De­vel­op­ers Tar­get the Coachella Val­ley

Growth Po­ten­tial to Lead Cal­i­for­nia

Los Angeles Times - - THE NATION -

The Coachella Val­ley is heat­ing up for in­vest­ment. The South­ern Cal­i­for­nia As­so­ci­a­tion of Gov­ern­ments (SCAG) un­der­takes a va­ri­ety of plan­ning and pol­icy ini­tia­tives on be­half of the re­gion. Specif­i­cally the Coachella Val­ley As­so­ci­a­tion of Gov­ern­ments (CVAG) has pre­dicted a pop­u­la­tion growth to 604,000 per­ma­nent res­i­dences by 2020. This would con­sti­tute an in­crease in the pop­u­la­tion of per­ma­nent res­i­dences by a stag­ger­ing 27% in a mere 4.5 years (www.scag.ca.gov/doc­u­ments/river­sidec­vag. View the (CVAG) web site at (www.cvag.org) to ob­tain the facts on the CV/Link that is a pro­ject that would con­nect all cities in the Val­ley with a safe and con­tin­u­ous path­way sys­tem. This pro­ject is pro­jected to have an eco­nomic ben­e­fit to the Val­ley es­ti­mated at $1.47 bil­lion.

Gen­tle­men like Mr. Larry El­li­son, who is one of the rich­est men in the world, ob­vi­ously is renowned for his abil­ity to spot mar­ket trends and get in early. Mr. El­li­son has staked a large po­si­tion in the Coachella Val­ley by way of his pur­chase of the BNP Paribas open in 2010, and has since built a sec­ond sta­dium next to the ex­ist­ing one. This pur­chase has earned him the ti­tle of own­ing one of the top ten­nis tour­na­ments in the world. Mr. El­li­son founded the soft­ware gi­ant Or­a­cle in 1977. If you would have asked him then, if he thought that he would end up own­ing a ten­nis tour­na­ment that had just moved to the Coachella Val­ley a year prior in 1976, who knows what his an­swer would have been. Mr. El­li­son pre­ceded this in­vest­ment in the Val­ley by pur­chas­ing a 249-acre golf es­tate, which re­cently hosted Pres­i­dent Barak Obama on his es­tate’s pri­vate golf course.

When “com­mon in­vestors” were asked where they in­vest a typ­i­cal an­swer was “where they have iden­ti­fied large money in­vest­ment be­ing made by bil­lion­aires, who have the un­canny abil­ity to spot trends early”.

In the Coachella Val­ley as a whole, not many sig­nif­i­cant projects have been con­structed in the past 20 years that could have en­hanced ameni­ties and hos­pi­tal­ity op­por­tu­ni­ties for visi­tors. How­ever, over this 20-year pe­riod what has hap­pened is, world-class venues / events have been de­vel­oped and have achieved mas­sive growth. Be­yond the ten­nis, the Val­ley boasts many other world class venues / events. The Coachella Mu­sic Fes­ti­val and Stage­coach which hosts sev­eral hun­dred thou­sand guests each year, who come out to see some of the big­gest mu­sic artist on the planet. Ad­di­tion­ally, there is the fa­mous Bob Hope Clas­sic an­nual golf tour­na­ment (re­named the Hu­mana Chal­lenge) that was spon­sored by the Clin­ton foun­da­tion this year. The Val­ley is also home to world class eques­trian show jump­ing events and is known for one of the rich­est Grand Prix’s in horse jump­ing. There are 6 world renowned golf cour­ses know as PGA West that have gained enor­mous no­to­ri­ety (lo­cated in La Quinta). Other ma­jor events / venues in­clude BMW’s test track (car rac­ing), Palm Springs In­ter­na­tional Film Fes­ti­val, Fash­ion Week El Paseo, and the Em­pire and El­do­rado Polo Grounds host­ing en­thu­si­asts who fre­quent from all around the world. This is just a hand­ful of the events and func­tions that hap­pen each year. The Palm Springs air­port is ex­pand­ing to ac­com­mo­date the de­mand.

The Palm Springs walk of the stars has been ded­i­cated to the many Hol­ly­wood Stars who lived, loved and played in this beau­ti­ful oa­sis called Palm Springs. It is com­mon to see fa­mous celebri­ties blend­ing with the tourists and lo­cals. As only one of many in­di­ca­tors that the Val­ley is at­tract­ing a younger clien­tele, Leonardo DiCaprio re­cently pur­chased an es­tate home in Palm Springs.

The 3 main sum­mer months in the Val­ley (June – Au­gust) are grow­ing in pop­u­lar­ity not only be­cause of the pool par­ties and other events that are hosted at places like the Hard Rock Ho­tel Palm Springs, but also be­cause of the out­stand­ing ac­com­mo­da­tion pack­ages that are avail­able. Hey, who said you need to spend a for­tune to visit an oa­sis and work on your tan? In the sun, or out of the sun, there is some­thing for ev­ery­one in the sum­mer months. With con­ve­nience of travel to the Val­ley and the great prices, sum­mers in the Coachella Val­ley are more pop­u­lar than ever.

As the Val­ley con­sists of 9 ad­join­ing cities, the one city that is now tak­ing the lead on re­vi­tal­iz­ing the en­tire Val­ley is Palm Springs. In ad­di­tion to the new ho­tels un­der con­struc­tion, Mr. John Wess­man, who has been a devel­oper in the area for 40 years is one of the largest lo­cal de­vel­op­ers, and is now un­der con­struc­tion with a dy­namic pro­ject in down­town Palm Springs. The most im­por­tant part of Mr. Wess­man’s, 14 acre de­vel­op­ment, as re­lated to tourism, is the ad­di­tion of thou­sands of square feet of shop­ping and restau­rants. Many are say­ing that this de­vel­op­ment re­minds them of “The Grove” shop­ping and en­ter­tain­ment dis­trict in Los An­ge­les.

In Palm Desert, the El Paseo shop­ping des­ti­na­tion is usu­ally re­ferred to as the “Rodeo Drive of the Desert”. El Paseo hosts stores such as Louis Vuit­ton, Saks Fifth Av­enue, Gucci, Ralph Lau­ren, Tommy Ba­hama’s and the Ap­ple Store. With this ad­di­tion of Wess­man’s trendy, hip, shop­ping area, which is presently un­der con­struc­tion, this is great for the Val­ley as a whole. Oth­ers that have re­cently opened and are pop­u­lar in the Val­ley are Mas­tro’s Res­tau­rant, Whole Foods Mar­ket and Nord­stom Rack. The Ritz-Carl­ton just opened its doors in Ran­cho Mi­rage in May, 2014 and now a 6 star, $100 mil­lion dol­lar de­vel­op­ment has just been ap­proved that is lo­cated at the base of the moun­tain, in which the Ritz Carl­ton is si­t­u­ated.

Ac­tor / Economist Mr. Ben Stein pre­sented a com­pelling speech at the eco­nomic sum­mit held in Ran­cho Mi­rage on March 27, 2015. He told the crowd that hos­pi­tal­ity and health re­lated projects will lead the way in com­mer­cial de­vel­op­ment in the Val­ley. He also men­tioned that he has owned a home in the Val­ley for many years (as many celebri­ties have) and this was his place to, in essence, es­cape the “hus­tle and bus­tle” of Los An­gles and find tran­quil­ity and recharge. Mr. Stein in­di­cated that the new fo­cus for de­vel­op­ment in the Val­ley will hap­pen East of Washington Street. The City of La Quinta board­ers Washington Street to the East and has one of the high­est per house­hold in­come sta­tis­tics, in the en­tire Val­ley and is sur­rounded by many of the world class venues / events pre­vi­ously men­tioned. It is ex­pected to be­come one the high­est sought af­ter ar­eas in the Val­ley for new de­vel­op­ments. Out of ev­ery­thing that Mr. Stein talked about at the eco­nomic sum­mit, the one thing that re­ally seemed to res­onate with the large au­di­ence was the ref­er­ence that when you are in or around Los An­ge­les and don’t feel like spend­ing a day to travel, to Hawaii for ex­am­ple, then you can jump in your car and drive to the Coachella Val­ley.

Ap­prox­i­mately twenty five mil­lion peo­ple live within a 2.5 hour drive of the Coachella Val­ley. When you want a con­ve­nient “get away” with con­sis­tently great weather, then dis­cover the Coachella Val­ley. At least in the Coachella Val­ley you do not have to gam­ble on your va­ca­tion be­ing spoiled by rain.

Another com­pany in the Val­ley, the Sax­ony group, is one of the largest landown­ers with over 1,250 prime acres si­t­u­ated through­out the Val­ley. The Sax­ony Group is ex­cited about their 505 suite, ex­tended stay rental apart­ment pro­ject that in­cludes a blues and jazz themed en­ter­tain­ment street host­ing 8 restau­rants, 2 cof­fee shops, art gallery and a cen­tral out­door stage. This prop­erty is lo­cated in the heart of La Quinta with High­way 111 ex­po­sure. The Sax­ony Group will be in the mar­ket within the next 2 weeks in­ter­view­ing for a 50% part­ner for this pro­ject. A rep­re­sen­ta­tive from Sax­ony in­di­cated that for a com­pany look­ing to fast track into the op­por­tu­nity ex­ist­ing in the Val­ley – here it is. We vis­ited this 22 acre site in La Quinta that will host this de­vel­op­ment and it is truly stun­ning. The Sax­ony Group will be field­ing in­quiries from com­pa­nies on this op­por­tu­nity via email at info@sax­onyusa.com and through their head of­fice at (760) 568-1222.

Here and now, the Coachella Val­ley has what many are iden­ti­fy­ing as great buy­ing op­por­tu­ni­ties for the po­ten­tial in­vestors / home own­ers.

Af­ter the last down­turn in the world econ­omy in 2008, Cal­i­for­nia real es­tate prices got hit hard. As Cal­i­for­nia has al­ready started its re­cov­ery the coastal com­mu­ni­ties are full steam ahead and the Coachella Val­ley has lagged and many feel, with all the ex­ist­ing facts, that it will start its run in the third quar­ter of this year.

When you put all of the pieces to the puz­zle to­gether it seems to de­pict a clear mar­ket re­al­iza­tion that the Coachella Val­ley, is “ripe” for in­vestors / home own­ers - right now. So whether you are in­ter­ested in pur­chas­ing a stun­ning es­tate home, or even a golf course con­do­minium, it is the prices, the 350 days of sun­shine a year and the post­card views that might prompt you to take a look at the Coachella Val­ley.

Comments

Newspapers in English

Newspapers from USA

© PressReader. All rights reserved.