Palm Springs gets Mondrian Hotel by 2011

The ultra-chic Mondrian Hotel in Palm Springs is another step closer to its scheduled opening date in June 2011, which would make it the first all-new hotel since the Extended Stay America. The Mondrian will certainly benefit real estate values in the surrounding Palm Springs area. The Palm Springs Architectural Advisory Committee voted Monday to recommend approval of the 200-room hotel project and send it to the Planning Commission for review.

Unlike the Hard Rock Hotel in Palm Springs, which is delayed because of a lack of funding, the Mondrian Hotel is moving forward but “cautiously,” developer Lauri Kibby said. Kibby said there is equity financing in place, but not lending. The hotel has enough to move forward through the construction document process. Once that is complete, further finances can be pursued, as it is done with other projects, Kibby said. Approval of construction documents is scheduled about November 2009. County OKs real estate revitalization plan.

The construction of the new Mondrian will bring jobs to the Palm Springs area and will hopefully revitalize the real estate market that is so crucial to the Coachella Valley economy. For Debbie Lewis of Terra Lago, the $48.5 million Neighborhood Stabilization Program the Riverside County supervisors approved Tuesday can't arrive soon enough. Lewis bought her $500,000-plus home in the country club setting of Indio when housing prices were at their high. Now, as homes tumble into foreclosure and her home equity disappears before her very eyes, Lewis is part of a growing army of Palm Springs area residents seeking a return to stable, well-stocked neighborhoods.

Interested in buying or selling a home in the Coachella Valley area? Contact Patrick Stewart Properties.