At its Wednesday, March 4th meeting, the Indio City Council approved an Exclusive Negotiation Agreement (ENA) with PSDG Indio, LLC. This is a big step in the City’s efforts to bring “critical mass development” into Downtown Indio to revitalize the area and further support other recent investments in the historic core of the community. The ENA allows the City and the development group to explore potential development of a 6.34-acre defined area, all-City owned, in the heart of the Downtown.
To facilitate this critical mass development, the City has strategically secured ownership of properties in the Downtown, totaling 26 acres, and is currently in the final stages of adopting a Downtown Specific Plan that will help guide its future development. The City also adopted a new General Plan and Final Environmental Impact Report (EIR) last September.
Under terms of the ENA, PSDG will be evaluating potential development opportunities highlighted in the soon-to-be adopted Downtown Specific Plan. Desired land uses include those related to retail, hospitality, restaurant, multi-family residential/mixed use and civic purposes.
“Indio is already the largest city in the Coachella Valley, and the fastest growing,” said Indio Mayor Glenn Miller. “Investment interest in Indio has been building, especially with the extensive College of the Desert expansion, Loma Linda’s beautiful Children’s Health Clinic, the California Desert Trial Academy College of Law, the popularity of the Desert Theatreworks community theater, the ever-improving Coachella Valley History Museum and now the expansion of the County’s Larson Justice Center. These investments are driving a new private sector focus on food, hospitality, retail, entertainment and Downtown housing. And because the City has assembled the land and prepared planning and environmental documentation – the timing is right for Downtown revitalization.”
Under terms of the Agreement, PSDG would be granted exclusive rights for up to one year, with possible extensions, to negotiate, acquire and develop 6.34 acres of City-owned property in Downtown that generally fall within an area bounded by Miles Avenue, Smurr Street, Bliss Avenue, and Oasis Street. PSDG Managers Keith Falls and Peter Glatzer bring extensive development, construction and branding experience, including sustainable brand development in hospitality.
“We are on the same page as the City in its strategy to create critical mass development to revitalize Downtown Indio,” said Falls. “After meeting the wonderful people here, learning the City’s rich history, and envisioning its future potential, we decided to work with the City of Indio for the long term.”
“PSDG shares the City of Indio’s vision for Downtown by revitalizing the central core, creating jobs, and enhancing the urban environment,” said Glatzer. “We see an incredible opportunity to develop a dynamic mix of hotel, dining, retail, and arts and entertainment uses in the heart of the community with sustainability as one of our guiding principles.”
PSDG is partnering with Provident Resources Group, a highly experienced development company based in Baton Rouge, Louisiana that has been involved in approximately 30 large-scale projects in the United States since 2000. Provident recently developed the Irving Convention Center Hotel Project in Irving, Texas, which is a 13-story 295,000 square-foot Westin Hotel consisting of 350 rooms and 16,000 square feet of conference space. They are currently constructing the United States Air Force Academy Hotel and Conference Center in Colorado Springs, Colorado, which consists of a 375-room independent hotel operated by Coral Tree and a 25,000 square-foot conference center and ballroom space.
“We realized that now is the perfect time to pursue our non-profit mission and invest and develop something special in Downtown Indio because of the City’s assemblage of properties, new General Plan and Final EIR, and soon-to-be adopted Downtown Specific Plan,” said Steve Hicks, Founder, Chairman and CEO of Provident Resources Group. “The Indio City Council’s bold and forward-looking vision for its citizens, the community and the City’s business-friendly environment are what made Indio an ideal partner in this public-private partnership initiative.”
With the Indio City Council’s approval of the ENA, PSDG will begin a market feasibility study, and upon its completion, other developers of specific types of land uses, architectural and construction firms, financial investors, and key tenants will be brought on board. Separately, during this time-period, the City of Indio will be conducting a parking study in Downtown with stakeholders and local businesses.
For questions, please contact Carl S. Morgan, Director of Economic Development at (760) 541-4203.