LA QUINTA, Calif., July 16, 2018 /PRNewswire/ -- Shopoff Realty Investments ("Shopoff"), a national manager of opportunistic and value-add real estate investments, announced today that its project proposal for The Centre at La Quinta has been unanimously approved by the City of La Quinta. The proposed development will include a new residential housing community with 131 single family detached units, as well as a 2.8 acre hotel site. The project site is located in La Quinta's Highway 111 corridor in close proximity to retail shops, restaurants, and entertainment venues. Shopoff purchased the site in June 2016.
"This site was originally zoned for retail/commercial uses. Utilizing our entitlement expertise, our team determined that a residential and hotel development would be the highest and best use for this raw land, and better serve the growing community," said Shopoff Realty Investments Chief Executive Officer William Shopoff. "This site required a complex set of entitlements to achieve the desired development and through close collaboration with the City our team successfully completed a general plan amendment, zone change, specific plan amendment, as well as variances and a fiscal impact study. In the end, we were able to secure unanimous approval from the City for our project."
The approved residential portion of the project will feature a desert contemporary design with two product lines, including single-level and two-story homes (1,502 to 2,390 square feet), ranging from three to four bedrooms. The community is designed to take advantage of the indoor/outdoor lifestyle the City of La Quinta offers with views of the nearby mountains. In addition, the streets will be private and walkable, and the development will include pocket parks, a dog walk, bocce courts, and a community center. The hotel portion of the development is envisioned to be a limited service hotel with multi-story building accommodating up to 125 rooms.
John Santry, executive vice president of Shopoff Realty Investments' Land Division, added, "The City of La Quinta is located 25 miles from Palm Springs and is home to high quality developments, world-class golf courses and resorts such as the La Quinta Resort & Club. We believe this new residential product will be a valuable asset to this growing city, helping to satisfy pent up housing demand."
About Shopoff Realty Investments
Shopoff Realty Investments is an Irvine, California-based real estate firm with a 26-year history of value-add and opportunistic investing across the United States. The company primarily focuses on proactively generating appreciation through the repositioning of commercial income-producing properties and the entitlement of land assets. The 26-year history includes operating as Asset Recovery Fund, Eastbridge Partners and Shopoff Realty Investments (formerly known as The Shopoff Group). Performance has varied in this time frame. For additional information, please visit www.shopoff.com or call (844) 4-SHOPOFF.
This is not an offering to buy or sell any securities. Such offer may only be made through the offerings memorandum to qualified purchasers. Any investment in Shopoff Realty Investments programs involves substantial risks and is suitable only for investors who have no need for liquidity and who can bear the loss of their entire investment. There is no assurance that any strategy will succeed to meet its investment objectives. Securities offered through Shopoff Securities, Inc. member FINRA/SIPC, 2 Park Plaza, Suite 1120, Irvine, CA 92614, (844) 4- SHOPOFF.
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SOURCE Shopoff Realty Investments