Discovery Land Co. Acquires 96.84-Acre Development Site in Coachella Valley for $15MM 

By Catherine Sweeney

The sale of a large portion of land in the Inland Empire could point to new development in the region. According to public records, an entity linked to Discovery Land Co. purchased nearly 100 acres of land in the Coachella Valley for $15 million. The seller in the transaction was Crownhill Ranches Inc., an entity affiliated with John P. Powell. 

Located at 53500 Monroe St., the property consists of 96.84 acres of vacant residential land. The deal works out to approximately $154,894 per acre.

While no plans have been announced for development at the site, Discovery Land Co. has developed a number of resort-style communities in California as well as throughout the world. Discovery Land Co. was founded in Scottsdale, Ariz. in 1994 by Michael Meldman.

In California, some of the company’s properties include the Cordevalle in San Martin, The Madison Club in La Quinta, Hideaway Golf Club also in La Quinta and many others.

While the Inland Empire is primarily home to a large industrial market, the Southern California region has seen several similar residential sales in the past year. 

In August, for instance, Northlight Capital Partners acquired 138 acres of land for $20 million. The site, which is located within the Verano master planned community of Cathedral City, includes 892 partially platted lots entitled for a variety of detached single family residential and multifamily units, according to an announcement at the time of the sale.