounding mountains in the Angeles and San Bernardino National Forests. The site includes gently rolling hills, steep bluffs, canyons, and low-lying pasture lands along the headlands of the Mojave River, and Silverwood Lake lies just beyond the southern boundary of the property. Over half of the total land has been reserved for parks and natural open space, offering access to a variety of outdoor and recreational pursuits.
"As one of the largest new communities developed in Southern California in many years, Tapestry will eventually grow to reach the population of a small city," says Brent Herrington, president and CEO of DMB Development, the master developer for Tapestry. "We take great pride in the opportunity to develop a new community in such a spectacular setting, and we're approaching this with a deep sense of reverence and environmental responsibility. Our goal is to create a strong, active and caring community that treasures the natural beauty of this area."
Hesperia Venture I LLC, the owner of the property and affiliate of Schlegel Capital LLC, acquired the Tapestry site in 2012 and assembled an experienced multi-disciplinary team to plan and entitle the site for development.
"We're fortunate to have a developer of DMB's caliber to lead the project through development," says Bob Schlegel, managing member of Valley Management LLC, Hesperia Venture I's manager. "Shepherding this beautiful site through the planning process and creating the opportunity for an important new community in California has been a labor of love for us. We're grateful to the city of Hesperia for their thoughtful leadership and collaborative approach to the planning effort."
According to John Ohanian, who led the planning and entitlement efforts and recently joined DMB Development as general manager for the project, "Tapestry will create the opportunity for thousands of families to live in a gorgeous mountain setting with endless opportunities for outdoor recreation, all within a reasonable commute to San Bernardino, Riverside, Ontario, and other existing employment hubs. We expect continued economic growth and employment opportunities in Hesperia, Victorville, and other nearby locations, leading to a nice balance of jobs and housing for the entire area."
Financing for the project was led by Alex Vahabzadeh and Ray Wirta of Beaumont Americas, a real estate private equity investment group with senior partners experienced in large-scale development projects. Wirta has extensive experience in master-planned community development, having served as president of the Irvine Company as well as the former chairman and chief executive officer of CBRE Group. "Tapestry has the benefit of a scenic location, an under-supplied housing market, and convenient access to major employment centers," says Wirta. "A new community of this quality and in this setting will provide a welcome alternative for thousands of Southern California families."
Per Schlegel Capital's Chief Investment Officer, Jordan Thompson, "We couldn't be more excited to partner with Beaumont and the DMB Development team. We look forward to many years of valued partnership in delivering a major new community to the Inland Empire."
DMB plans to onboard several homebuilders for the project. For more information on Tapestry, please visit https://tapestryliving.com. For more information on DMB development, please visit https://www.dmbdevelopment.com.
DMB Development is a nationally recognized developer of large-scale planned communities, with operations in California, Arizona, Hawaii, and Texas. Company chairman Drew Brown was one of the three founders of DMB Associates in 1984. DMB Development was spun off from DMB Associates in 2017 to pursue new development opportunities. The company is owned by long-time members of DMB's senior management team, led by Brent Herrington, President & CEO.
Schlegel Capital is a multi-faceted family office with operations including ownership of several private equity operating companies across the logistics, renewables, and durable goods sectors, among others. The firm's holdings include over 12,000 acres of real estate and over one million square feet of commercial and industrial space in the southern and western US.
The Schlegel family founded The Pavestone Company, the nation's largest paving stone manufacturer, and is recognized for their active philanthropic role in the community.
The Beaumont Group of Companies seek to create significant shareholder value through investing in or alongside specialist operating partners with unique talent and a true edge in their strategy and market niche. The Beaumont principals have formed programmatic investment partnerships and platforms across multiple specialized real estate investment strategies and services over the past 30 years.