DMB Development Announces Groundbreaking for Silverwood, A New Master-Planned Community Bringing More than 15,000 Homes to Southern California
HESPERIA, CALIF. (PRWEB) MARCH 02, 2022
DMB Development, a Scottsdale-based developer specializing in large-scale communities in the Western U.S., announces groundbreaking for Silverwood, an expansive master-planned project in Hesperia previously known as Tapestry and Rancho Los Flores. Located in California’s Inland Empire and entitled for more than 15,000 homes, the 9,000+ acre community is expected to bring more than $7 billion in capital to the region including infrastructure investments during the next 25 years of development.
“We are thrilled to bring this much needed housing inventory to Southern California where a lack of supply, especially for middle class families looking to own, has been a challenge,” says Brent Herrington, president and CEO of DMB Development. “We are also excited to develop an entire new community in an environmentally responsible way, taking advantage of the spectacular setting – ideally creating a place where families can grow and thrive.”
Silverwood will offer a broad range of lot and home sizes for first time and move-up buyers, with estimated prices starting in the $300,000’s. The first phase under construction in the community will include more than 2,000 detached homes, with a target opening date of early 2024.
The 700,000 square feet of retail and commercial space include a library, post office, fire stations, public schools and walkable, well-planned town squares with stores. 4,900 acres of open space is planned and will include parks, amphitheaters and 167 miles of trails. Silverwood seeks to evoke a welcoming small-town California feel, enabling walkability and neighborly ties while celebrating its connection to nature. Plus, it will include several sustainable elements such as solar power for all homes and businesses along with a new state-of-the-art wastewater plant, and extensive use of recycled water for landscaping.
Located just 19 miles from San Bernardino’s major employment centers via I-15, Silverwood is uniquely situated at around 3,200 feet of elevation in the Mojave River Valley. The location will offer views of the mountains in the Angeles and San Bernardino National Forests.
“We believe Silverwood will benefit the community of Hesperia by offering a unique lifestyle alternative in the Mojave River Valley,” said John Ohanian, general manager of Silverwood. “Plus, the project will create local jobs and bring development dollars by improving roads and other needed projects.”
Over the next 25 years, more than $1.6 billion dollars will be invested to improve the region’s infrastructure and services, including more than $160 million to help improve the local roads including major improvements to Ranchero Road to the north.
Hesperia Venture I LLC, the owner of the property and affiliate of Schlegel Capital LLC, acquired the Silverwood site in 2012 and assembled a team to plan and entitle the site. Financing is led by Beaumont Partners, a real estate private equity investment group.
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About Silverwood
Silverwood is a 9,366-acre lifestyle community planned in Hesperia, Calif. within California’s Inland Empire. Entitled for more than 15,000 homes, 700,000 square feet of retail and commercial space, and 4,900 acres of open space, Silverwood seeks to evoke a welcoming small-town California feel, enabling walkability and neighborly ties while celebrating its connection and proximity to nature and outdoor living. The site is situated at approximately 3,200 feet of elevation connecting views of the surrounding mountains in the Angeles and San Bernardino National Forests to the rolling hills and low-lying pasture lands along the Mojave River. 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, including the Pacific Crest Trail and Silverwood Lake. The Silverwood project team includes DMB Development, Schlegel Capital, and Beaumont Partners. Over the next 25 years of development, more than $1.6 billion dollars will be invested to improve the region’s infrastructure and services. For more information about Silverwood, please visit http://www.silverwoodcalifornia.com.
About DMB Development
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.
About Beaumont Partners
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.
About Schlegel Capital
Schlegel Capital is a multi-faceted family office managing the affairs of the Schlegel family, including operations 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.
