SCOTTSDALE, Ariz., March 8, 2013 (GLOBE NEWSWIRE) -- Empyrean West announced that last night Palm Springs City Council unanimously approved the Purchase and Sale Agreement (PSA) for CDI Ventures, developer and Global Private Funding, the financiers to acquire an approximately 8 acre parcel directly across the Palm Springs Convention Center for the development of their proposed 200 + key hotel and resort development. (See separate document; certified excerpts of minutes)
A photo accompanying this release is available at http://www.globenewswire.com/newsroom/prs/?pkgid=17503
Certified excerpts of minutes are available at http://media.globenewswire.com/cache/22766/file/18467.pdf
Lauri Kibby, principal of CDI affirmed that the construction will begin by December of 2013. Michael Andersen, the Vice President of Venture Management at Global Private Funding said that the resort will also include full service luxury residences for those who seek full-time resort living.
Mayor Pougnet and Sam Senev, Chairman of Global, discussed Global funding a public arts initiative to support the arts and culture efforts of Palm Springs. The details of which are to be fully developed with the City Council leadership and the leadership of the local museum.
Considerable contributions to this resort project have been made by construction company PENTA Building Group with offices locally in Palm Springs and Allen + Philip Architects from Scottsdale, Arizona. Both PENTA and Allen + Philip are actively involved in other projects in Palm Springs.
Global has retained Empyrean West as the administrators and managers for construction finance and EB-5, who will provide completion validation, and release of funds for the hotel resort development estimated at over eighty million dollars ($80M). The overall project including resort residence construction is estimated at over one hundred and ten million dollars ($110M). This estimated budget does not include the public arts initiative investment, a budget for which will be developed and managed separately. Jay Carter, Chief Operating Officer of Empyrean West said, "There is a shortage of good projects for EB-5 investments and this project will attract investors from many regional centers."
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