By 1885, most of the fertile soil of the Meadows had been homesteaded. Twenty-five families were living there year-round. Both dairy herds and beef cattle were raised. A post office, cemetery and school were soon built, as were two sawmills.
Most of the original settlers had moved away by 1924, leaving fewer than a dozen families. Because few had school-age children, in 1936 the school was closed.
In 1957, the need for increased water storage for irrigation in Plateau Valley spurred the construction of Vega Reservoir by the Bureau of Reclamation. The 900-surface-acre reservoir, part of the Collbran Project, was completed by June of 1962. Vega gets its water from a feeder canal off Park and Leon creeks, in addition to direct flow from the headwaters of Plateau Creek.
In 1967, the Bureau of Reclamation struck an agreement with the Division of Parks and Outdoor Recreation to have the area managed as a state recreation area. In addition to the reservoir, 925 acres of upland are now managed by Colorado Parks and Wildlife, providing recreational activities, open space and wildlife habitat.