Project Will Tailor Homes to Affluent Seniors

Standard Pacific Corp. and Catellus Residential Group, two of the prime owners of the new master-planned community called Talega, will jointly develop homes for affluent senior citizens in the project.

The 297-home community will cost $115 million to build. It will become the only age-restricted, new-home neighborhood in Orange County, said Scott Stowell, president of Standard Pacific’s Orange County division.

The project will be a gated enclave adjacent to Talega’s 18-hole golf course. Talega, which opened this summer near San Clemente, is planned to contain 4,500 homes.

Each company will design and build two neighborhoods within the enclave. Irvine-based Catellus will build 145 single-family homes, ranging from 1,700 square feet to 2,400 square feet, with prices starting around $300,000.

Costa Mesa-based Standard Pacific will construct 85 luxury townhomes, running 1,600 square feet to 2,300 square feet, and priced in the high $200,000s. In addition, Standard Pacific will build 67 single-family homes from 2,400 square feet to 3,400 square feet, priced in the high $300,000s.

Home buyers aged 55 or older compose one of the fastest-growing segments of home buyers. “For home builders,” said Bruce Lehman, executive vice president at Catellus, “we think it’s the wave of the future.”