The City of La Quinta purchased the undeveloped land for $42 million in 2002, created the SilverRock Golf Couse, then sold the same ground in 2017 to Robert Green for $1 a parcel in hopes of collecting future tax revenues from its commercial activities. I think every single day, each and every one of us gets questions about what’s going on.” Kathleen Fitzpatrick said, “Robert, I’m disappointed. 21, 2023.Ĭity council members have had many questions. La Quinta Mayor Linda Evans and council members Kathleen Fitzpatrick and John Pena question Talus Developer Robert Green on Feb. Then, add the lending turmoil following Silicon Valley Bank and other bank collapses. He’s faced soaring interest rates and construction costs ballooning the project from $450 million to an estimated $600 million. In a May 12th email statement to News Channel 3’s Jeff Stahl, he did not give a hard date but stated lenders, “have verified their commitment to close our loans at the earliest possible date.”
Green still hasn’t given the city a date of when that loan will close. That third loan is a $100 million Senior Construction Loan. Green this month said it's ready to fund, but won’t pay out until a third key loan also pays out first. There is also $170 million in C-PACE Financing with a group called Lieef.
Some work continues on building private residences, but funding for the major hotel, spa, and conference center facilities has remained elusive. An occasional golfer, some weathered wood framing on a main resort building, and a water truck to keep the sand down were some of the few activities I-Team investigator Jeff Stahl saw at the site. This follows months of delays and continued questions surrounding the funding behind Green’s project on land south of Avenue 52, west of Jefferson Street. Currently, the final loan documents are being processed, and we anticipate a smooth closing for the project's final funding," the statement from Green read. "Through careful planning, strategic partnerships, and a steadfast dedication, TALUS has successfully navigated the complex financial landscape to secure the essential funding needed to bring the project to completion. WARNING, THE CALIFORNIA DEPARTMENT OF REAL ESTATE HAS NOT INSPECTED, EXAMINED, OR QUALIFIED THIS OFFERING.In a statement issued Tuesday afternoon, in response to our latest request for a hard date of financing, developer Robert Green indicated financing is imminent. The foregoing licenses may be terminated or may expire without renewal, in which case neither the Residential Units nor any part of the Project will be identified as a PENDRY-branded project or a MONTAGE-branded project or have any rights to use the Trademarks. Sunset Subsidiary LLC uses the PENDRY and MONTAGE brand names and certain other KT IP and Montage trademarks (collectively, the “Trademarks”) in connection with the sales and marketing of the Residential Units in the Project under limited, non-exclusive and non-sublicensable licenses from Licensors. The project described herein (the “Project”) and the residential units located within the Project (the “Residential Units”) are not owned, developed, or sold by KT Intellectual Property Holding Company, LLC (“KT IP”), or Montage Hotels & Resorts, LLC (“Montage”) (collectively, “Licensors”) and Licensors do not make any representations, warranties or guaranties whatsoever with respect to the Residential Units, the Project or any part thereof.
WARNING, THE CALIFORNIA DEPARTMENT OF REAL ESTATE HAS NOT INSPECTED, EXAMINED, OR QUALIFIED THIS OFFERING.
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