Shopoff Receives City Approval for Residential & Hotel Project in La Quinta, California
Shopoff Realty Investments, a national manager of opportunistic and value-add real estate investments, has received unanimous approval by the City of La Quinta for its proposed development project named The Centre at La Quinta, which is located approximately 25 miles from Palm Springs.
Shopoff Realty Investments, a national manager of opportunistic and value-add real estate investments, has received unanimous approval by the City of La Quinta for its proposed development project named The Centre at La Quinta, which is located approximately 25 miles from Palm Springs.
The proposed development will include a new residential housing community with 131 single-family detached units, as well as a 2.8-acre hotel site. The project site is located in La Quinta’s Highway 111 corridor in close proximity to retail shops, restaurants, and entertainment venues. Shopoff purchased the site in June 2016.
“This site was originally zoned for retail/commercial uses. Utilizing our entitlement expertise, our team determined that a residential and hotel development would be the highest and best use for this raw land, and better serve the growing community,” said Shopoff Realty Investments chief executive officer William Shopoff.
He added, “This site required a complex set of entitlements to achieve the desired development and through close collaboration with the city our team successfully completed a general plan amendment, zone change, specific plan amendment, as well as variances and a fiscal impact study. In the end, we were able to secure unanimous approval from the city for our project.”
The approved residential portion of the project will feature two product lines, including single-level and two-story homes (1,502 to 2,390 square feet), ranging from three to four bedrooms.
Shopoff noted that the community is designed to take advantage of La Quinta’s indoor/outdoor lifestyle with views of the nearby mountains. In addition, the streets will be private and walkable, and the development will include pocket parks, a dog walk, bocce courts, and a community center.
The hotel portion of the development is expected to be a limited service hotel with multi-story building accommodating up to 125 rooms.
Shopoff Realty Investments is an Irvine, California-based real estate firm with a 26-year history of value-add and opportunistic investing across the United States. The company primarily focuses on generating appreciation through the repositioning of commercial income-producing properties and the entitlement of land assets. The 26-year history includes operating as Asset Recovery Fund, Eastbridge Partners and Shopoff Realty Investments (formerly known as The Shopoff Group).
