After suspending construction for nearly six years following the housing bust, a Riverside master-planned community is coming back into development.
Originally conceived by RWR Homes during last decades housing bubble, the 785-acre master-planned community of Spring Mountain Ranch was one of many development plans that sought to provide more affordable housing options in the steep southern California market.
In 2008, the onset of the housing crisis ceased development with the construction teams only getting so far as to lay a few roads down. A year later IStar, one of the major lenders of the project, took control of the property.
In what some consider a leap of faith, IStar decided to team up with the veteran master-planned community builders at KB Homes to get this project back in action.
Many leading economist have expressed their view that this project is easily one of the biggest bets by any developer in the country in at least the past decade.
However, if the housing market has significantly healed from the foreclosure crisis and homes sell well in this community, it could open up further confidence in development in the interior stretch by the 215 Freeway.
KB Homes have already begun construction of the communities first phase and are planning an early October grand opening of Spring Mountain Ranch.
As the largest homebuilder in Southern California, KB Homes plans to build around 435 homes in two neighborhoods. Their one and two story homes will feature state of the art solar panels and range from 1,854 to 3,379 square feet and will start in the mid-$300,000s.
The community will also allow for easy access to downtown Riverside just 10 miles away, as well as to the nearby University of California campus and Blue Mountains. Spring Mountain Ranch will also offer a five-acre park, six miles of trails and more than 250 acres of open space.
If you or your family are looking for a community that caters to an active lifestyle or you simply can’t afford homes closer Los Angeles, you may consider some of the newest developments in this newly budding community.
Michael Bain is an analyst for Move New Homes.
