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Lot Sq Ft: 309,276 |
Lot Acres: 7.1 |
Zoned R-4 |
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Listing # 314 |
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N Avenida Caballeros & E Amado Rd, Palm Springs
$6,900,000
Strategic 7.1 acre corner property located at the key corner in Section 14 anchored by the Palm Springs Convention Center, proposed Mondrian Hotel and city owned 10 acre site. Zoned R-4 allowing for hotel / high rise residential (up to 200 units), restaurant, bar, mixed use, etc... Very favorable lease currently at $90,000 per year + max 5% annual increases to 2068. Just two blocks from Spa Casino Master Planning Site in the core of the downtown entertainment zone. Also comes with 5 existing condos with an AS IS value of $1.5 mil m/l that are on the rear of the property and accessed through a separate gate. For hotel developers this property qualifies for the Hotel Operation Incentive Program returning 1/2 of T.O.T. back to the developer (see listing agent for details). Complete package available.
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