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PALM SPRINGS, CA 350 S. PALM CANYON DR. TIMOTHY L BOWER Senior Vice President +1 310 550 2521 [email protected] Lic. 00864693 MARCO ROSSETTI Senior Associate +1 760 578 4723 [email protected] Lic. 01805951 GABRIELLE LARDIERE +1 310 550 2605 [email protected] Lic. 01911073 64,546 SF (1.48 ACRE) OF LAND 18,000 SF BUILDING W/ BASEMENT +/- 450 FEET OF COMBINED FRONTAGE ON PALM CANYON AND INDIAN DRIVES SOUTH PALM CANYON DRIVE SOUTH INDIAN CANYON DRIVE WEST RAMON ROAD SOUTH BELERADO ROAD FOR SALE | DOWNTOWN PALM SPRINGS USER/DEVELOPMENT OPPORTUNITY CAPITAL MARKETS 350 S PALM CANYON DR. N

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Page 1: 350 S. PALM CANYON DR. - LoopNet · 350 S. PALM CANYON DR. TIMOTHY L BOWER Senior Vice President +1 310 550 2521 tim.bower@cbre.com Lic. 00864693 ... DOWNTOWN PALM SPRINGS USER/DEVELOPMENT

PALM SPRINGS, CA

350 S . PA L M C A N YO N D R .

TIMOTHY L BOWERSenior Vice Pres ident+1 310 550 2521t [email protected]. 00864693

MARCO ROSSETTISenior Associate+1 760 578 4723marco.rossett [email protected]. 01805951

GABRIELLE LARDIERE+1 310 550 2605gabriel le. [email protected]. 01911073

64,546 SF (1.48 ACRE) OF LAND18,000 SF BUILDING W/ BASEMENT

+/- 450 FEET OF COMBINED FRONTAGE ON PALM CANYON AND INDIAN DRIVES

SOUTH

PALM

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SOU

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WEST RAMON ROAD

SOUTH BELERADO ROAD

FOR SALE | DOWNTOWN PALM SPRINGS USER/DEVELOPMENT OPPORTUNITY

CAPITAL MARKETS

350 S PALM CANYON DR.

N

Page 2: 350 S. PALM CANYON DR. - LoopNet · 350 S. PALM CANYON DR. TIMOTHY L BOWER Senior Vice President +1 310 550 2521 tim.bower@cbre.com Lic. 00864693 ... DOWNTOWN PALM SPRINGS USER/DEVELOPMENT

TA B L E O F C O N T E N T S

EXECUTIVE SUMMARYInvestment Summary

Investment Highl ights

AERIAL OVERVIEW

THE PROPERTYCurrent Improvements

Si te Plan

MARKET OVERVIEWRegional Overview | Coachel la Val ley

Submarket Overview | Ci ty of Palm Springs

APPENDIXZoning Code

Page 3: 350 S. PALM CANYON DR. - LoopNet · 350 S. PALM CANYON DR. TIMOTHY L BOWER Senior Vice President +1 310 550 2521 tim.bower@cbre.com Lic. 00864693 ... DOWNTOWN PALM SPRINGS USER/DEVELOPMENT

SOUTH

PALM

CANYO

N DRIV

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SOU

TH IN

DIA

N C

AN

YON

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RIV

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WEST RAMON ROAD

SOUTH BELERADO ROAD

BARRISTO ROAD

Palm Springs, CA

N

350 S PALM CANYON DR.

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E X E C U T I V E S U M M A RY

Investment Summary

Investment Highl ights

Page 5: 350 S. PALM CANYON DR. - LoopNet · 350 S. PALM CANYON DR. TIMOTHY L BOWER Senior Vice President +1 310 550 2521 tim.bower@cbre.com Lic. 00864693 ... DOWNTOWN PALM SPRINGS USER/DEVELOPMENT

5 | 350 S. PALM CANYON DRIVE

E X E C U T I V E S U M M A RY

INVESTMENT SUMMARYCBRE has been retained on an exclusive basis to present the opportunity to acquire a prime site at the Southern Gateway to Palm Springs’ resurgent Downtown commercial core. The site currently consists of +/- 18,750 square feet of building with +/- 12,750 square feet of basement on +/- 64,546 square feet of land (1.48 acres) with 448 feet of combined frontage along Palm Canyon and Indian Canyon Drives. This prime site has potential for retail, office and residential development, and boasts spectacular street front visibility as well as mountain and Coachella Valley views.

Location: 350 South Palm Canyon Drive, Palm Springs, CA Bounded by Palm Canyon Drive to the west and Indian Canyon Drive to the east

Parcels: 513-204-003

Acreage: 1.48 acres (64,546 square feet) of land

Improvements: +/-31,500 square feet of retail building on two floors (18,750 SF ground floor; 12,750 SF basement)

Zoning: CBD – Central Business District Zone.

Page 6: 350 S. PALM CANYON DR. - LoopNet · 350 S. PALM CANYON DR. TIMOTHY L BOWER Senior Vice President +1 310 550 2521 tim.bower@cbre.com Lic. 00864693 ... DOWNTOWN PALM SPRINGS USER/DEVELOPMENT

350 S. PALM CANYON DRIVE | 6

INVESTMENT HIGHLIGHTS• +/- 1.48 acre commercial mixed-use development parcel located in the

heart of resurgent Downtown Palm Springs

• +/- 450 feet of combined frontage on S. Palm Canyon and Indian Canyon Drives

• Neighboring tenants: Rite-Aid, BBVA Compass Bank, Palm Springs Museum of Art and Architecture, The Bank Palm Springs, The Avalon Hotel

• Commercial Business District Zoning

• Hot Downtown Palm Springs real estate market

Palm Springs Downtown Renaissance – The Palm Springs downtown core is now experiencing a renaissance. The catalyst is Wessman De-velopment’s $150 million redevelopment of 14 acres in the core, pre-viously occupied by the Desert Fashion Mall, called “Downtown Palm Springs”. This game changing project aims to create a walkable project with hotels, retail, office, and residential uses. The first phase featuring a 155-room Kimpton Hotel with a rooftop deck is under construction and scheduled to open December 2017. In addition the project will include retail, office and condominiums.

“Shops on Palm Canyon” is also under construction at the SEC Palm Canyon Dr. and Alejo Rd. with a 150-room Hyatt Andaz boutique. The hotel space will include a rooftop pool and 27,000 square feet of retail and restaurants.

E X E C U T I V E S U M M A RY

Page 7: 350 S. PALM CANYON DR. - LoopNet · 350 S. PALM CANYON DR. TIMOTHY L BOWER Senior Vice President +1 310 550 2521 tim.bower@cbre.com Lic. 00864693 ... DOWNTOWN PALM SPRINGS USER/DEVELOPMENT

7 | 350 S. PALM CANYON DRIVE

E X E C U T I V E S U M M A RY

Excellent Location & Visibility - The Subject site is 1.48 acres bounded by Palm Canyon Drive and Indian Canyon Drive. Ramon Road to the South of the site, is the southern gateway to the core of Palm Springs’ active downtown area. Retail space benefits from +/- 450 feet of combined frontage on both Palm Canyon Drive and Indian Canyon Drive. Located in the central business district of downtown Palm Springs this +/- 1.48 acre site is within walking distance to dozens of restaurants, retail, The Palm Springs Museum, Palm Springs Art Museum Architecture and Design Center, the Agua Caliente Casino the Palm Springs Convention Center and over 2,500 hotel rooms.

Scarcity of Luxury Condominiums – There is scarcity of new luxury condominium options in Palm Springs. A recent survey of four of Palm Springs higher quality condominium communities built since 2003 totaling 266 units, shows only 11 units for sale as of January 2015. Palm Springs’ 92262 zip code saw a 33.6% increase in the median sales price for condominiums sold from December 2013 to December 2014.

Palm Springs - Center For Business & Culture - Palm Springs is a pro-business city, which is showing strong economic vitality. In the past year, Palms Springs has experienced a significant increase in tourism and a 15% increase in transient occupancy tax. The Coachella Valley’s average hotel occupancy was 61.5% in 2016, the best since 2006, with average daily rates reaching $159.99 in 2016 - a 7.4% increase from the previous year. These gains can be credited to the increased air service into Palm Springs International Airport, the growth of events like Modernism Week, and the Coachella & Stagecoach music festivals. In November 2011, Palms Springs residents passed Measure J (a 1% sales tax increase), which proposes to raise $280 million over the next 25 years for economic development.

Page 8: 350 S. PALM CANYON DR. - LoopNet · 350 S. PALM CANYON DR. TIMOTHY L BOWER Senior Vice President +1 310 550 2521 tim.bower@cbre.com Lic. 00864693 ... DOWNTOWN PALM SPRINGS USER/DEVELOPMENT

350 S. PALM CANYON DRIVE | 8Copyright © and (P) 1988–2012 Microsoft Corporation and/or its suppliers. All rights reserved. http://www.microsoft.com/streets/Certain mapping and direction data © 2012 NAVTEQ. All rights reserved. The Data for areas of Canada includes information taken with permission from Canadian authorities, including: © Her Majesty the Queen in Right of Canada, © Queen's Printer for Ontario. NAVTEQ and NAVTEQ ON BOARD are trademarks of NAVTEQ. © 2012 Tele Atlas North America, Inc. All rights reserved. Tele Atlas and Tele Atlas North America are trademarks of Tele Atlas, Inc. © 2012 by Applied Geographic Solutions. All rights reserved. Portions © Copyright 2012 by Woodall Publications Corp. All rights reserved.

0 mi 0.5 1 1.5

DOWNTOWN PALM SPRINGS COMMERCIAL DEVELOPMENT

350S. PALM

CANYON DR.

PORT LAWREND (U/C) ANDAZ HOTEL

HYATT PALM SPRINGSSPA HOTEL/ AGUA CALIENTE CASINO

HARD ROCK HOTEL

HISTORIC TENNIS CLUB AREA

DOWNTOWN PALM SPRINGS (U/C)

THE AVALON HOTEL

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350 S. PALM CANYON DRIVE | 9

DOWNTOWN PALM SPRINGS COMMERCIAL DEVELOPMENT

350S. PALM

CANYON DR.

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AERIAL OVERVIEW

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11 | 350 S. PALM CANYON DRIVE

A E R I A L OV E R V I E W

Palm Springs Tennis Club

The Avalon Hotel

Ingleside Inn

Palm Springs Art Museum

Downtown Palm Springs

O’Donnell Golf Club

Desert Regional Medical Center

Old Las Palmas

Hard Rock Hotel

Spa Hotel/ Agua Caliente Casino

Port LawrenceHyatt

Historic Tennis Club

Area

Ramon Road

Tahquitz Canyon Way

Indi

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Palm

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Drive

PS Architecture & Design Center

Eisenhower Health Center

CHASE

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350 S PALM CANYON DR.

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350 S. PALM CANYON DRIVE | 12

Vista Las Palmas

Downtown Palm Springs

Desert Regional Medical Center

Old Las Palmas

Spa Hotel/ Agua Caliente

Casino

Historic Tennis Club

Area

Woodbridge(New Homes)

Dakota (39 Homes)

The Cameron (80 Homes & Retail)

The Curve Hotel

Caliente Tropics Hotel

AceHotel

Palm Ridge(40 Homes)

Ramon Road

Tahquitz Canyon Way

Indi

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ive

Palm Canyon Drive

to Los Angelesto Phoenix

DESERT HOT SPRINGS

Biltmore Colony

Palm Springs International Airport

N

350 S PALM CANYON DR.

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A E R I A L OV E R V I E W

Palm Springs International Airport

48 @ Arenas

The Villas

St. Baristo

DESERT HOT SPRINGS

Old Las Palmas

O’Donnell Golf Club

Desert Regional Medical Center

Spa Hotel/ Agua Caliente Casino

Palm Springs Convention

CenterPort

LawrenceVista

Las Palmas

Palm Springs Tennis Club

Palm Springs Museum of Art

DowntownPalm Springs

The Avalon Hotel

Hard Rock Hotel

Ingleside InnHistoric Tennis Club

Area

NE

Palm Springs

350 S PALM CANYON DR.

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350 S. PALM CANYON DRIVE | 14

E

Palm Springs International Airport

The Parker Hotel

Woodbridge(New Homes)

Spa Hotel/ Agua Caliente

Casino

Hard Rock Hotel

Palm Springs Ar-chitecture & Design

Center

The Cameron (80 Homes & Retail)

The Avalon Hotel

Ingleside Inn

Downtown Palm Springs

350 S PALM CANYON DR.

Page 15: 350 S. PALM CANYON DR. - LoopNet · 350 S. PALM CANYON DR. TIMOTHY L BOWER Senior Vice President +1 310 550 2521 tim.bower@cbre.com Lic. 00864693 ... DOWNTOWN PALM SPRINGS USER/DEVELOPMENT

T H E P R O P E R T Y

Current Improvements

Current Si te Plan

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CURRENT IMPROVEMENTSThe 1.48-acre site is currently improved with with 31,500 square feet of vacant retail space.

T H E P R O P E R T Y

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BARRISTO ROAD

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350 S. PALM CANYON DRIVE | 17

CURRENT IMPROVEMENTS

View of 350 S. Palm Canyon Drive

T H E P R O P E R T Y

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18 | 350 S. PALM CANYON DRIVE

CURRENT SITE PLAN

T H E P R O P E R T Y

W

EXISTING BUILDING350 S. PALM CANYON DRIVE

+/- 31,500 SFVACANT

APN 513-204-003+/- 65,100 SF

S. PALM CANYON DRIVE

S. INDIAN CANYON DRIVE

W. RA

MO

N RD

ARCHITECTURE DESIGN CENTER

PALM SPRINGS ART MUSEUM

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M A R K E T OV E R V I E W

Regional Overview | Coachel la Val ley

Submarket Overview | Ci ty of Palm Springs

Page 20: 350 S. PALM CANYON DR. - LoopNet · 350 S. PALM CANYON DR. TIMOTHY L BOWER Senior Vice President +1 310 550 2521 tim.bower@cbre.com Lic. 00864693 ... DOWNTOWN PALM SPRINGS USER/DEVELOPMENT

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M A R K E T OV E R V I E W

REGIONAL OVERVIEWCoachella ValleyGenerally referred to as the Palm Springs area, the Coachella Valley (369,596 permanent population with an additional 100,000+ seasonal population) is located in Riverside County and stretches over 50 miles from the city of Palm Springs in the west to the Salton Sea in the east. The Coachella Valley, which is bisected by Interstate 10, is strategically located 110 miles east of Los Angeles and 250 miles west of Phoenix. Originally established as an agricultural region and winter vacation spot for Southern California, the Coachella Valley now has a diverse year round economy.

Coachella Valley Statistics 2014

• Hotel occupancy and rates throughout the Coachella Valley are improving. The average daily rate for the first eight months of 2015 was $156.94, which is up 7.4% from the same period from 2014 and also exceeds the same period peak of $132.20 from 2008. The 2016 average occupancy for the Coachella Valley was 61.3%.

• Passenger traffic at Palm Springs International Airport improved 9.3% in 2014, holding the gains of 2012, which saw passenger traffic increase 14.4% from 2011 levels. Passenger traffic for 2015 has remained consistent with that of 2014.

• The Coachella Valley housing market continues to see incredible price appreciation. From September 2014 to September 2015, median single family home price increases for Coachella Valley cities were: Indio (17.4%), Palm Springs (11.4%), Cathedral City (7.1%), Palm Desert (11.5%), La Quinta (0.3%), Rancho Mirage (8.6%), and Indian Wells (4.3%).

Since the early 1900s, the Coachella Valley has served as a home-away-

from-home for countless celebrities. It became popular as a quick getaway due to the legendary “Two-Hour Rule” that required actors under contract to be within a two-hour vicinity of the studio in case of last minute film and photo shoots. Celebrities such as Frank Sinatra, Dean Martin, Sammy Davis Jr., George Hamilton, Bob Hope, Albert Einstein, Bing Crosby, Kirk Douglas, Cary Grant, Marilyn Monroe, and Elizabeth Taylor all had vacation homes in the Coachella Valley. The area has also become the center for “Desert Modernism,” with outstanding examples of mid-century modern architecture and vintage furniture found in many of the shops tucked throughout the cities.

The area plays host to a number of world-renowned events, including the Palm Springs International Film Festival, the Humana Challenge Golf Tournament (formerly the Bob Hope Classic), the BNP Paribas Tennis Open, the Coachella Music Festival, the Stagecoach Country Music Festival, and the Desert Circuit Horse Show, among others.

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350 S. PALM CANYON DRIVE | 21

REGIONAL OVERVIEW

Desert Regional Medical CenterDowntown Palm Springs

Spa Resort Casino Palm Springs International Airport

Agua Caliente Casino

Knott's Soak City Water Park

Indian Canyon Golf Resort

Mt. SanJacinto

IndianCanyons

Ritz CarltonRancho Mirage

UCR & CSUSBSatellite Campuses

JW Marriott DesertSprings Resort

College of the DesertWestfield Mall Palm Desert

El PaseoShopping District

La Quinta Resort & ClubIndio Polo Fields

Indian Wells Tennis Garden Fantasy Springs Resort Casino

Spotlight 29 Casino

350-420 S. PALM

CANYON DR.

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M A R K E T OV E R V I E W

SUBMARKET OVERVIEWCity of Palm SpringsThe city of Palm Springs, located two hours east of Los Angeles, is considered the business and cultural center of the Coachella Valley. Palm Springs has a population of 46,135 year round residents with an additional 33,000 to 35,000 winter season residents.

Local Area Statistics

• Palm Springs’ median home price was a record $544,781 in 2006. It dropped to a low of $313,821 in 2009. Prices stabilized in 2011 and began accelerating in 2012. As of the second quarter 2014 the median home price was $461,667, which is 15.2% higher than in 2013.

• According to the Greater Palm Springs CVB, the average daily hotel room rate was a record $142 for the first eight months of 2014. This is up 6.8% from the same period in 2013. Average occupancy of 61.6% for the eight-month 2014 period is the highest since 63.6% in 2007.

• Palm Springs is showing strong signs of recovery. In the past year, Palm Springs has experienced a 22.8% increase in tourism and a 25% increase in TOT.

• By the year 2020 the city of Palm Springs population is projected to grow to over 50,000 with an additional 35,000 to 40,000 winter residents.

Center for Business & Culture – Palm Springs is the business and cultural center of the Coachella Valley. Palm Springs is home to the Palm Springs International Airport, Desert Regional Medical Center, Agua Caliente Casino, and the Indian Canyons. A number of World Class events take place each year in Palms Springs. These events include Palm Springs Modernism Week, the Palm Springs International Film Festival, and the

White Party Palm Springs.

Measure J – Palm Springs is pro-business. In November 2011, Palms Springs residents passed Measure J (a 1% sales tax increase), which should raise $280 million in the next 25 years for economic development. Palm Springs has designated $43 million for the redevelopment of the Desert Fashion Plaza.

Palm Springs International Airport – Palm Springs International Airport is served by 11 airlines, which offer direct flights to 18 cities in the United State and Canada with connections to hundreds of cities worldwide. Passenger traffic in 2015 remains consistent with that of 2014, which saw a 9.3% increase from 2013 levels. On August 31, 2015, JetBlue Airline announced service from/to Palm Springs and New York City (JFK) five times per week.

Desert Regional Medical Center – This is a 387-bed tertiary acute care hospital located in Palm Springs. Desert Regional Medical Center offers the Coachella Valley’s only designated trauma center, which serves more than 8,000 square miles of Southeastern California. In 2011 US News ranked Desert Regional number 4 out of 41 hospitals in Riverside County in their Best Hospitals report.

Downtown Palm Springs – This is the name of Wessman Development’s redevelopment of the old Desert Fashion Plaza Mall, which is transforming Palm Springs’ downtown. The 14-acre site is now under construction and is planned for a pedestrian-friendly urban village, which will include an open street, a public square, hotels, offices, shopping, and restaurants. The open-air public square will be used for concerts, films, festivals and private functions. The first phase will include a six-story, 155-room Kimpton

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350 S. PALM CANYON DRIVE | 23

Hotel with a rooftop deck, which is now open. A 135-room Marriott hotel has also been announced for Downtown Palm Springs.

Port Lawrence – Approved in 2014, Port Lawrence will be a mixed-use development consisting of a 150-room boutique Andaz hotel with ancillary retail and parking structure. The project is to be built on a vacant 4.1-acre parcel located at 400 N. Palm Canyon Drive and will have a private parking structure, along with124 public parking spaces.

O’Donnell Golf Club – This is the oldest golf course in the Coachella Valley built in the 1920’s by oilman Thomas A. O’Donnell. It became a private club in 1944 and today offers members 9-holes of golf, along with a clubhouse, restaurant, and active social calendar, all a relaxing atmosphere in the middle of downtown Palm Springs.

Old Las Palmas | Vista Las Palmas – The Old Las Palmas neighborhood is frequently referred to as the ultimate Palm Springs address. Formerly a citrus grove, the Old Las Palmas neighborhood is between downtown Palm Springs and the mountains and contains multimillion dollar older estates and luxury homes. Vista Las Palmas, established in the late 1950’s, located immediately west of Old Las Palmas, has become a symbol of Mid-Century Modern design.

Historic Tennis Club Neighborhood – The historic Tennis Club neighborhood is located adjacent to the downtown commercial area of Palm Springs. Complementing the 240 single-family residences within the Tennis Club community, there are several condominium properties and over 25 small, boutique-style hotels.

Avalon Palm Springs – Located in the Historic Tennis Club area, The Avalon has set the standard for downtown Palm Springs’ spa resort experience, since it opened in the 1930’s. Owned and operated by The Kor Group, the Kelly Werstler designed Avalon features 68 rooms, the Estrella Spa, and Chi

Chi at the Avalon.

Spa Resort Hotel – The Agua Caliente Band of Cahuilla Indians has unveiled plans for a large-scale cultural center and spa complex in downtown Palm Springs at the site of the tribe’s historic hot spring.

Construction on the project, which includes a greatly expanded Agua Caliente Cultural Museum, is expected to begin in early 2018 and take about two years to complete.

Hard Rock Hotel – In the fall of 2013 the Hard Rock Hotel opened on Indian Canyon Boulevard in Palm Springs’ Downtown core. The Hard Rock Hotel is comprised of 163 rooms and brings a new brand of lifestyle hotel experience to Palm Springs with custom furniture, selected artwork, and a very active spa, bar, and pool area.

Arrive Hotel – This 32-room contemporary hotel and restaurant is now open, located on North Palm Canyon. Located in the north end of the Uptown Design District, Arrive is being developed by Ezra Callahan, who was the sixth employee of Facebook.

The Ace Hotel Palm Springs

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350 S. PALM CANYON DRIVE | 24

The Cameron Palm Springs - Developed by Davidson Communities, one of the leading residential companies in the western United States, The Cameron Palm Springs will be the newest collection of luxury in 102 two- and three-story attached residences and commercial spaces designed to suit any lifestyle. The Cameron offers three product types—up to 2,290 SF three-bedroom and three-bath floor plans—as well as ground-floor work spaces in select homes, with thoughtfully designed architecture that reflects both contemporary and mid-century styling.

The Twist Vacation Rentals - The Twist was acquired in 2012 by developers Tim Brinkman and Paul Warrin of San Francisco. Located in the Uptown Design District of Palm Springs, the luxury complex totals 39 remodeled furnished vacation rentals and unfurnished apartment rentals, including studios, one-bedroom and two-bedroom floor plans in a modern contemporary style.

Rendering - The Cameron Palm Springs

Palm Springs Tennis Club

Palm Ridge Approved for development in July 2015, Woodbridge Pacific Group’s Palm Ridge subdivision will include 40 single-family residential homes of mid-century modern style architecture on approximately 20 acres located along the east end of Ramon Road. The project consists of five three-bedroom and three-and-a-half bath floor plans up to 3,700 SF offering office space and three-car garages. Select floor plans feature a game room and casita with full bath.

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M A R K E T OV E R V I E W

Retail 24/7. © 2015 CBRE, Inc. This information has been obtained from sources believed reliable. We hove not verified it and make no guarantee, warranty or representation about it. Any projections, opinions, assumptions or estimates used ore for example only and do not represent the current or future performance of the property.

You and your advisors should conduct a careful, independent investigation of the property to detem,ine to your satisfoction the suitability of the property for your needs. CBRE and the CBRE logo ore service marks of CBRE, Inc. and/or its affiliated or related companies in the United Stoles and other countries. All other marks displayed on this document are the property of their respective owners. All Rights Reserved. Sources: CBRE Mapping Services (877) 580-4674; Nielsen, Stree!Pro, Aeriols Express LLP. MapFiles\Work.2015\309910.wor 1/29/2015 CBRE

MARKET SNAPSHOTPalm Springs

Population: 46,611Average Household Income: $64,172Retail SF: 5,129,807Office SF: 2,138,584Industrial SF: 1,441,569Average For-Sale Housing Price: $501,000White Collar Job Force 60.5%College Level Education 38.8%

350 S. PALM CANYON DR.

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A P P E N D I X

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27 | 350 S. PALM CANYON DRIVE

A P P E N D I X

ZONING CODE SUMMARY - 350 S. PALM CANYON DR.

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A P P E N D I X

ZONING MAP GENERAL PLAN MAP

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CODE EXCERPTS, CONT.

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CODE EXCERPTS, CONT.

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CODE EXCERPTS, CONT.

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CODE EXCERPTS, CONT.

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CODE EXCERPTS, CONT.

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CODE EXCERPTS, CONT.

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CODE EXCERPTS, CONT.

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CODE EXCERPTS, CONT.

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CODE EXCERPTS, CONT.

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350 S. PALM CANYON DRIVE | 39

AFFILIATED BUSINESS DISCLOSURE & CONFIDENTIALITY AGREEMENT

Affiliated Business Disclosure

CBRE, Inc. operates within a global family of companies with many subsidiaries and/or related entities (each an “Affiliate”) engaging in a broad range of commercial real estate businesses including, but not limited to, brokerage services, property and facilities management, valuation, investment fund management and development. At times different Affiliates may represent various clients with competing interests in the same transaction. For example, this Memorandum may be received by our Affiliates, including CBRE Investors, Inc. or Trammell Crow Company. Those, or other, Affiliates may express an interest in the property described in this Memorandum (the “Property”) may submit an offer to purchase the Property and may be the successful bidder for the Property. You hereby acknowledge that possibility and agree that neither CBRE, Inc. nor any involved Affiliate will have any obligation to disclose to you the involvement of any Affiliate in the sale or purchase of the Property. In all instances, however, CBRE, Inc. will act in the best interest of the client(s) it represents in the transaction described in this Memorandum and will not act in concert with or otherwise conduct its business in a way that benefits any Affiliate to the detriment of any other offerer or prospective offerer, but rather will conduct its business in a manner consistent with the law and any fiduciary duties owed to the client(s) it represents in the transaction described in this Memorandum.

Confidentiality Agreement

This is a confidential Memorandum intended solely for your limited use and benefit in determining whether you desire to express further interest in the acquisition of the Property.

This Memorandum contains selected information pertaining to the Property and does not purport to be a representation of the state of affairs of the Property or the owner of the Property (the “Owner”), to be all-inclusive or to contain all or part of the information which prospective investors may require to evaluate a purchase of real property. All financial projections and information are provided for general reference purposes only and are based on assumptions relating to the general economy, market conditions, competition and other factors beyond the control of the Owner and CBRE, Inc. Therefore, all projections, assumptions and other information provided and made herein are subject to material variation. All

references to acreages, square footages, and other measurements are

approximations. Additional information and an opportunity to inspect the Property will be made available to interested and qualified prospective purchasers. In this Memorandum, certain documents, including leases and other materials, are described in summary form. These summaries do not purport to be complete nor necessarily accurate descriptions of the full agreements referenced. Interested parties are expected to review all such summaries and other documents of whatever nature independently and not rely on the contents of this Memorandum in any manner.

Neither the Owner or CBRE, Inc, nor any of their respective directors, officers, Affiliates or representatives make any representation or warranty, expressed or implied, as to the accuracy or completeness of this Memorandum or any of its contents, and no legal commitment or obligation shall arise by reason of your receipt of this Memorandum or use of its contents; and you are to rely solely on your investigations and inspections of the Property in evaluating a possible purchase of the real property.

The Owner expressly reserved the right, at its sole discretion, to reject any or all expressions of interest or offers to purchase the Property, and/or to terminate discussions with any entity at any time with or without notice which may arise as a result of review of this Memorandum. The Owner shall have no legal commitment or obligation to any entity reviewing this Memorandum or making an offer to purchase the Property unless and until written agreement(s) for the purchase of the Property have been fully executed, delivered and approved by the Owner and any conditions to the Owner’s obligations therein have been satisfied or waived.

By receipt of this Memorandum, you agree that this Memorandum and its contents are of a confidential nature, that you will hold and treat it in the strictest confidence and that you will not disclose this Memorandum or any of its contents to any other entity without the prior written authorization of the Owner or CBRE, Inc. You also agree that you will not use this Memorandum or any of its contents in any manner detrimental to the interest of the Owner or CBRE, Inc.

If after reviewing this Memorandum, you have no further interest in purchasing the Property, kindly return this Memorandum to CBRE, Inc.

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PALM SPRINGS, CA

© 2015 CBRE, Inc. The information contained in this document has been obtained from sources believed reliable. While CBRE, Inc. does not doubt its accuracy, CBRE, Inc. has not verified it and makes no guarantee, warranty or representation about it. It is your responsibility to independently confirm its accuracy and completeness. Any projections, opinions, assumptions or estimates used are for example only and do not represent the current or future performance of the property. The value of this transaction to you depends on tax and other factors which should be evaluated by your tax, financial and legal advisors. You and your advisors should conduct a careful, independent investigation of the property to determine to your satisfaction the suitability of the property for your needs. Photos herein are the property of their respective owners and use of these images without the express written content of the owner is prohibited. CBRE and the CBRE logo are service marks of CBRE, Inc. and/or its affiliated or related companies in the United States and other countries. All other marks displayed on this document are the property of their respective owners.

TIMOTHY L BOWERSenior Vice Pres ident+1 310 550 2521t [email protected]. 00864693

MARCO ROSSETTISenior Associate+1 760 578 4723marco.rossett [email protected]. 01805951

GABRIELLE LARDIERE+1 310 550 2605gabriel le. [email protected]. 01911073

3 5 0 S . PA L M C A N YO N D R .