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2,000 Homes to Be Built at Canyon Lake

March 13, 1988|EVELYN De WOLFE | Times Staff Writer

The climate around Canyon Lake, just south of Corona within the Lake Elsinore area, is dry and warm, and the air quality is high.

And that, according to Homestead Land Development Corp., was an appealing factor in the selection of that area for its Canyon Lakes Hills project.

With a total of 972 acres acquired recently for the master plan of its new residential community, the firm (a division of Homestead Savings & Loan of Burlingame) plans to build 2,000 single-family units and to allow for 350 acres of open space, including 42 acres of man-made lakes. The design also includes tennis courts, a community center and proposed elementary school.

Homestead is counting on additional accessibility to the project by 1989, when the extension to Interstate 5 is finished, providing direct access to the Pomona (60) and the San Bernardino (10) freeways. The grand opening of the community is expected to take place next January to coincide with the freeway completion.

For the Record
Los Angeles Times Sunday March 20, 1988 Home Edition Real Estate Part 8 Page 2 Column 3 Real Estate Desk 1 inches; 18 words Type of Material: Correction
The freeway extension project mentioned in a story on Canyon Lake on March 13, should have read Interstate 15 and not Interstate 5.

2-Phase Development

Grading will start this month, and the first pads are targeted for delivery to builders by July.

Canyon Lake Hills will be developed in two phases. The southern section (with its tentative map already approved) will have 858 units on 568 acres, with views of Canyon Lake, Lake Elsinore or the Santa Ana Mountains for most of the homes.

The northern section of the project will have 1,142 units on 404 acres, 2 miles of shoreline and 160 lake-frontage homes.

Market research consultant Larry Smith of Market Profiles, Costa Mesa, said the new community will offer low-density, single-family detached homes and that about 15 neighborhoods will be developed by Homestead within Canyon Lake Hills. Lake frontage lots will average 5,000 square feet, with remaining lots in the 6,000- to 12,000-square-foot range.

Economic Base

Canyon Lake Hills will be supported by an economic and service base extending from Orange County, Corona, Riverside and Ontario, said Homestead President Richard Crook, and the recently approved Elsinore Redevelopment Plan should also enhance land values in the area.

The $39.6-million improvement program will establish better opportunities for boating, fishing and camping, while the marshland near the lake will be developed into two 18-hole golf courses.

Other plans focus on the enlargement of the local airport to accommodate more private planes, while jet travel will be available at Ontario International Airport.

In addition, the Lake Elsinore Redevelopment Plan calls for a "lakeside village" and marina, a resort hotel and a variety of shops and restaurants.

Besides Canyon Lake Hills, Homestead is developing four other residential projects within the Inland Empire, Del Brisa in Rancho California, Orange Crest in Riverside, the Groves and Cottonwood Glen in Moreno Valley.

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