SOURCE: Touchstone Communities

Touchstone Communities

November 13, 2015 11:00 ET

Touchstone Communities Acquires 23 Acre Property in Palm Springs, California

Infill Site Is One of the Last Fee Owned Parcels of Its Size in Palm Springs

SAN DIEGO, CA--(Marketwired - November 13, 2015) - Touchstone Communities (www.touchstonecommunities.com), a real estate investment and development firm, has acquired the rights to purchase roughly 23 acres of land in Palm Springs, California. The property, known as "Rimrock Cove", is situated in an irreplaceable location tucked into the foothills of south Palm Springs along Highway 111. Surrounded by shopping centers that include major retailers like Trader Joes, Target, Vons, and Starbucks, Rimrock Cove is also adjacent to the San Jacinto Mountains, a popular hiking and biking destination.

"We are very excited about this acquisition. Palm Springs is an internationally recognized, trendsetting City that attracts primary and second homebuyers looking for a hip oasis that has tons of outdoor amenities, appreciation for arts and culture, and popular mid-century flare," said Addison Garza, Executive Vice President of Touchstone. "This property is one of the last fee owned parcels of its size in the City and we are fortunate for this opportunity."

Palm Springs is currently undergoing a massive revitalization, backed by $140-million in new funding for redevelopment, and Touchstone's goal is to create a project that will fit perfectly with the City's image and direction. While the project is in its preliminary stages, Rimrock Cove is anticipated to be designed as a residential planned development featuring updated mid-century modern style homes that will offer a variety of different amenities, and ultimately draw active lifestyle residents to the community. The residences will be designed to capture the indoor-outdoor lifestyle that is extremely desirable in the desert.

Palm Springs is known for its year round warm weather, resort-style living, golf courses, tennis events, and music festivals. Mainly populated by active and social locals, coastal second-home weekenders, seniors, and international based "snowbirds", Palm Springs has been targeted once again as the new trendsetting place for homebuyers to purchase new home product with modern architecture.

About Touchstone Communities:

Touchstone Communities is a San Diego-based real estate investment and land development company. Touchstone takes pride in planning and building distinguished master-planned communities throughout California. Touchstone's expertise includes acquiring, entitling, and developing master planned communities that include cutting edge home designs, retail shopping centers, office and professional buildings, apartment complexes, golf courses, recreational amenities, and regional infrastructure. Touchstone is committed to integrating sustainable and health conscious principles into each of our communities that create more desirable places to live, work, and play. Build Smart, Live Healthy, Be Happy. www.touchstonecommunities.com

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