Stonewater Indio, CA - RoBott Land Company

SITE
SIGNIFICANTLY FRACTURED OWNERSHIP
CITRUS
RANCH
RoBott Land
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Terra Lago
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Aliante
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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
[email protected]
Site Plan
(800.62 ac Stonewater, Indio Hills)
Terra Lago
COM PA NY
SITE
T
Aliante
RoBott Land
AVENUE 44
DILLON RD
SUMMARY:
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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
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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 BuyerвЂ™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 BuyerвЂ™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.
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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
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AVENUE 48
ON
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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 вЂњTerra LagoвЂќ by K. Hovnanian Four Seasons.
Size
City of Indio Overview
800.62 Continuous Acres
Indio is the Coachella ValleyвЂ™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 вЂњCity of FestivalsвЂќ 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 вЂњthe desertвЂќ) 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 (вЂњCMAвЂќ) 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 desertвЂ™s most played golf courses. New home
The long-term trend line for building activity in the Coachella Valley is В±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 CompanyвЂ™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.
вЂў
There are currently only four active single family conventional new home communities.
вЂў
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.
вЂў
Average sales velocity per community for the existing Lennar and Horton tracts is approx.
4.0 to 5.0 sales per month.
вЂў
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.
вЂў
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
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STONEWATER 800 ACRES | INDIO
RoBott Land
C O M P A N Y
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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
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RoBott Land
CO M P A N Y
EXCLUSIVE OFFERING MEMORANDUM
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(800.62 ac Stonewater, Indio Hill
PROPERTY OVERVIEW
2
SITE PLAN
T
SIT
SUM
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STONEWATER 800 ACRES | INDIO
RoBott Land
C O M P A N Y
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1
2
PROPERTY OVERVIEW
2
A S S E S S O R вЂ™ S PA R C E L M A P
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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
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PROPERTY OVERVIEW
2
PROPER T Y PHOTOS
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STONEWATER 800 ACRES | INDIO
RoBott Land
C O M P A N Y
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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 worldвЂ™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
вЂў
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
вЂў
Shadow Hills Golf Club: A Schmidt-Curley, Inc. design with 18 holes and a practice facility.
вЂў
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 itвЂ™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
вЂў
Palm Springs International Film Festival
With approximately 20 million people located just 2 hours away in the coastal communities
вЂў
BNP Paribas Open (Indian Wells Tennis Garden)
of Orange, San Diego, and Los Angeles Counties, the Coachella Valley is a high desired
вЂў
Coachella Music Festival
area due to itвЂ™s weather and cultural amenities. With more than 350 days of sunshine per
вЂў
Stagecoach Festival
year and the warmest winters in the west, the Coachella Valley is an ideal place to buy for
вЂў
Merrill Lynch Skins Game
many subgroups including:
вЂў
HITS Horse Show
вЂў
Local first time buyers or first time move up buyers
вЂў
Riverside County Fair & National Date Festival
вЂў
Canadian snowbirds
вЂў
Indio International Tamale Festival
вЂў
Retirees and pre-retirees
вЂў
Modernism Week
вЂў
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:
вЂў
Fantasy Springs Resort Casino
вЂў
Morongo Casino Resort & Spa
вЂў
Agua Caliente Casino Resort & Spa
вЂў
Augustine Casino
вЂў
Spotlight 29 Casino
вЂў
Spa Resort Casino
вЂў
Miracle Springs Resort & Spa
19
STONEWATER 800 ACRES | INDIO
RoBott Land
C O M P A N Y
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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
вЂ�01
вЂ�02 вЂ�03 вЂ�04
вЂ�05
вЂ�06
вЂ�07 вЂ�08
вЂ�09 вЂ�10
вЂ�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
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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. ItвЂ™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 cityвЂ™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. вЂњIndio remains a city on the move with positive present
вЂњFor all the noticeable development around the city, you have to consider the tremendous
and future growth,вЂќ notes Mayor Gene Gilbert. вЂњThere 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.вЂќ
The valleyвЂ™s oldest city is also the fastestgrowing and the largest city, with more
than 84,000 residents and has the valleyвЂ™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. ItвЂ™s no surprise
IndioвЂ™s great diversity of people, places, and
activities continues to attract new residents,
commercial and residential development,
and businesses.
вЂњResidential development is active here,
north of I-10. We are seeing Pulte and KB
Homes pulling permits for new homes,вЂќ
notes Mariano Aguirre, IndioвЂ™s development
manager. вЂњThat tells you that Indio is where
builders still want to build and buyers want
to buy.вЂќ
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
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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 donвЂ™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,вЂќ Aguirre observes. For example, the
for a full year of activities and programs. One-third of IndioвЂ™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 cityвЂ™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-
WillieвЂ™s Old Time CookinвЂ™ restaurant downtown and Jackalope Ranch restaurant at the cityвЂ™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 cityвЂ™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 cityвЂ™s
tion it has one common goal. вЂњEveryone 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,вЂќ 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. ThatвЂ™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 IndioвЂ™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. вЂњWe didnвЂ™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,вЂќ Gilbert says.
ment projects are contributing factors to IndioвЂ™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, youвЂ™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 valleyвЂ™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 ValleyвЂ™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. вЂњIn 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,вЂќ 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. вЂњIndio is a city I very much wanted to
Fantasy Springs Resort Casino, which hosts internationally known entertainment headliners,
come home to,вЂќ 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 cityвЂ™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, itвЂ™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. ItвЂ™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. ItвЂ™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 В©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 (вЂњCMAвЂќ) 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 вЂ“ 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:
В± 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:
В±771 Units Product Type:
Single Family Detached and Cluster Product
Sales Last 2 Months:
В±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
В‹ 866 Homes (7,000 s/f)
В‹ 1,125 Homes (8,000 s/f)
В‹ 201 Homes (10,000 s/f)
В‹ 36 Homes (12,000 s/f)
В‹ Total: 2,444 homes
STONEWATER 800 ACRES | INDIO RoBott Land
В‹ Parks/Open Areas = 158 ac
C O M P A N Y
В‹
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: В±$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:
В‹
В‹
В‹
В‹
В‹
В‹
В‹
В‹
86
В‹
В‹
В‹
111
N
В‹
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
В‹
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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