SITE SIGNIFICANTLY FRACTURED OWNERSHIP CITRUS RANCH RoBott Land COM PA NY D O RG FA R ON NY CA OF TY E N U ID CO ERS V I R CVWD USA LAND Terra Lago DIL LO N Aliante L E NT MO INA S V LOT 6 29 E4 AV U EN 4 USA LAND RD VILLAS VINEYARD 90 LOTS 10 LS FAL S E GL OT EA 92 L 2 SH SP ADO EC W V IFIC IE PLA N N 86 10 111 STONEWATER @ INDIO HILLS 800.62 ACRES | 2,444 Potential Lots IBA TR E XC LU S I V E O F F E R I N G M E M O R A N D U M City of Indio Sphere of Influence Coachella Valley, CA The Hoffman Company Coachella Valley Office 777 E Tahquitz Way Suite 200 Palm Springs, CA 92262 T 949.760.969.7357 The Hoffman Company L a n d Br ok ers Erik Christianson Realty Advisors CA BRE #01475105 T 949.705.0920 echristianson@hoffmanland.com Site Plan (800.62 ac Stonewater, Indio Hills) Terra Lago COM PA NY SITE T Aliante RoBott Land AVENUE 44 DILLON RD SUMMARY: ‹ ‹ ‹ ‹ ‹ ‹ ‹ ‹ 86 ‹ ‹ ‹ 111 ‹ 1 Offering Guidelines 5 2 Property Overview 7 Location: The property is located at the Southeast corner of Dillon Road and3 Far Indio & Demographics goProfile Canyo Road (Avenue 42) in the Indio Hills n area. Zoning: W-2-10 (Control Developm ent, 10 acre minimum lot size) 4 Indio Residential Real Estates Trends General Plan: OS-RUR (Open Spa ce, Rural) 5 Coachella Valley New Home Projects EDR (Estate Density Residential, 2 ac minimum lot size) Total Parcel Size: 800.62 acres 6 Area New Home Project Snapshots Utilities: Water: Earthquake Fault Zones Sewer: 7 Land Sale Comparables APN/Parcel Sizes: 601-300-006 (11 .1 ac); 601-320-006 (248.41 ac), 007 (5.14 ac), 008 (12.26 ac), 009 (2.82 ac); 601-330-0 01 (12.88 ac), 002 (21.07 ac), 003 (23.71 ac); 10 W ‹ Site Amenities 216 Condos 866 Homes (7,000 s/f) 1,125 Homes (8,000 s/f) 201 Homes (10,000 s/f) 36 Homes (12,000 s/f) TA B L E O F C O N T E N T S Total: 2,444 homes Parks/Open Areas = 158 ac 19 27 29 33 41 1 O F F E R I N G G U I D E L I N E S OFFERING GUIDELINES 1 OFFERING GUIDELINES Due Diligence Materials Purchase & Sale Agreement The due diligence documents are available upon request. Please do not contact or meet Seller to provide Buyer with a Purchase & Sale Agreement within 5 days of selection. with city regarding this project until permission is granted. Buyer and Seller shall work diligently to have the Purchase & Sale Agreement executed by both parties, within 10-days after delivery. Seller Deposits Robott land Company A Minimum Initial Deposit of equal to Two-and-a-Half Percent (2.5%) of the purchase Letter of Intent Address price shall be made at the Opening of Escrow and shall remain refundable during the Robott land Company Due Diligence Period. The Second Deposit shall be placed into Escrow prior to expira- c/o Erik Christianson tion of the Due Diligence Period. The sum of the Initial Deposit and Second Deposit The Hoffman Company shall equal a Total Deposit of Five Percent (5.0%) of the Purchase Price. Upon Buyer’s 18881 Von Karman Ave., Suite 150 approval of its Due Diligence, the Total Deposit shall be released to Seller and shall be Irvine, CA 92612 non-refundable except for Seller default. Offer Form Opening of Escrow Buyer to offer price and other major business points via Buyer’s own form of Letter of Upon Delivery to Escrow of the mutually executed Purchase & Sales Agreement and the Intent (LOI). initial Deposit equal to a minimum of Two-and-a-Half Percent (2.5%) of the purchase price. Asking Price Close of Escrow Submit The Close of Escrow shall occur within 15 days after due diligence period expiration. Deal Structure Seller will entertain a Bulk Purchase All-Cash transaction. Buyer to assume site in an As-Is, Offer Due Date Where-Is condition. Offers will be considered as they are submitted. Due Diligence Period Buyer Selection The Due Diligence Period shall commence upon acceptance of the LOI and conclude no To be determined. more than 30 days thereafter. 5 STONEWATER 800 ACRES | INDIO RoBott Land C O M P A N Y 2 P R O P E R T Y O V E R V I E W PROPERTY OVERVIEW 2 VICINITY Site Plan JACKSON ST CITRUS RANCH SIGNIFICANTLY FRACTURED OWNERSHIP (800.62 ac Stonewater, Indio Hills 3,053 Lots SITE SITE T DILLION RD AVENUE 42 SUM AVENUE 44 ‹ ‹ HARRISON ST ‹ ‹ ‹ ‹ ‹ I LL DI ‹ ‹ N AVENUE 48 ON ‹ 7 ‹ ‹ 21 86 1,1 20 36 To Pa RD Site Amenities Location: The property is located at the Southeast corner of Dillon R Road (Avenue 42) in the Indio Hills area. Zoning: W-2-10 (Control Development, 10 acre minimum lot size) General Plan: OS-RUR (Open Space, Rural) EDR (Estate Density Residential, 2 ac minimum lot size) RoBott Land Total Parcel Size: 800.62STONEWATER acres 800 ACRES | INDIO C O M P A N Y Earthquak Utilities: Water: 2 PROPERTY OVERVIEW M A I N R O U T E S T O S T O N E WAT E R 8 0 0 A C R E S n Rd Dillo 10 SITE 10 86 Via I-10 Freeway heading East Exit at Dillon Road Turn left onto Dillion Road/ Indio Business Loop Site is on your Right at Fargo Canyon Road Via Highway 111 heading East Turn Left onto Golf Center Pkwy/Indio Center Drive Turn Right onto Avenue 44 Turn Left onto Dillion Road Site is on your Right at Fargo Canyon Road N RoBott Land CO M P A N Y EXCLUSIVE OFFERING MEMORANDUM 8 PROPERTY OVERVIEW 2 S I T E D E TA I L Property Overview Location Stonewater @ Indio Hills provides one of the few large developable masterplan opportuni- The property is located South East corner of Dillion and Fargo Canyon Road (Avenue 42) in the ties in the Indio area, and is located in one of the only path of growth directions just east of Indio Hills area. Two miles north of Interstate 10. the active age restricted development “Terra Lago” by K. Hovnanian Four Seasons. Size City of Indio Overview 800.62 Continuous Acres Indio is the Coachella Valley’s fastest growing city, the fifth fastest growing city in the state last year, and is endowed as the most populous city in the desert with 84,000 residents. Indio Entitlements has become known both locally and across the nation as the “City of Festivals” with annual Proposed Specific plan for 2,444 units & 25 Acres of Commercial concerts and fairs breaking new attendance records every year. To keep up with the growing population, in the last six years alone, the city of Indio has invested more than $100 mil- Summary lion in infrastructure including paved roadways, landscaping, and upgraded water & sewer 216 Condos treatment plants. 866 Homes (7,000 SF) 1,125 Homes (8,000 SF) Coachella Valley Summary 201 Homes (10,000 SF) The Coachella Valley (also known as “the desert”) market area generally appeals to well- 36 Homes (12,000 SF) established local residents, seasonal part time residents, and seniors from all over the na- 2,444 Total Homes & 158 Acres of Open Area and Parks tion and Canada which in turn supports the local job market in the health care, tourism, and energy industries. The continual influx of new residents to the area are attracted to the APN year round warm weather and resort-style living. Top attractions include nearby shopping 601-300-006, 601-320-006, 007, 008, 009, 601-330-001, 002, 003, at the world-class El Paseo, fine dining, well-appointed resorts & spas, a half-dozen popu- 601-340-001, 002, 004, 012, 014 lar casinos, internationally known golf courses & tennis events, growing music festivals, equestrian tournaments, motorsports facilities, and an abundance of other entertainment Zoning venues not found anywhere else in the nation with this level of concentration. The unique W-2-10 (Control Development, 10 acre minimum lot size) & affluent Buyer profile for the subject property could naturally be focused on the moveup, up, second home, and retirement home buyers, whom are generally known to be less sensi- General Plan tive to economic pressures and interest rate fluctuations compared to entry level home OS-RUR (Open Space, Rural) buyers. Historical trend data shows that the years of 2000-2007 accounted for over 25,000 EDR (Estate Density Residential, 2 ac minimum lot size) new home sales in the Coachella Valley (an average of nearly 4,000 new home sales per year over an 8-year period). Now in year 2014, the Coachella Valley is experiencing a historical Geology inventory shortage however it possesses an incredible growth potential, especially being A Geological study identified a fault line runningthrough the southwest at the beginning stages of the recovery of this resilient submarket. corner of the property. 9 STONEWATER 800 ACRES | INDIO RoBott Land C O M P A N Y 2 PROPERTY OVERVIEW COMPE TITIVE MARKE T AREA OVERVIE W Competitive Market Area within the CMA, which is historically the fewest communities in the past decade. Improving The Competitive Market Area (“CMA”) for Stonewater 800 Acres includes single family commu- sales and limited inventory have helped attribute to nearly a 32% increase in new home pricing nities the within the area of Indio north of Interstate 10. Indio is the largest of the desert cities, over the past twelve months. located on the east portion of the Coachella Valley, within close proximity of La Quinta and Palm Desert. Stonewater 800 Acres is located within the Sphere of Influence area of North Indio with Coachella Valley Residential Permit Trends direct access to the Club at Terra Lago, one of the desert’s most played golf courses. New home The long-term trend line for building activity in the Coachella Valley is ±3,500 new home sales product North Indio is limited with only four active conventional new home communities. In ad- per year. With the housing downturn beginning in 2006, permit levels plummeted to historic dition, the Indio re-sale inventory is at historic lows with only two months of supply. Distressed lows and are now at the early stages of recovery. Re-sale home sales have filled the void and properties such as foreclosures and short sales make up less than 2% of the overall inventory. averaged over 7,000 sales annually from 2009-2013 as very little new home projects were open during this timeframe. New construction began to increase in 2012 with the Valley achieving Product & Pricing Highlights just under 1,000 new homes sales in 2013 and is estimated to increase above this base by ap- CMA highlights obtained from The Hoffman Company’s own recent prox. 500 units a year starting in 2014 and return to the long term average of 3,500 units per independent surveys of active neighborhoods are summarized as follows: year by 2017. • There are currently only four active single family conventional new home communities. • Average base pricing has increased approximately 32% in the last 12 months, resulting in COAC H E L L A VA L L E Y an average increase of over $60,000 per home during the last year. • Average sales velocity per community for the existing Lennar and Horton tracts is approx. 4.0 to 5.0 sales per month. • The two new Woodside Homes tracts (also the lowest price) just opened in late 2013/early 2014 but have had a slower start partially due to just having received white reports. • Homebuilders that control inventory in the CMA include DR Horton, Lennar, and Woodside Homes. Historical Trends According to Metrostudy, there were over 30 active new home single family communities in 881 the City of Indio in just the years of 2006-2007 and approximately 5,642 building permits pulled within the CMA from 2003 to 2006 (1,410 avg. per year for those 4 years). Indio New Home Sales during this period represented approximately 30 to 40% of all new home sales in the Coachella Valley. SOURCE: Market Watch, LLC (Q2-2013) Following this peak, home pricing, community count and overall sales began a steady decline in M A R K E T I N D I C AT O R S L A S T 1 2 M O N T H S | I N D I O, C A * 2007. The market began to recover in 2012, as home pricing and sales velocity began an upward Home Prices: trend. Currently there are only approximately four active new home conventional communities Price/SF: 33% 32% Days on Market:20% *Re-sale & New Home Detached Sales Data Only RoBott Land CO M P A N Y EXCLUSIVE OFFERING MEMORANDUM 10 PROPERTY OVERVIEW 2 S I N G L E FA M I LY D E TA C H E D R E S I D E N T I A L B U I L D I N G P E R M I T S 11 STONEWATER 800 ACRES | INDIO RoBott Land C O M P A N Y 2 PROPERTY OVERVIEW C LO S E U P A E R I A L FARGO CANYON RD USA LAND DILLON RD TERRA LAGO USA LAND CVWD USA LAND N RoBott Land CO M P A N Y EXCLUSIVE OFFERING MEMORANDUM 12 (800.62 ac Stonewater, Indio Hill PROPERTY OVERVIEW 2 SITE PLAN T SIT SUM ‹ ‹ ‹ 13 STONEWATER 800 ACRES | INDIO RoBott Land C O M P A N Y ‹ 2 8 1 2 PROPERTY OVERVIEW 2 A S S E S S O R ’ S PA R C E L M A P 15 STONEWATER 800 ACRES | INDIO RoBott Land C O M P A N Y 2 PROPERTY OVERVIEW PROPER T Y PHOTOS RoBott Land CO M P A N Y EXCLUSIVE OFFERING MEMORANDUM 16 PROPERTY OVERVIEW 2 PROPER T Y PHOTOS 17 STONEWATER 800 ACRES | INDIO RoBott Land C O M P A N Y 3 I N D I O P R O F I L E & D E M O G R A P H I C S INDIO PROFILE & DEMOGRAPHICS 3 AREA OVERVIEW Valley Overview Nearby Golf Courses The Coachella Valley is one of the fastest growing areas in the country, due in part to its loca- More than 130 golf courses blanket Coachella Valley making it one of the world’s premier golf tion in Riverside County. The valley extends for approximately 45 miles, southeast from the San destinations. The subject property is in close proximity to three public courses: Bernardino Mountains to the Salton Sea. The population is near 600,000 making the valley the • second largest sub-region in the Inland Empire. Terra Lago: A dramatic desert 36-hole course in the Indio Hills consisting of numerous elevation changes and great views. The subject site is located in Indio, approximately 26 miles east of Palm Springs. Interstate 10 • Shadow Hills Golf Club: A Schmidt-Curley, Inc. design with 18 holes and a practice facility. • Eagle Falls: Designed by Clive Clark, the architect of the Indian Wells Resort-Celebrity can be easily accessed from the site via Jackson Road. Affresco, and the area surrounding, is course. The course is moderately rolling with a number of elevated tees and greens, and considered a premier location in North Indio. Due to it’s proximity to retail amenities, golf and wide fairways. Interstate 10, local realtors consider this area of North Indio one of the most desirable addresses. Local Events Potential Buyer Profile • Palm Springs International Film Festival With approximately 20 million people located just 2 hours away in the coastal communities • BNP Paribas Open (Indian Wells Tennis Garden) of Orange, San Diego, and Los Angeles Counties, the Coachella Valley is a high desired • Coachella Music Festival area due to it’s weather and cultural amenities. With more than 350 days of sunshine per • Stagecoach Festival year and the warmest winters in the west, the Coachella Valley is an ideal place to buy for • Merrill Lynch Skins Game many subgroups including: • HITS Horse Show • Local first time buyers or first time move up buyers • Riverside County Fair & National Date Festival • Canadian snowbirds • Indio International Tamale Festival • Retirees and pre-retirees • Modernism Week • Thermal Club (Motorsports Facility & Racetrack) Casinos & Spas The area is dotted with classy, Las Vegas-style casinos run by local Indian tribes as well as resort hotels and spas with natural mineral water wells, making it a prime local vacation destination as well. The following casinos are in close proximity to the site: • Fantasy Springs Resort Casino • Morongo Casino Resort & Spa • Agua Caliente Casino Resort & Spa • Augustine Casino • Spotlight 29 Casino • Spa Resort Casino • Miracle Springs Resort & Spa 19 STONEWATER 800 ACRES | INDIO RoBott Land C O M P A N Y 3 INDIO PROFILE & DEMOGRAPHICS COMMUNIT Y DEMOGR APHIC OVERVIE W Community Summary Population Graph Coachella Valley 214% Population Density (ppl/mile) 1,556 450,000 Household Size (ppl) 2.83 400,000 Housing Stability City of Indio Annual Residential Turnover17% 5+ Years in Residency 35% Median Year in Residency 3.68 350,000 POPULATION LEVEL Households w/Children34% Coachella Valley Population Growth (since 2000) 300,000 250,000 200,000 150,000 100,000 50,000 0 �01 �02 �03 �04 �05 �06 �07 �08 �09 �10 �11 Source: United States Census Bureau Workforce Income by dollar range (Median Income: $78,621 100% White Collar 90% Blue Collar 70% 53% 60% 50% 40% 30% 20% 47% 10% City of Indio 80% <10K 10K-15K 15K-20K 20K-25K 25K-30K 30K-35K 35K-40K 40K-45K 45K-50K 50K-60K 60K-75K 75K-100K 100K-125K 125K-150K 150K-200K 200K-250K 250K-500K >500K 0 0% NUMBER OF WORKERS RoBott Land C OM P A N Y EXCLUSIVE OFFERING MEMORANDUM 20 500 1000 1500 2000 2500 INDIO PROFILE & DEMOGRAPHICS 3 A R E A AT T R A C T I O N S M A P 17 18 SHADOW HILLS 23 22 25 SUN CITY 21 SHADOW HILLS HIGH SCHOOL 24 26 1 UNDER CONSTRUCTION GOLF COURSE 19 2 16 15 Downtown 14 Indio La Quinta Arts Festival The Citrus 7 4 3 8 6 13 5 11 12 9 20 21 1 College of the Desert 2 El Paseo Luxury Shopping 3 Old Town La Quinta 4 La Quinta Arts Festival (#1 in Nation Fine Arts Festivals) 5 Silver Rock Resort & Golf Club 6 The Citrus Country Club 7 La Quinta Resort & Club 8 Empire & El Dorado Polo Fields (Coachella & Stagecoach Festivals) 9 HITS Horse Show 10 Thermal Club Race Track 11 PGA West Golf 12 Augustine Casino 13 Plantation Country Club 14 JFK Memorial Hospital 15 Downtown Indio 16 Fantasy Springs Casino 17 UC Riverside 18 CSU San Bernardino 19 Indian Wells Tennis Garden 20 The Golf Club at La Quinta 21 City of Indio Golf Course 22 Del Webb Shadow Hills 23 Sun City 24 Landmark Lakes Golf Course at Terra Lago 25 New Shadow Hills High School 26 Wal-Mart Under Construction 10 STONEWATER 800 ACRES | INDIO RoBott Land C O M P A N Y 3 INDIO PROFILE & DEMOGRAPHICS Indio Where progress is present and meeting the future BY ELLE N PARIS Indio has arrived. It’s a vibrant, amenity-rich city for residents, businesses and visitors alike. Lots has increased sales tax revenues for the city, as has the Regency Center located across From the city’s bustling teen center to large residential developers like Pulte Homes and KB the way with anchor tenants Winco supermarket and Home Depot. These centers created Homes to new businesses locating in Indio. The city invested more than $100 million over the hundreds of jobs for residents. last five years in infrastructure, from miles of newly paved roadways to new and upgraded water and sewage treatment plants. “Indio remains a city on the move with positive present “For all the noticeable development around the city, you have to consider the tremendous and future growth,” notes Mayor Gene Gilbert. “There are examples of all types showcasing amount of work and dollars that have gone into roads, water systems, and storm drains to this around the city.” The valley’s oldest city is also the fastestgrowing and the largest city, with more than 84,000 residents and has the valley’s More than 100,000 visitors enjoy the Coachella Music & Arts Festival at Empire Polo Grounds in Indio. P H OTO BY CHR I S MI L L ER second-lowest crime rate. It’s no surprise Indio’s great diversity of people, places, and activities continues to attract new residents, commercial and residential development, and businesses. “Residential development is active here, north of I-10. We are seeing Pulte and KB Homes pulling permits for new homes,” notes Mariano Aguirre, Indio’s development manager. “That tells you that Indio is where builders still want to build and buyers want to buy.” The two super shopping destination centers at Jackson Street and I-10 draw crowds throughout the valley. The Showcase Center with a Super Target, Marshalls, Ross, and Big RoBott Land C OM P A N Y EXCLUSIVE OFFERING MEMORANDUM 22 INDIO PROFILE & DEMOGRAPHICS 3 INDIO PROFILE Mayor: Gene Gilbert Year Incorporated: 1930 Mayor Pro Tem: Ben Godfrey Population: 84,393 Council Members: Glenn Miller, Lupe Ramos Watson, Melanie Fesmire Median Household Income: $53,824 www.indio.org support higher-density development. These are all city assets that you don’t see but make a At the other end of demographic spectrum is the Indio Teen Center (ITC), which is gearing up tremendous difference in the quality of life Indio offers,” Aguirre observes. For example, the for a full year of activities and programs. One-third of Indio’s population is younger than 18. city heavily invested in infrastructure in new landscaping and sidewalks on Miles Avenue, For them, the state-of-the-art center (a block from the Indio Senior Center and across from with much of it spent underground constructing a new storm drain system. Indio High School) provides a safe, supervised, and secure place to meet with friends and make new ones. The city’s aggressive and proactive economic development outreach efforts can be seen in the 80-acre downtown also known as Old Town. City loans resulted in the openings of Big The ITC serves more than 200 teens daily. It provides high school students an array of edu- Willie’s Old Time Cookin’ restaurant downtown and Jackalope Ranch restaurant at the city’s cational and recreational activities, including college tours, job search, and career planning. west entrance. Teens also take advantage of cooking, dance, and boxing classes. The boxing program is taught by professional boxing champ Gabino Saenz. The ITC works closely with the Indio Se- The city’s planned transportation center is moving forward at Jackson Street and Indio Bou- nior Center integrating multi-generational programs that teens and seniors attend together. levard. The proposed 10,000-square-foot facility will house both Amtrak and Greyhound sta- It is the only facility of its kind in the Coachella Valley. tions, as well as a restaurant to serve travelers. As part of the Coachella Valley Enterprise Zone, businesses locating in Indio are offered attractive state tax credits. Indio is also part of the As the city has worked diligently to provide more amenities in every way for a diverse popula- Coachella Valley Empowerment Zone with federal tax credits for new businesses. The city’s tion it has one common goal. “Everyone here in the city is working towards having roads we Redevelopment Project Area can provide further assistance to new businesses. The message: can drive on, parks we can play in, shops we can shop in, and a safe community to raise our Indio is open for business. kids and grandkids in,” says City Manager Dan Martinez. Occupying the former Greyhound site will be the multistory College of the Desert East Valley The heavy investment in infrastructure promises that when residential and commercial de- Campus. When renovation is completed in 2012, the 40,000-square-foot building will accom- velopment strongly gears up again, Indio stands ready to meet demands. Consider the acres modate more than 3,000 students. The city also is negotiating with a private developer and and acres of prime available land ready for future development along Interstate 10. The I-10 investors to bring a first-rate law school to the city. That’s one more amenity to set Indio apart. Auto Mall now houses five major dealerships, generating strong sales tax revenues for the city. Once the economy turns, look to it for further expansion. The Indio Senior Center, opened less than a year ago, buzzes with activity starting at 7:30 a.m. It provides a much-needed community resource people 50 and over to socialize, make new Infrastructure investment continued this year with the opening of the new Indio corporate friends, share their skills and ideas, learn new things, and gather information. It offers Indio’s yard, a first-class infrastructure and public works facility. It is the backbone of the city for es- culturally diverse population a variety of classes and discussions and also serves lunch. sential services, including emergency response. “We didn’t just stop dead in the water with large public works projects. It turned out to be a very advantageous time for us to build the 23 STONEWATER 800 ACRES | INDIO RoBott Land C O M P A N Y 3 INDIO PROFILE & DEMOGRAPHICS INDIO PROFILE corporate yard when we did. Moving forward with it during a tough economy actually saved In downtown, the continued reconstruction and maintenance of roads and capital improve- us around $2 million,” Gilbert says. ment projects are contributing factors to Indio’s economic success. In addition to the new COD campus site at Oasis Street and Civic Center Drive, a vacant commercial building with Entering Indio from the west on Highway 111, you’ll notice a major difference in the scenery. abutting warehouse is slated to become an artist studio. A desert-scaped median with a natural stone sculpture welcomes you. On the north side sits one of the valley’s largest and grandest restaurants: Jackalope Ranch, a destination for diners To cope with issues associated with home foreclosures, Indio has implemented a variety of from across the valley. The lodge-like restaurant sits on 6.5 acres and offers Southwestern and successful programs, helping residents hold onto their homes and the maintain integrity of barbecue fare. It features an indoor saloon, outdoor palapa bar, evening entertainment, and their neighborhoods. Some have received national recognition. They include The Housing Sunday brunch. Next to Jackalope Ranch are 50 prime acres known as Polo Square, a site ripe Resource Center, Neighborhood Stabilization Programs, a Foreclosure Registration and Main- for commercial and residential development. tenance Ordinance, Housing Rehabilitation Program, Neighborhood Cleanup Program, and Better Neighborhoods Program. The city created the Coachella Valley’s first and only cityfund- Dan Martinez grew up in Indio and recently returned after 24 years, accepting the city manag- ed Housing Resource Center. As a result, Indio was the only West Coast city to be recognized er position. “In the last five years, there was substantial investment in infrastructure improve- by the United States Department of Justice. ment and new facilities, positioning the city as a location ripe for both business and people to relocate to,” Marintez says. He points to more than 80 miles of newly paved roads, 112 miles Indio also offers recreational and entertainment amenities second to none. These include of new water lines, and the renovation of six city parks. “Indio is a city I very much wanted to Fantasy Springs Resort Casino, which hosts internationally known entertainment headliners, come home to,” Martinez says. An additional large public works project in the design stage is state-of-the-art bowling, and first-class restaurants. Other attractions include golf clubs and the off-ramp at Jefferson Street and I-10. The Sun City Shadow Hills Fire Station and Terra Lago resorts, the Coachella Valley Museum and Cultural Center, murals, polo, and other equestri- Fire Station have opened. an events, the Wild Bird Center, and the stunning Empire Polo Club as the perfect venue for sporting and entertainment venues. Expansion of the city’s water infrastructure to accommodate growth included adding reservoirs, booster pump stations, wells, pressure-reducing stations, and pipeline improvements. The city is well known as The City of Festivals, which attracts, nearly 1 million visitors annually. Indio has 112 miles of pipeline, 18.75 million gallons of water storage in three reservoirs, 21 They include the Riverside County Fair & National Date Festival, Southwest Arts Festival, Ken- active wells, and five booster stations for ideal water pressure. Additionally, the city is sched- nel Club Dog Show, Motor Coach Rally, Coachella Music and Arts Festival, Stagecoach Country uled to activate its first elevated reservoir, Lost Horse Reservoir, located one mile north of the Music Festival, and the International Tamale Festival. Entering its 12th year, the Coachella Mu- Terra Lago clubhouse. Indio has partnered with water purveyors in the Coachella Valley to sic and Arts Festival has become a world-renowned event, drawing such legendary perform- establish an integrated regional water management plan in order to manage the water sup- ers as Madonna and Paul McCartney. The Stagecoach festival is quickly achieving the same ply throughout the valley. cachet for country music fans. The Downtown Phase Infrastructure Project is due for completion by year-end. It includes, With a multitude of amenities and services to serve residents, visitors, and businesses in a reconstructed streets, new water and sewer lines, undergrounded utilities, and improved first-class environment, it’s evident that Indio has arrived. streetscapes. This also includes new utilities to serve existing and future multiuse six-story developments. RoBott Land C OM P A N Y EXCLUSIVE OFFERING MEMORANDUM 24 INDIO PROFILE & DEMOGRAPHICS 3 AREA SCHOOLS EXHIBIT Desert Sands Unified School District (DSUSD) is the highest academic scoring district of the 3 Coachella Valley districts and serves the communities of Indio, La Quinta, Palm Desert, Indian Wells, Bermuda Dunes, and Rancho Mirage. The district currently operates 22 elementary schools, 9 middle schools, 6 high schools, and one continuation high school. DSUSD has a reputation for academic excellence and its top 3 high schools are among the top 10 in Riverside County and are above both California and US averages. 10 2 3 SITE 1 10 10 86 1 Dwight Eisenhower Elementary School 2 Desert Ridge Academy (Middle) 3 Shadow Hills High School Address: 83391 Dillon Ave, Indio, CA 92201 Address: 79767 Ave. 39, Indio, CA 92203 Address: 39225 Jefferson St., Indio, CA 92203 2013 API: 775 2013 API: 812 2013 API: 839 Great Schools Rating: 5 out of 10 Great Schools Rating: 6 out of 10 Great Schools Rating: 6 out of 10 No. of Students: 579 No. of Students: 1,068 No. of Students: 1,218 Dwight Eisenhower Elementary School is a public school located in Indio, CA. It’s one of 21 elementary schools in the Desert Sands Unified. Dwight Eisenhower Elementary School operates from August 30 to June 11. It serves 579 students from kindergarten to 5th grade, and has an overall student-to-teacher ratio of 22:1. In addition to standard statewide class curriculum, Dwight Eisenhower Elementary School offers gifted and talented classes. Special education programs are available at this school. Desert Ridge Academy is a public school located in Indio, CA. It’s Shadow Hills High School is a public school located in Indio, one of 9 middle schools in the Desert Sands Unified School Dis- CA. Shadow Hills High School opened on August 31, 2009, with trict. Desert Ridge Academy operates from June 8 to November about 600 freshman and sophomore students. The high school 6. It serves 926 students from 4th grade to 8th grade, and has an is the fourth in the Desert Sands Unified School District. Shad- overall student-to-teacher ratio of 26:1. ow Hills has 84 classrooms, a 400-seat performing arts theater, an 80-seat lecture hall and a three-court gymnasium. 25 STONEWATER 800 ACRES | INDIO RoBott Land C O M P A N Y 4 I N D I O R E S I D E N T I A L R E A L E S TAT E T R E N D S 462 units in 2013. 4 I N D I O R E S I D E N T I A L R E A L E S TAT E T R E N D S C O A C H E L L A VA L L E Y H O M E S A L E S & H O M E P R I C I N G H O M E P R I C E & A C T I V I T Y T R E N D S | I N D I O, C A ( D E TA C H E D H O M E S ) Through July 2014 Price per Square Foot New Home Sales 1,000 - 1,500 Current vs. Current vs. Same Current vs. Same Qtr Prev Month Month 1 Year Ago 1 Year Ago May14- May13- Jul 14 Jun 14 Average Sq Ft Price 137.5 % Change Jul 14 Jul 13 % Change July 14 -3% 137.5 136.2 1% 139.6 141.7 Jul 13 % Change 127.7 9.3% Average Price for Sale and Sold Current vs. Current vs. Same Current vs. Same Qtr Prev Month Month 1 Year Ago 1 Year Ago May14- May13- 2014 Est. 850 Coachella Valley, 2000-2013 Jul 14 Jun 14 % Change Jul 14 Jul 13 % Change Jul 14 Jul 13 % Change Avg. Active Price 387 409 -5.4% 387 415 -6.7% 406 437 -7.1% Avg. Sold Price 278 271 2.6% 278 269 3.3% 275 258 6.6% Copyright ©Trendgraphix, Inc. 27 STONEWATER 800 ACRES | INDIO RoBott Land C O M P A N Y 5 C O A C H E L L A VA L L E Y N E W H O M E P R O J E C T S COACHELLA VALLE Y NE W HOME PR OJEC TS 5 COMPE TITIVE MARKE T AREA Competitive Market Area | Coachella Valley I-10 Corridor Submarkets The competitive market area (“CMA”) for Stonewater 800 Acres includes the I-10 corridor area submarkets of North Palm Desert, Bermuda Dunes, North Indio, Central Indio and Coachella. NORTH PALM DESERT BERMUDA DUNES NORTH INDIO SUBJECT SITE CENTRAL INDIO COACHELLA 29 STONEWATER 800 ACRES | INDIO RoBott Land C O M P A N Y 5 COACHELLA VALLE Y NE W HOME PR OJEC TS A C T I V E E N T R Y L E V E L N E W H O M E D E V E LO P M E N T P R O J E C T S M A P Expressions $426,000 to $460,000 Esperanza (Small Lot) $330,000 to $360,000 Sonrisa (Small Lot) $250,000 to $306,000 9 8 10 Shadow Hills $206,000 to $403,000+ (55+ Active Adult) 12 11 Mountain Estates $294,000 to $320,000 3 Signature Series $630,000 to $680,000 4 5 Aliante $275,490 to $321,490 2 1 6 Encore $440,000 to $484,000 Palazzo $268,000 to $294,000 Desert Trace $253,000 to $272,000 Indio Area Terra Lago $239,000 to $376,000 7 8 Coachella Area Palm Desert Area Trilogy @ The Polo Club $246,990 to $447,000 SUBJECT SITE RoBott Land C OM P A N Y EXCLUSIVE OFFERING MEMORANDUM 30 La Playas $217,000 to $236,000 COACHELLA VALLE Y NE W HOME PR OJEC TS 5 NE W HOME PHOTOS – CURRENT AC TIVE PROJEC TS 1) Aliante, Indio 2) Mountain Estates, Indio 3) Del Webb, Indio 4) Palazzo, Indio 5) Desert Trace, Indio 6) Terra Lago, Indio 7) Trilogy, Indio 8) Las Playas, Coachella 10) Encore, Palm Desert 11) Sonrisa, Palm Desert 8) Signature Series, Palm Desert 9) Expressions, Palm Desert 12) Esperanza, Palm Desert 31 STONEWATER 800 ACRES | INDIO RoBott Land C O M P A N Y 6 A R E A N E W H O M E P R O J E C T S N A P S H OT S AREA NEW HOME PROJECT SNAPSHOTS 6 INDIO AC TIVE PROJEC TS More details for each project on the following pages. AVENUE 40 GOLF CENTER PKWY AVENUE 42 SITE DILLON RD FRED WARNING DR Aliante MILES AVENUE 10 111 Terra Lago VAN BUREN AVE MONROE ST N JEFFERSON ST AVENUE 48 33 86 STONEWATER 800 ACRES | INDIO RoBott Land C O M P A N Y 6 L A N D S A L E C O M PA R A B L E S INDIO AC TIVE PROJEC T Mountain Estates, Indio (North) Mountain Estates (DR Horton) | Active Project Summary Total Project Size: 103 Homes Product Type: Detached, 1 Story, Medium Sized Lots (8,712 min. SF Lots) Sales Last 2 Months: 8 (4.0/mo.) Under Construction: N/A Remaining Lots: 96 Notes: Opened June 2013. New larger floor plans recently added. Mountain Estates Product Matrix Floor Plan Estimated Mix Pricing Price/SF Unit Size Lot Size Min. HOA Levels Build. Type Parking Bed Baths 1) Residence 1 33% $294,990 $125 2,351 8,276 $101 1 Detached 3-Gar. 3 2.5 2) Residence 2 33% $305,990 $118 2,583 8,276 $101 1 Detached 2-Gar. 3 2.5 3) Residence 3 33% $320,990 $115 2,798 8,276 $101 1 Detached 3-Gar. 3 3 JEFFERSON ST AVE 40 AVE 42 AVE 44 RoBott Land C OM P A N Y EXCLUSIVE OFFERING MEMORANDUM GOLF CENTER PKWY MONROE ST MADISON ST 10 Example Floor Plan 34 AREA NEW HOME PROJECT SNAPSHOTS 6 INDIO AC TIVE PROJEC T Aliante, Indio (North) Aliante (Lennar) | Active Project Summary Total Project Size: 118 Homes Product Type: Detached, 1 Story, Medium Sized Lots (8,276 min. SF Lots) Sales Last 2 Months: 8 (5.0/mo.) Under Construction: N/A Remaining Lots: 78 Notes: Opened May 2013. Aliante Product Matrix Floor Plan Pricing Price/SF Unit Size Lot Size Min. HOA Levels Build. Type Parking Bed Baths 1) Residence 1 25% $275,990 $136 2,033 8,276 $90 1 Detached 3-Gar. 4 2 2) Residence 2 25% $294,990 $129 2,284 8,276 $90 1 Detached 2-Gar. 4 3 3) Residence 3 25% $307,990 $115 2,686 8,276 $90 1 Detached 3-Gar. 4 2.5 4) Residence 4 25% $320,990 $114 2,802 8,276 $90 1 Detached 2-Gar. 5 3.5 MADISON ST AVE 42 AVE 44 GOLF CENTER PKWY 10 MONROE ST JEFFERSON ST AVE 40 Estimated Mix Aliante Example Floor Plan 35 STONEWATER 800 ACRES | INDIO RoBott Land C O M P A N Y 6 L A N D S A L E C O M PA R A B L E S INDIO AC TIVE PROJEC T Desert Trace, Indio Desert Trace (Woodside Homes) | Active Project Summary Total Project Size: 81 Product Type: Single Family Detached Sales Last 2 Months: N/A Under Construction: N/A Remaining Lots: N/A Desert Trace Product Matrix Floor Plan Estimated Mix Pricing Price/SF Unit Size Lot Size Min. HOA Levels Build. Type Parking Bed Baths 1) Residence 1 25% $267,990 $134 2,000 8,460 $103 1 Detached 2-Gar. 3 2 2) Residence 2 25% $274,990 $132 2,088 8,460 $103 1 Detached 2-Gar. 4 2 3) Residence 3 25% $281,990 $127 2,226 8,460 $103 1 Detached 2-Gar. 3-4 2 4) Residence 4 25% $291,990 $118 2,469 8,460 $103 1 Detached 2-Gar. 4 2 JEFFERSON ST AVE 40 AVE 42 AVE 44 RoBott Land C OM P A N Y EXCLUSIVE OFFERING MEMORANDUM GOLF CENTER PKWY MONROE ST MADISON ST 10 Example Floor Plan 36 AREA NEW HOME PROJECT SNAPSHOTS 6 INDIO AC TIVE PROJEC T Palazzo, Indio Palazzo (Woodside Homes) | Active Project Summary Total Project Size: 60 Homes Product Type: Single Family Homes Sales Last 2 Months: N/A Under Construction: N/A Remaining Lots: 43 Remaining Homes Palazzo Product Matrix Floor Plan Pricing Price/SF Unit Size Lot Size Min. HOA Levels Build. Type Parking Bed Baths 1) Residence 1 33% $267,990 $123 2,181 7,405 $85 1 Detached 2-Gar. 2-3 2.5 2) Residence 2 33% $281,990 $144 2,463 7,405 $85 1 Detached 2-Gar. 3-4 2.5 3) Residence 3 33% $293,990 $97 3,029 7,405 $85 1 Detached 3-Gar. 4-5 2.5 - 3 MADISON ST JEFFERSON ST AVE 40 Estimated Mix AVE 42 AVE 44 GOLF CENTER PKWY MONROE ST 10 Example Floor Plan 37 STONEWATER 800 ACRES | INDIO RoBott Land C O M P A N Y 6 L A N D S A L E C O M PA R A B L E S INDIO AC TIVE PROJEC T Terra Lago, Indio Terra Lago (K Hovnanian) | Active Project Summary Total Project Size: 837 Units Product Type: Detached Single Family Sales Last 2 Months: N/A Just Opened Under Construction: N/A Remaining Lots: ± 800 Notes: Mostly 55+ Age Restricted. Lot sizes range from 4,000 to 10,800 Sq.Ft. Terra Lago Product Matrix Estimated Mix Pricing Price/SF Unit Size Lot Size Min. HOA Levels Build. Type Parking Bed Baths 1) Black Hill 9% $238,990 $153 1,559 4,000 N/A 1 Detached 2-Gar. 2 2 2) Fan Hill 9% $241,990 $142 1,706 4,000 N/A 1 Detached 2-Gar. 2 2 3) Indio Hills 9% $290,990 $144 2,018 4,000 N/A 1 Detached 2.5-Gar. 2 2 4) Keys View 9% $294,990 $140 2,100 4,000 N/A 1 Detached 2-Gar. 2 2 5) Inspiration Peak 9% $341,990 $168 2,036 4,000 N/A 1 Detached 2-Gar. 2 2 6) Mirage Trail 9% $353,911 $155 2,283 4,000 N/A 1 Detached 3-Gar. 2 2.5 7)Mecca Hill 9% $354,990 $164 2,166 4,000 N/A 1 Detached 2-Gar. 2 2.5 8) Murray Peak 9% $362,214 $150 2,411 4,000 N/A 1 Detached 2.5-Gar. 2 2.5 9) Painted Canyon 9% $363,980 $146 2,491 4,000 N/A 1 Detached 3-Gar. 3 2.5 10) Pinyon Flats 9% $367,380 $146 2,519 4,000 N/A 1 Detached 2.5-Gar. 2 2.5 11) Sawmill Trail 9% $375,750 $137 2,747 4,000 N/A 1 Detached 2.5-Gar. 2 2.5 Floor Plan AVE 42 AVE 44 RoBott Land C OM P A N Y GOLF CENTER PKWY MONROE ST MADISON ST 10 EXCLUSIVE OFFERING MEMORANDUM Terra Lago Example Floor Plan 38 AREA NEW HOME PROJECT SNAPSHOTS 6 INDIO AC TIVE PROJEC T Trilogy, Indio Trilogy (Shea Homes) | Active Project Summary Total Project Size: ±771 Units Product Type: Single Family Detached and Cluster Product Sales Last 2 Months: ±20 (10/Mo.) Under Construction: N/A Remaining Lots: 711 Notes: Sold 60 homes in the last 6 months since opening without clubhouse completed. Lot sizes range from 5,000 to 7,000 Sq.Ft. Trilogy Product Matrix Floor Plan Estimated Mix Pricing Price/SF Unit Size Lot Size Min. HOA Levels Build. Type Parking Bed Baths 1) Eldorado Collection 33% $264,990 $193 1,376 - 2,388 5,000 N/A 1 Detached 2-Gar. 2-3 2.5 2) Empire Collection 33% $408,990 $194 2,112 - 3,291 5,000 N/A 1 Detached 3-Gar. 2-3 2 3) Oxygen Collection 33% $365,990 $192 1,902 - 2,894 5,000 N/A 1 Detached 2-Gar. 2 2 111 MONROE ST JEFFERSON ST AVENUE 48 Example Floor Plan 39 STONEWATER 800 ACRES | INDIO RoBott Land C O M P A N Y 7 L A N D S A L E C O M PA R A B L E S L A N D S A L E C O M PA R A B L E S 7 C O M P LO C AT O R 3,053 Lots 1 Site Plan SIGNIFICANTLY FRACTURED OWNERSHIP (800.62 ac Stonewater, Indio Hills) SITE T DILLION RD SITE SUMMARY: 216 Condos ‹ 866 Homes (7,000 s/f) ‹ 1,125 Homes (8,000 s/f) ‹ 201 Homes (10,000 s/f) ‹ 36 Homes (12,000 s/f) ‹ Total: 2,444 homes STONEWATER 800 ACRES | INDIO RoBott Land ‹ Parks/Open Areas = 158 ac C O M P A N Y ‹ 2 3 N 41 7 L A N D S A L E C O M PA R A B L E S I N D I O L A N D S A L E C O M PA R A B L E S 1) Citrus Ranch, Indio Lot Count: Condition: 3,053 Proposed Lots (Specific Plan) Unimproved Status: In Escrow with Investment Group Total Parcel Size: 1,183.5 Acres Lot Sizes: 5,500 SF Av, (11.5 DU/acre) Price: $18,000,000 [$5,895/lot or $15,209/acre] Notes: Buyer is non-refundable $2,000,000 and is scheduled to close Q4-2014. SITE 2) Eagle Falls, Indio/Coachella Lot Count: 292 Approved TTM Lots Condition: Minimally Improved Status: In Escrow with Investment Group Total Parcel Size: 90 Acres Lot Sizes: 5,000 + 6,000 SF Price: $9,100,000 [$31,164/lot or $101,000/acre] Notes: Buyer expected to close Q4-2014. SITE 292 LOTS RoBott Land C OM P A N Y EXCLUSIVE OFFERING MEMORANDUM 42 L A N D S A L E C O M PA R A B L E S 7 I N D I O S A L E C O M PA R A B L E S 3) Monte Vina, Indio Lot Count: 296 Recorded Final Map Lots Condition: Substantially & Partially Improved Status: Closed Escrow with Investment Group SITE (Q3-2014) Total Parcel Size: 80 Acres Lot Sizes: 7,200 SF min. Price: ±$10,000,000 [$34,000/lot or $125,000/acre] Notes: Finished lot basis amounts to approx. $85k/lot with fees. 292 LOTS 43 STONEWATER 800 ACRES | INDIO RoBott Land C O M P A N Y Site Plan (800.62 ac Stonewater, Indio Hills) Aliante DILLON RD T SITE AVENUE 44 SUMMARY: ‹ ‹ ‹ ‹ ‹ ‹ ‹ ‹ 86 ‹ ‹ ‹ 111 N ‹ RoBott Land A NY The 10 Location: The property is loc ated at the Southeast corner of Dillon Hoffman Road and Fargo Canyo Road (Avenue 42) in the Indio Hills n area. Company Zoning: W-2-10 (Control Developm ent, 10 acre minimum lot size) L a n d Br ok ers General Plan: OS-RUR (Open Spa Realty Advisors ce, Rural) EDR (Estate Density Residential, 2 ac minimum lot size) THE HOFFMAN COMPANY Total Parcel Size: 800.62 acres Coachella Valley Office 777 E Tahquitz Way Utilities: Water: Suite 200 Earthquake Fault Zones Sewer: Palm Springs, CA 92262 T 949.553.2020 | F 949.553.8449 APN/Parcel Sizes: 601-300-006 (11 .1 ac); CA BRE #01473762 601-320-006 (248.41 ac), 007 (5.14 www.hoffmanland.com ac), 008 (12.26 ac), 009 (2.82 ac); 601-330-0 01 (12.88 ac), 002 (21.07 ac), 003 (23.71 ac); W ‹ Site Amenities 216 Condos 866 Homes (7,000 s/f) 1,125 Homes (8,000 s/f) 201 Homes (10,000 s/f) 36 Homes (12,000 s/f) Total: 2,444 homes M P Parks/Open AreCas O = 158 ac
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