Highlighting success within the economic landscape of our community
Economic Development Update
January 16, 2021
2020 Economic Development quick recap
Despite the challenges in 2020 presented by COVID-19, the City of Tehachapi continued to see small, medium and large business investments as economic development efforts continued.
The City of Tehachapi saw $6 million in new commercial permits and commercial improvements/renovations in 2020. This included a new Panda Express Restaurant as well as remodels to four additional new restaurants that opened in previously vacated spaces in 2020. Those were Tacos El Superior, NYC Subs & Grill, Prime Bar & Grill and 4 Seasons Café.
There were several other small business additions and new locations for businesses like Bowe Construction who received planning commission approval in 2020 to build a new Tehachapi headquarters in 2021.
The real estate market continued to see growth as the desirability of Tehachapi led to a 10 percent increase in average home sales price in the City last year. Seventy four percent of those sales were completed within 30 days of the home being listed. In addition to resale, new home developers picked up housing tracts such as Applewood Estates and Mill Street Cottages building new residences and selling them very quickly with more builds coming in 2021. The new housing project "The Address at Tehachapi," a 238-unit master planned community, received approval in 2020 and could break ground in 2021 following engineering work.
The new year has brought renewed hope for economic stability as the TownePlace Suites by Marriott project continues construction in Capital Hills which has sparked even more development interest in that area. In addition, Valley Strong Credit Union is under construction on Tehachapi Boulevard adjacent to Walmart, and Round Table Pizza has finished plan check and is permit-ready to renovate a former restaurant space nearby at the corner of Tucker Road and Tehachapi Blvd.
Retail vacancies remain low as even long-vacated spaces are being leased by new tenants beginning business ventures in the community. There are a variety of projects in the works showing early that 2021 should continue to be promising for new and existing Tehachapi businesses despite the odd climate of COVID-19.
The City of Tehachapi was proud to offer a variety of support for our business community in 2020 under unprecedented circumstances. Whether that was assistance with outdoor operations or simply allowing businesses to make their own decisions on how to survive, that approach has helped keep much of our small business lifeblood alive and looking forward to a prosperous 2021.
New Economic Data coming in 2021
The US Small Business Administration has reopened the Paycheck Protection Program (PPP). For more information on COVID-19 available resources visit http://www.sba.gov/page/coronavirus-covid-19-small-business-guidance-loan-resources. In addition, Valley Strong Credit Union has announced the details from Valley Strong. Visit http://www.valleystrong.com/paycheck-protection-program.
Tehachapi Economic Development on 'Moneywise Guys' Radio/Podcast
The City of Tehachapi's economic development efforts, recent successes and initiatives for 2021 was featured Friday, January 15 on "Moneywise" on KERN Newstalk 1180 and 96.1 FM, Corey Costelloe appears on the show. The program is also available as a podcast on Apple, Google and Spotify.
For more Economic Development News visit http://www.liveuptehachapi.com/303/Economic-Development-News.