TALUS LA QUINTA PROJECT UPDATE
The city of La Quinta has confirmed, Developer Robert Green Development Company and SilverRock Development Company, (SDC) are in default on the Talus Project. The June 30, 2024 deadline imposed by the City of La Quinta, has passed without remedy of the default.
POSSIBLE NEW DEVELOPER
Christopher M. George, Founder of CMG Financial, a mortgage Banker, has announced he has exercised his rights to proceed and pay off the debts of SDC on or before July 30, 2024 under the terms of last months Memorandum of Understanding, (MOU), and Agreement with the City of La Quinta.
While this move isn’t a commitment to recapitalize or develop Talus La Quinta, it does signal a positive step forward. In a statement, Mr. George said he has committed the time and resources to continue a thorough review, to determine if the project is viable. If he decides to take over the project, George can designate a successor developer: either an affiliate controlled by his company or a third-party partner.
La Quinta City Manager, Jon McMillen said his July 3 statement, if CMG doesn’t meet the deadline to payoff the debts of SDC on or before the deadline, then the MOU will terminate and CMG will not be obligated to the project.
PROJECT ROADBLOCKS
Talus La Quinta Project Update Early 2023, Robert Green, the original developer of Talus, told the City Council that his team had invested around $150 million into the project and did not intend to let it go; Green said he was committed to finishing the project. However, a series of roadblocks, including the Great Recession, COVID shutdowns, supply chain interruptions, labor shortages, and rising interest rates, hindered progress and the project went into default. McMillen said Green remains a stakeholder under the MOU, which extends the deadline to cure the default to July 30, but his role at this point is more of a hand-off to the new developer. He has relationships and contracts in place with vendors who will be integral to the project going forward. Roughly 130 acres of the 525 acre project site are owned by Green’s company.
PROJECT OVERVIEW
The Talus project is projected to create 1,750 temporary construction jobs and 465 full-time jobs at the resort. Once complete, the project is slated to include a pair of luxury-brand hotels, Montage and Pendry, as well as 29 single-family homes and 55 condominiums, from the same brands, that will be used as short-term rentals. A golf clubhouse, large conference center and a luxury spa are also planned.
Surrounding the project are some of the Deserts top Golf and Country Clubs including; PGA West, Tradition Golf Club, The Hideaway and The Citrus to name just a few.
What makes one Golf or Country Club Community a better fit than another? Give me a ring, let’s chat about your goals for a home in La Quinta and how they fit in this market.
