In anticipation of the significant growth economists are projecting for the Coachella Valley in the coming years, several major infrastructure improvements within the Valley are nearing completion. These projects, which include freeway over-passes and major roadway improvements located along Interstate 10, Highway 111 and Cook Street, will finally improve traffic flow and accessibility for local residents and businesses. The side effect is that it is also improving certain property values as accessibility is improved!
Measure J passed this week in the City of Palm Springs. The controversial measure will increase the City’s sales tax by 1 percentage point to 8.75% next year, which is among the highest in Riverside County. The tax will be levied through 2037 and will bolster the City’s general fund by $200 million. The City plans to use the money to improve and “reinvent” the downtown area.
Global Investments just celebrated the sale of its final standing inventory home at its hillside project in La Quinta, Estates at Point Happy. Global achieved an average sales price of over $625,000 per home, or an average of $200 per square foot. With 29 finished view lots remaining, Global Investments is well-positioned for the foreseeable market recovery.
The City of Indio recently approved an 8-acre mixed-use senior project located along the western portion of Highway 111. With a $20 million initial investment, and an ultimate investment of over $100 million occurring over the next five years, this project is slated to generate 150 construction jobs and upwards of 250 total jobs upon completion. This western portion of Highway 111 has become a grand entrance into Indio as City leaders continue to work with developers looking to capitalize on this area’s diverse customer base, great accessibility, high traffic counts, and popular local amenities.
Source: Stone James, Marketing Consultant, (760) 219-7227