Lomas Del Sol - Information
Lomas Del Sol is a 2,200 acre, 9070 unit master-planned resort community being proposed in Coachella, California which is approximately 20 miles east of Palm Springs, 70 miles east of Riverside, and 120 miles east of Los Angeles. The property is located south of Interstate 10 (I-10), northwest of the All American Canal in Northeastern Riverside County. Access to the site will be provided from the I-10 via the future McNaughton Interchange currently under design and from State Route 86 via Avenue 50 and Avenue 52.
The project consists of 2,200 acres with 9070 residential units, 1,100,000 SF of commercial, a 500 room hotel, three school sites, two golf courses, parks and open spaces. Home sizes will likely range from 1,000 to 5200 SF. The Lomas Del Sol Specific Plan, Master Tentative Tract Map, and Environmental Impact Report are in process with the City of Coachella and are anticipated to go to a hearing in November 2007.
This investment opportunity is for a 95% equity purchase of the property for $75,000,000.00. This investment takes down the land and positions it for future Development and Construction loans. Construction for this phase only should take two to three years. This would yield an approximate IRR of 60% at the second year and 40% at the third year. Residential home and commercial sales is not included in this preliminary IRR. All assumptions presented in this preliminary offering supersede any assumptions that may have been presented in any previous offering or presentation. Covenant Development Inc. reserves the right to change any offering as the project develops, ntitles and is build-out.
