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Acquisition:
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In June 2003, the principals of ARTES purchased a parcel of raw land on the private Pete Dye Challenge Course in Mission Hills Country club with entitlements in place for forty-four production homes.
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Purchased eight additional acres and ten private golf memberships for $300k.
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Secured agreements for golf course modifications and lake installation, and conducted the civil engineering for the entry, streets, water and sewer.
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Entitlements:
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Obtained entitlements on a sixteen-acre subject property plus and an eight-acre parcel in October 2003 (four months).
Improvements:
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Two new lakes on hole seven and hole nine
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Thirty one waterfront estate lots angled towards the views
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Wrote CC&Rs and design guidelines
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Entry feature, gate, streets, sewer, and utilities, grading of lots to blue top.
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Made the community a gated community within a gated community
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Price point: $400k to $800k per l for ½ to 1+ acres
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Average lot size, 0.65 acres
KEY RESULTS:
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The 10+ year senior planner Carl Bishop at the city
of Rancho Mirage stated:
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“Westgate was the best thought out, high-end
development because of the design guidelines."
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Positioned and branded the Westgate Development as
one of the premier residential communities in the desert with anticipated home sale prices on par with the ultra-high end homes in the desert
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65% IRR with Institutional partner ING Realty, Inc.