HESPERIA – DMB Development, the company behind the new Disney Storyliving community in Rancho Mirage, announced Tuesday, plans to build a 15,000 home master community in the Summit Valley of Hesperia. Previously known as Tapestry, the Silverwood development is expected to bring more than $7 billion in capital to the region including infrastructure investments over the next 25 years.
“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 DMB Development President and CEO Brent Herrington. “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.”
The community will sit on 9,000+ acres and homes prices are expected to start 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 development will feature 700,000 square feet of retail and commercial space that includes 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.
“We believe Silverwood will benefit the community of Hesperia by offering a unique lifestyle alternative in the Mojave River Valley,” said Silverwood General Manager John Ohanian. “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.