2 Karen Ave, Desert Hot Springs, CA 92240

Description

AVAILABLE FOR SALE OR LONG-TERM LAND LEASE. Sunset Ridge offers a rare approved Specific Plan on approximately 160 Acres located within the City of Desert Hot Springs within minutes of Downtown Palm Springs. The previous Tentative Tract Map was approved for 5,500 to 16,000 sq. ft. lots, however, the zoning allows up to 5DU/acre which could yield as many as 800+/- potential units (Buyer to Verify). This opportunity is ideal for a build-for-rent developer, homebuilder, or savvy investor interested in a rare land-banking opportunity to acquire one of the largest developable parcels in the entire Coachella Valley. With panoramic views and close proximity to both downtown Palm Springs and the I-10 freeway, significant home price premiums or rents are expected. Opportunity Highlights: The property consists of 160 Acres with breathtaking panoramic views. The 'Sunset Ridge Specific Plan' is approved and valid, with zoning for up to 800+/- potential lots (5 dwelling units per acre), and previously had an expired Tentative Tract Map for 499 homes, ranging in size from 5,500 square feet to 16,000 square feet. All necessary reports are available for review for the above current and previous approvals. Sunset Ridge is officially recognized by the City of Desert Hot Springs in its 2021-2029 Housing Element (p. D-8) in connection with its state-mandated housing quotas, potentially reducing any political or entitlement risks. The property is also immediately adjacent to Skyborne, a massive residential community with actively-selling homebuilder (Lennar). The location is approximately a 15-minute drive to downtown Palm Springs and approximately a 5-minute drive to I-10 Freeway. The property is on a paved road with all utilities (Buyer to Verify), and a recently-built fire station in place. The property was last appraised (in 2005) for $27,500,000. The option to pursue a long-term ground lease allows a developer or investor to acquire a trophy residentially-zoned property for a minimal initial cash outlay. Owner wants to close by end of year, and will look at all offers.