The Waterfront at Rancho Mirage, CA

The Area

The City of Rancho Mirage located in the Coachella Valley presented Baycrest an attractive opportunity in one of the growing populated areas in Southern California.  The Coachella Valley is one of the most heavily traveled go-to vacation destinations in America. The local municipalities have been aggressive with addressing the growth and expanding opportunities in new retail developments.  The City of Rancho Mirage economic development set up a special agency to address need of more retail development for their communities shopping needs.

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The Opportunity

Baycrest met with the Economic Director for the City of Rancho Mirage and set its management team to work on implementing a development strategy to construct a shopping center on the seven acres of privately owned City land located on Highway 111 near Bob Hope Drive.  The proposed shopping center was conveniently located across the street from the city’s highest publicized and successful seventy acre development entertainment mall named “The River.”  The mall installed a four acre lake fronting their new development and Baycrest named our new project “The Waterfront.”  Meeting with the City, Baycrest obtained development approval to construct a four phase shopping center.  These entitlements included obtaining approvals for two sit down, family restaurants and two single story office buildings.  Through Baycrest’s widespread knowledge of construction and finalizing contracts and leasing, the shopping center was under way to being built.  The center opened with Mimi’s Café anchoring one of the sit-down restaurant pads along with Ruby’s Diner.  The office building that was built achieved 100% occupancy when completed and included regional tenants Hartford Escrow, LA Weight Loss, and several doctor groups who worked closely with the Eisenhower Hospital located nearby on Bob Hope Drive.

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The Results

In partnership with the City of Rancho Mirage, Baycrest created the mixed use retail and office project called “The Waterfront” in Rancho Mirage.  Upon completion of the development, the property was 100% leased and thereafter claimed a waiting list of tenants wishing to find co-tenancy with Mimi’s Café and Ruby’s Diner.  Capitalizing on the cash flow from the property Baycrest was able to distribute all investment capital back to its equity partners upon the funding of the permanent loans while still enjoying a strong monthly cash flow to all partners.