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November 9, 2017 at 8:30 AM EST

Harvest at Limoneira - A Master Planned New Community Breaks Ground

Master Planned, Comprehensively Designed Community will feature 1,500 new homes and community infrastructure

SANTA PAULA, Calif.--(BUSINESS WIRE)--Nov. 9, 2017-- Limoneira Company (NASDAQ: LMNR), a leading agribusiness with prime agricultural land and operations, real estate and water rights in California announced that its Harvest at Limoneira projectbroke ground with a ribbon cutting ceremony attended by government officials and community members on Wednesday, November 8th following a decade of hard work and dedicated planning. Built on Limoneira Company’s East Area 1 property, the development will span 500 acres.

Harvest at Limoneira won the 2016 American Planning Association Award, California Chapter, Central Coast Section. The comprehensive development will host 1,500 new homes and apartments; new school facilities; community facilities for health care; new commercial spaces; a sports park; an amphitheater and hiking trails. It is expected to provide economic stimulus and new jobs for the important 126 corridor from Ventura to Santa Clarita.

Speakers at the groundbreaking included Limoneira Company CEO Harold Edwards; Executive Vice President of Marketing, Lewis Group of Companies Randal Lewis; Ventura County Supervisor Kelly Long; Director of the Ventura County Health Care Agency Johnson Gill; Ventura County CEO Mike Powers; and Limoneira Board Chairman Gordon Kimball.

Harold Edwards, Limoneira CEO, said, "Limoneira's Mission involves community development, and we are proud to continue our legacy of stewardship within Ventura County and the Santa Paula Community. We couldn't be more proud of the partnership we have forged with The Lewis Group, the City of Santa Paula, Parkstone Companies, Meridian Consultants, Jensen Design & Survey and Sargent Town Planning to create Harvest at Limoneira, and we are thrilled to be moving forward with the build out of this exciting project. Harvest at Limoneira involved years of thoughtful planning, and we expect strong demand for its new homes thanks to its proximity to the Pacific Ocean, its access to major highways and the greater L.A. area, as well as the limited supply of new homes throughout Ventura County."

Harvest at Limoneira is a development partnership between the Limoneira Company and The Lewis Group of Companies. The Lewis Group and Limoneira both have significant experience in residential development. The Lewis Group, based in Upland, California, is a multi-generational company with a longstanding successful track record in home building and master planned community development in the Western United States. Founded in 1955, The Lewis Group's focus is on land development, master planned community development, and income property development, including commercial centers, industrial properties and apartments. Limoneira has been involved in community development in the city of Santa Paula, and Ventura and Santa Maria Counties since its inception in 1893. Randall Lewis, Executive Vice President of Marketing, Lewis Group of Companies states, “We’ve all been eagerly anticipating this date and the new school facilities, new parks and new amenities at Harvest at Limoneira will enhance Ventura County’s well-deserved reputation for balance and sustainability. The project will feature homes at a range of price points while providing a sense of community for its residents, as well as reaping great benefits for both Santa Paula and Ventura County.”

The project came to fruition as a result of successful SOAR (Save Open Space and Agricultural Resources) and LAFCO (Local Agency Formation Commission) votes. The SOAR vote victory represents the first and only large-scale master-planned community project to obtain the approval of public voters since Ventura County's SOAR initiative was implemented in 1991, underscoring Limoneira's ability to build consensus within its local community. Harvest at Limoneira is expected to generate significant cash flow for the Limoneira Company over the next 7 to 10 years.

About Limoneira Company

Limoneira Company, a 124-year-old international agribusiness headquartered in Santa Paula, California, has grown to become one of the premier integrated agribusinesses in the world. Limoneira (pronounced lē mon΄âra) is a dedicated sustainability company with 11,200 acres of rich agricultural lands, real estate properties, and water rights in California, Arizona and Chile. The Company is a leading producer of lemons, avocados, oranges, specialty citrus and other crops that are enjoyed throughout the world. For more about Limoneira Company, visit www.limoneira.com.

About The Lewis Group of Companies

The Lewis Group of Companies is one of the nation's largest privately held real estate development companies. The Lewis Group focuses on developing mixed-use planned communities and residential subdivisions in California and Nevada, as well as building and owning rental communities, shopping centers, and office and industrial parks. The company has developed more than 57,000 homes, 10,000 apartments and 14 million square feet of retail, office, and industrial space. Since 1955, the Lewis organization has developed new communities in California, Nevada, Arizona, and Utah, totaling in excess of 25,000 acres and housing more than 100,000 families. www.lewisgroupofcompanies.com.

Source: Limoneira Company

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