Advertisement

BRIEFCASE

Home Development

April 17, 1993

Officials in Westminster have approved the city's first new single-family detached residential development in two decades.

CenterStone Co., the Costa Mesa builder that proposed the 46-unit project, plans to break ground in August. Prices for the homes are expected to start at about $220,000.

Kirk Evans, one of CenterStone's three principals, said this will be the company's first Orange County development under its new name. From 1985 until September, 1992, the company was called KSE Development.

CenterStone also has started work on a 60-home subdivision in Las Vegas, he said.

Sumitomo Bank in Costa Mesa is providing $1.2 million in construction financing for the Las Vegas project, but CenterStone still is looking for financial partners--lenders and equity investors--for the $11-million Westminster development.

CenterStone also owns a large parcel zoned for 404 houses in the Riverside County community of Beaumont. Evans said construction will begin there next year--if the economy and housing market have recovered by then.

Advertisement
Los Angeles Times Articles
|
|
|