Developers of a proposed Santa Clarita Valley project that would bring 21,500 units over a roughly 20 year period have finally struck a deal that could allow the huge development to move forward, reports the Los Angeles Times.
The project, called Newhall Ranch, would be a mix of single-family homes, condos, and apartments, with more than 2,000 of the units available at below-market rates.
Developers FivePoint Holdings have reached a compromise with some of the environmental groups that have long opposed the Newhall Ranch project, which has been in the works since the 1990s. The deal has FivePoint giving $25 million to conservation efforts in the area around the massive new community, set to rise just west of the Six Flags Magic Mountain amusement park.
FivePoint also signed an agreement with Native American nonprofit Wishtoyo Foundation that will provide the land and funding for “construction of a multimillion-dollar cultural center on ancestral lands within the development.”
This is the latest win for the project, which was originally supposed to break ground in 1998. This summer, the LA County Board of Supervisors certified the plans for two of the five planned “villages” that would make up the new development.
Read the full story over at the Los Angeles Times.