Site is located east of N. Farrell Drive and north of E. Verona Rd., in the city of Palm Springs, CA.
386 Approved Lots (4 Phases) All or Part
- Property Overview: Serena Park – Palm Springs is a rare opportunity to acquire 386 Approved Lots on 156 acres within one of the most supply-constricted cities in the Coachella Valley. Since this property is an infill parcel, much of the connecting infrastructure is already in place, and there is very little offsite or up- front infrastructure required. The project is approved with four phases, so capital infrastructure costs can be spread throughout various phases of the project. Other low cost features include estimated low HOA, no CFD, and no requirement to build a clubhouse/recreation center, however there is space to build one if desired. Serena Park represents one of the only remaining developable properties of size within the city limits of Palm Springs, with approvals already in place, and will allow a homebuilder, land developer, or investment group to control one of the only projects for the future supply of homes for many years to come.
The City of Palm Springs has recently become one of the strongest performing sub-markets in the Inland Empire with regards to home buyer and renter demand, 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 is now more known for its year-round residents and its strong local economy, and since the pandemic has been considered one of the top locations to move to in Southern California. Palm Springs 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 and has 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. This is the first new 4-star hotel built from the ground up in Palm Springs in 20 years. Additionally the new shops and restaurants include Tommy Bahamas, West Elm, Sephora, H&M, Starbucks, Kiehl’s & Blaze Pizza.