A nearly 25-acre site in Indio, Calif. could soon be seeing new construction after trading hands earlier this month. According to public records, the property was sold by an entity linked to Christine L. Janssen to Indio Business North LLC, an entity that shares an address with luxury home builder Dugally Oberfield, for $27.48 million.
The property is located along State Route 111 at the intersection of Monroe Street and Requea Avenue. According to plans submitted to the City of Indio, the plot of land is proposed for a 346-unit multifamily development consisting of both for-rent and for-sale homes.
Plans show the project, dubbed Palmera, would include both single-story and two-story townhomes with a mix of one-, two- and three-bedroom layouts. The project also includes 413 parking spaces.
The property is largely surrounded by other multifamily and single family homes. Various retail amenities, including Cardenas Markets and Food 4 Less are also within close proximity to the development site.
While residential, the larger Coachella Valley area surrounding the property is also home to a number of resorts and golf courses. The area is also seeing new development proposals with the recent acquisition of a nearly 100-acre development site at 53500 Monroe St. According to The Registry’s previous reporting, the site was acquired by an entity linked to Arizona-based Discovery Land Co. for $15 million. The seller in the transaction was Crownhill Ranches Inc., an entity affiliated with John P. Powell.