VestCapital is beginning development of the next phase of Hermiston’s Cimmaron Terrace subdivision with an official groundbreaking ceremony at noon on Friday, Dec. 13.
The ceremony will take place near the corner of N.E. Eighth Street and East Theater Lane. This phase will include 38 single family homes with another 61 mass graded and available to take lot reservations and will look to provide new home construction options with the housing shortage in the region.
“We’re excited to invest in this community and create a new real estate development that will continually add value to the residents and will endure many years,” said Tanner Wideriksen, managing partner with VestCapital. “The city of Hermiston has a compelling vision, talented workforce and positive economic growth drivers that really checked all of our boxes in our decision to participate in the momentum growing this region.”
VestCapital’s announcement comes on the heels of voters within the Hermiston School District, in November, approving an $83 million bond which will include construction of a new 600-student elementary school on Theater Lane. The city of Hermiston and Umatilla County also are in the final stages of completing their $4.5 million partnership on new water infrastructure to serve the northeast quadrant of the city. The city is also under contract to pave a currently gravel portion of Theater Lane between N.E. Eighth and N.E. 10th.
“We’re very happy to continue working with VestCapital on this transformational development which will help unlock a substantial amount of newly developable residential land within our Urban Growth Boundary,” said Mark Morgan, Hermiston assistant city manager. “This private equity investment, coupled with the public investments by the City of Hermiston, Umatilla County, and Hermiston School District will result in water and sewer utilities reaching far up to the northeastern boundary of our UGB (Urban Growth Boundary).”
