DSC00425-HDR.jpg

WESTGATE

PALM SPRINGS

1/2

Acquisition:

In June 2003, the principals of ARTES purchased a parcel of raw land on the private Pete Dye Challenge Course in Mission Hills Country club with entitlements in place for forty-four production homes.

Purchased eight additional acres and ten private golf memberships for $300k.  

Secured agreements for golf course modifications and lake installation, and conducted the civil engineering for the entry, streets, water and sewer.

Entitlements:

Obtained entitlements on a sixteen-acre subject property plus and an eight-acre parcel in October 2003 (four months).

Improvements:

  • Two new lakes on hole seven and hole nine

  • Thirty one waterfront estate lots angled towards the views

  • Wrote CC&Rs and design guidelines

  • Entry feature, gate, streets, sewer, and utilities, grading of lots to blue top.

  • Made the community a gated community within a gated community

  • Price point: $400k to $800k per l for ½ to 1+ acres

  • Average lot size, 0.65 acres

 

KEY RESULTS:

The 10+ year senior planner Carl Bishop at the city
of Rancho Mirage stated:

“Westgate was the best thought out, high-end
development because of the design guidelines."

Positioned and branded the Westgate Development as
one of the premier residential communities in the desert with anticipated home sale prices on par with the ultra-high end homes in the desert

65% IRR with Institutional partner ING Realty, Inc.