![]() ![]() Their confidence in our project and shared commitment to innovation and progress have played a pivotal role in reaching this important stage. ![]() We would like to express our gratitude to all our partners, investors, and stakeholders for their unwavering support throughout this process. Read Robert Green’s Full Tuesday 5-30-2023 Statement Below: “Through careful planning, strategic partnerships, and a steadfast dedication, TALUS has successfully navigated the complex financial landscape to secure the essential funding needed to bring the project to completion.Ĭurrently, the final loan documents are being processed, and we anticipate a smooth closing for the project's final funding. SEE LIVE VIDEO FROM TALUS LA QUINTA HERE. Stay with KESQ News Channel 3 for continuing coverage of the Talus La Quinta development. Actions will be implemented if and when appropriate, he said. He also said the City is currently working with Green as loan documents from prospective lenders are being finalized and continues to monitor progress on closings. Jon McMillen added it's not appropriate at this time to disclose any action the City may take. The City Manager told Jeff Stahl in a statement Tuesday, "If loans haven’t closed by the middle of July the City will be exercising remedies available under the Purchase Sale and Development Agreement." Would it, if a 60-day notice came and went? The city’s 2021 default notice has a provision allowing La Quinta to buy back the land. You are developing the project.”Ĭouncil member John Pena said, “What’s going on with Talus / SilverRock?”… “Other projects have been built.”Īgain, Green says the final essential loan documents are currently being processed, and he anticipates a smooth closing for the project's final funding. A Google search of the Pendry website also fails to show any La Quinta mention. It’s the same for the other Pendry Luxury Hotel. There’s no mention of Montage La Quinta, one of the site’s two expected luxury hotels, on Montage’s current projects webpage. In March, Green’s rep told Jeff Stahl a funding agreement was expected in two to three weeks. He last appeared before the council a month later. That’s money guests pay normally to the city.Ĭity leaders pushed for progress, Mayor Linda Evan saying at that January meeting, “Get us the money” while also promising monthly updates to the council from Green. The 2017 agreement gave Green the project’s Transient Occupancy Tax for 10 years. The City of La Quinta purchased the undeveloped land for $42 million in 2002, created the SilverRock Golf Couse, then sold the same ground in 2017 to Robert Green for $1 a parcel in hopes of collecting future tax revenues from its commercial activities. I think every single day, each and every one of us gets questions about what’s going on.” Kathleen Fitzpatrick said, “Robert, I’m disappointed. 21, 2023.Ĭity council members have had many questions. La Quinta Mayor Linda Evans and council members Kathleen Fitzpatrick and John Pena question Talus Developer Robert Green on Feb. Then, add the lending turmoil following Silicon Valley Bank and other bank collapses. He’s faced soaring interest rates and construction costs ballooning the project from $450 million to an estimated $600 million. In a May 12th email statement to News Channel 3’s Jeff Stahl, he did not give a hard date but stated lenders, “have verified their commitment to close our loans at the earliest possible date.” Green still hasn’t given the city a date of when that loan will close. That third loan is a $100 million Senior Construction Loan. Green this month said it's ready to fund, but won’t pay out until a third key loan also pays out first. There is also $170 million in C-PACE Financing with a group called Lieef. Some work continues on building private residences, but funding for the major hotel, spa, and conference center facilities has remained elusive. An occasional golfer, some weathered wood framing on a main resort building, and a water truck to keep the sand down were some of the few activities I-Team investigator Jeff Stahl saw at the site. This follows months of delays and continued questions surrounding the funding behind Green’s project on land south of Avenue 52, west of Jefferson Street. Currently, the final loan documents are being processed, and we anticipate a smooth closing for the project's final funding," the statement from Green read. "Through careful planning, strategic partnerships, and a steadfast dedication, TALUS has successfully navigated the complex financial landscape to secure the essential funding needed to bring the project to completion. In a statement issued Tuesday afternoon, in response to our latest request for a hard date of financing, developer Robert Green indicated financing is imminent. ![]()
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