N. Calle El Segundo - 14.2 Ac. Prime Downtown PS - Development Opp.

This rare infill 14.2-Acre development opportunity is one of the only remaining options for medium/higher-density residential, hospitality/resort, entertainment venue, or commercial in downtown Palm Springs with the ability for up to a 99-year lease. Furthermore there is a unique opportunity to fast-track approvals through the Agua Caliente Tribe. The property is well-located adjacent to the Agua Caliente Casino, and near the Palm Springs convention center, with a short walk to amenities, shopping, and dining. The City of Palm Springs has been experiencing a multi-sector development boom, and has become one of the strongest performing sub-markets in the Inland Empire with regards to home buyer, renter, and hospitality demand, along with new home price appreciation, and record setting price per square foot numbers. Palm Springs has historically been known for its alternative lifestyle locals, coastal 2nd-home weekenders, seniors, international based snowbirds, however has recently captured an increasing number of year-round residents. Since the pandemic, Palm Springs has been considered one of the top locations to move to in Southern California, and has also been targeted more than ever before as the new trendsetting place for home buyers to purchase new home product with modern architecture. $140-million in new funding for Palm Springs was backed by voter approved Measure J several years ago which funded the recent massive revitalization of downtown. These improvements most notably include a new destination mixed-used project (now substantially completed & open) called Downtown PS with a new hotel by Kimpton Hotels & Restaurants. Additionally the new shops and restaurants include Tommy Bahamas, West Elm, Sephora, H&M, Starbucks, Kiehl’s & Blaze Pizza as well as a new Thompson Hotel near completion. In November 2023, the Tribe completed the final phase of the Agua Caliente Cultural Plaza, home to the Agua Caliente Cultural Museum and the Spa at Séc-he.