Every once in a while, a very special parcel of prime land for commercial development hits the market for the first time. Such is the case right now along Monterey Avenue at the signalized intersection with Dick Kelly Drive, where a highly desirable 14.76-acre parcel is for sale, poised to attract significant attention from sophisticated developers.
Listed for sale at $9,332,711 ($14.50 per square foot), this exceptional site stands as one of the last major undeveloped parcels within the Monterey Avenue retail corridor, representing a unique opportunity to shape a key part of the expanding commercial and residential landscape referred to as the North Sphere in Palm Desert.
The parcel is located at the southeast corner of Monterey Avenue and Dick Kelly Drive.
Marketed by Brian Ward, a seasoned commercial real estate broker at Coldwell Banker Commercial Lyle & Associates, this property offers remarkable visibility and accessibility, boasting more than 1,000 feet of frontage along the heavily traveled Monterey Avenue, which sees average daily traffic counts exceeding 36,000 vehicles. Ward has described this location as “an unparalleled in-fill development opportunity, ideal for retail or mixed-use projects.”
“This site provides developers with a unique opportunity to capitalize on the growth and expansion in Palm Desert,” says Ward. “The Monterey Avenue corridor continues to demonstrate exceptional economic vitality, driven by consumer demand and sustained residential development. This property’s flexibility for diverse mixed-use options makes it a truly standout opportunity.”
The site, zoned PC-2 under a specific plan, permits a diverse array of development options, including retail centers, restaurants, fast food drive-throughs, offices, residential housing, fuel stations, and even a hotel up to four stories high. This flexibility is expected to appeal to developers looking to capitalize on the area’s thriving growth dynamics.
Strategically situated among a dense cluster of national retail anchors, including Lowe’s, Costco, Home Depot, Kohl’s, Sam’s Club, and Walmart Supercenter, the property is located in what is widely recognized as one of the strongest retail corridors within the Greater Palm Springs region.
However, the true value of this property extends far beyond its retail appeal as Palm Desert and Rancho Mirage are experiencing substantial residential growth that significantly enhances the site’s long-term potential.
Just a quarter mile south in Rancho Mirage, the transformative Storyliving by Disney Cotino project is well underway. This high-profile residential development, in the early stages of home construction, will comprise over 1,900 upscale homes, attracting affluent full-time and part-time residents and further boost economic activity in the surrounding area. Directly adjacent to the site is the planned Vesta Apartments, a 384-unit market-rate apartment community awaiting final approval from the Palm Desert Planning Commission. Collectively, these nearby residential projects, along with others, promise to expand the local population base significantly, creating robust demand for retail, dining, and professional services in the years ahead.
According to demographic analyses provided by Coldwell Banker Commercial, the property’s immediate area, within a three-mile radius, boasts an average household income of approximately $142,745 and a median household income exceeding $102,000, figures significantly above regional averages. This underscores the affluent consumer base poised to support future commercial developments on this site.
Ward and his associate, Michael Lyle, also highlight the impressive business ecosystem within easy reach. Within a ten-mile radius, over 15,000 businesses employ nearly 133,000 people, reinforcing the area’s status as an economic powerhouse within Riverside County. Such robust economic indicators further affirm the site’s viability for investors and developers targeting long-term returns.
As Brian Ward guides interested parties through the acquisition process, potential buyers will surely recognize the opportunity inherent in this strategically located and versatile parcel.
Interested parties can contact Brian Ward directly at (760) 333-7878 or via email at Bward@cbclyle.net for more information about this prime real estate opportunity.
