La Quinta, CA City Council Approves SilverRock Purchase Agreement

LA QUINTA, Calif., Nov. 7, 2014 /PRNewswire/ -- Tuesday evening, the La Quinta, CA City Council approved the terms under which SilverRock Development Company LLC will acquire land from the City to develop a mixed-use resort master plan.  SilverRock Development Company is a joint venture between The Robert Green Company and Meriwether Companies, in association with Sofia Investments, Inc.  The City and developer finalized the terms of the Purchase, Sale and Development Agreement to develop the property including the existing Arnold Palmer Signature golf course and vacant land. The SilverRock Development Company won the contract after a competitive, open selection process against two other nationally-recognized developers.  The projected development cost is over $360 million. 

The plan includes enhancing the existing Arnold Palmer Signature golf course with a new clubhouse, a 140-key luxury hotel and a 200-key lifestyle hotel, each with a complement of branded homes, a 57,000 square foot meeting space facility, and a master planned resort village with a variety of homes.  The heart of SilverRock will be "The Promenade" mixed-use village, featuring a "RiverWalk" canal intersected by a pedestrian walkway.   

"Since our initial presentations to the City, we have carefully positioned the project to be attractive for capital investment," says Graham Culp a Managing Partner at Meriwether Companies. Taxes generated from hotel stays will initially be shared with the developer at a rate in line with industry standards. Robert S. Green, Jr., President of The Robert Green Company, states, "Support in the form of TOT revenue sharing is an innovative financing tool in today's resort market, and a wise investment for the City."

The Robert Green Company
Founded nearly 16 years ago by San Diego native Robert S. Green Jr., The Robert Green Company is a privately-held, commercial real estate development company headquartered in Encinitas CA, specializing in hospitality and mixed-use development throughout the Western US.  For more information, please visit, www.therobertgreencompany.com.

Meriwether Companies
Meriwether Companies is a multidiscipline real estate development and investment firm focused on distinctive residential and hospitality projects in resort communities and select urban settings.  Meriwether's group consists of over 50 years and $2 billion of collective real estate development and experience.  Meriwether is one of the premier resort development firms in the Western US.

Contact: Beth Binger
BCI
619-987-6658
[email protected]

SOURCE SilverRock Development Company LLC