The subject property is a ± 35-acre mixed-use/multi-family residential development opportunity located in the extremely desirable city of Canyon Lake. Canyon Lake is a gated community in Riverside County that was incorporated in 1990 and built around the beautiful Canyon Lake Reservoir. The subject property is located in the southwestern portion of the City of Canyon Lake between the Canyon Lake Golf Club and the Railroad Canyon Dam. Topography for the site is sloping from north to south with some change in elevation meaning that future development of this site will require cut and fill grading. Zoning on this property is Mixed-Use/Village Overlay (VO) and the General Plan Land Use designation is Mixed-Use. The Village Overlay Zone allows for up to 10 acres of this site to be developed at a residential density of 20-24 dwelling units per acre (the remainder of the site could have other uses). This property is very unique is that it is the only site in Canyon Lake with this advantageous zoning and it is the only site that will allow for the development of multi-family housing in all of Canyon Lake. Primary access to the site will be on the southern boundary where a road will need to be put in to provide access to Railroad Canyon Road which is the major east/west arterial running between the I-15 and I-215 freeways in this area. Secondary access to the property will be on the north end of the site from Sparkle Drive to the future Pearl Point Court roadway. There is a 60-foot easement for road purposes from the end of Sparkle Drive to Pearl Point Court. It is important to note that this site is located outside the gated portion of Canyon Lake and is not subject to the CC&Rs of the Canyon Lake Property Owners Association (CLPOA) nor is is part of the CLPOA. This means that this site does not currently have any access to the privately owned CLPOA amenities and any possible future access will need to be negotiated with the CLPOA. One of the primary benefits of this property is that this is the only mixed-use/multi-family development site remaining in Canyon Lake. The city is nearly completely built-out and there is no additional land on which to build multi-family residential units.
Listing courtesy of Listing Agent: Matthew Wenzel from Listing Office: Marcus & Millichap
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