Palm Springs, CA (PRWEB) September 04, 2013
After years of litigation between the owners of the South Palm Canyon Mixed-Use Project, located at 450-490 South Palm Canyon Drive in Palm Springs, the Riverside County Sheriff will conduct a court-ordered auction of the fully entitled, 2.67 acre mixed-use project in what many real estate market observers believe will be “the deal of the century” for the winning bidder.
On August 28, 2013, Los Angeles County Superior Court Judge Michael Stern granted a request by one of the project’s co-owners to proceed with the sale.
On September 12, 2013, the Riverside County Sheriff will conduct the sale of the 57.97% tenancy-in-common ownership interest formerly controlled by iconic real estate developer George Herscu. The site has been described as the southern gateway to the downtown core of Palm Springs.
THE SITE IS FULLY ENTITLED
Earlier this year, the Palm Springs Planning Commission granted an extension of existing entitlements to build a 125 unit condominium complex together with 39,000 feet of retail/commercial space. The site is zoned CBD, section 15. In passing resolution 6308 on January 9, 2013, the Palm Springs Planning Commission gave the green light to proceed with the development project.
DOWNTOWN PALM SPRINGS REAL ESTATE REBOUNDS
Another downtown Palm Springs Project, Downtown PS, will have a 190 room hotel operated by San Francisco-based Kimpton Hotels & Restaurants that will be the first four-star hotel built from the ground up in the Palm Springs area in nearly 20 years. Palm Springs is reemerging as a “semi-urban” resort destination, hotel consultant Bruce Baltin of PKF Consulting said, attracting younger visitors as it moves beyond its dated image as a staid haven for retirees. “There’s been a changing of the guard,” said commercial real estate broker Mark Spohn of Sperry Van Ness. “[Palm Springs is] more of a hip and edgy city as opposed to the rest of the Coachella Valley, which is more establishment.”
WINNING BID EXPECTED TO TOP $5 MILLION
“Based upon appraisals and market data, we expect the winning bid to be over $5 million,” according to Elliott H. Stone, attorney for the current owner Del Norte Investment Co. LLC, the company formerly run by real estate developer George Herscu, “the rebound in the Palm Springs commercial real estate market had been incredible,” adds Stone.
AUCTION BIDDING INSTRUCTIONS
The auction will take place on September 12, 2013 at 10:30 am., at the Riverside County Sheriff Court Services Office located at 46-200 Oasis Street, Room B-15, Indio CA 92201. Bidders will be required to show valid government issued identification and produce proof of funds totaling 10% of their highest bid price. Acceptable proof of funds are cashier’s check, money order or cash.
Thursday, September 12, 2013 at 10:30AM
Riverside County Sheriff – Court Services, East
46-200 Oasis Street, Room B-15
Indio, CA 92201
The court-ordered Notice of Sale may be found here.
For further information on bidding at the sale contact Priscilla de Avila with the Riverside County Sheriff on 760-863-8255.
For further information on the project, its history and development, contact Elliott H. Stone with the Stone Law Firm PC on 714-669-3700.
The information contained in this press release contains forward-looking statements relating the herein described events and is provided “as is” without any express or implied warranty of any kind, including warranties of title, entitlements, merchantability, or fitness for any particular purpose. In no event shall the author of the press release be liable for any damages whatsoever or due to the use of or inability to use the information provided he