After years of false starts, lawsuits and a bankruptcy that froze work across 134 acres, La Quinta’s signature SilverRock resort project is taking a decisive step forward.
With the former developer in bankruptcy, the City of La Quinta, under the guidance of special legal counsel, worked closely with the bankruptcy court to find a qualified new partner. That process culminated in Turnbridge Equities winning the bid in a live auction and agreeing to a modified vision for the site.
In a special public hearing on Monday, Sept. 22, the La Quinta City Council conditionally approved a reinstated and amended development agreement with TBE RE Acquisition Co. II LLC, an affiliate of out of the firm’s Newport Beach office, positioning the firm to take over the first phase of the SilverRock site, if the bankruptcy court signs off on the sale. The hearing on that sale, initially set for Sept. 24, was continued to Oct. 14 at the debtor’s request.
Under the amended plan presented to the Council, Phase 1 would be reshaped around one luxury hotel (154 rooms); a 55,000-square-foot banquet/shared-use building; 445 homes (including 29 branded residences, 70 condos and 293 homes with potential short-term rental use that would generate transient occupancy tax); 40,000 square feet of commercial space; a new 17,000-square-foot public golf clubhouse relocated near Avenue 52; and a 20,000-square-foot residential amenities building.
City Attorney Bill Ihrke emphasized that Monday’s approvals are contingent on the court authorizing the sale of the Phase 1 property to Turnbridge’s affiliate.
What’s different in the Turnbridge plan for SilverRock
Turnbridge representatives informed the Council that Phase 1 would be rightsized to a single luxury hotel and fewer total units, with the demolition of oversized structures originally conceived for the prior two-hotel concept and a new public clubhouse relocated to the front of the property for easier community access.
Turnbridge Managing Director Michael Gazzano emphasized the firm’s commitment to job creation, local investment, and a practical, market-sensitive approach: “We’re projecting 2,500 to 3,000 construction jobs and around 445 permanent jobs. Our goal is to get this done right – and make it a true asset for La Quinta.”
Roughly $8.5 million per year in transient occupancy tax (TOT) from hotels and short-term rentals is projected, excluding sales and property taxes. Financial terms presented to the Council include a 15-year TOT-sharing program projected to generate $106.6 million, an option price of $17 million for Phase 2 land, and a net revenue projection of $301.9 million to the city over 30 years, figures contained in the economic development report tied to the agreement.
Environmental documentation – an addendum to earlier CEQA reviews – concludes that the revised plan’s impacts are equal to or less than those previously analyzed, noting an overall reduction in intensity (approximately 599 combined hotel/residential units now, compared to over 1,000 previously). The Planning Commission unanimously recommended approval on Sept. 9 (one member absent).
What city leaders are saying
La Quinta Mayor Linda Evans
Mayor Linda Evans praised the collaboration and the reshaped plan: “We’re not done yet, but we finally have a solid path forward with a credible partner. This is about creating long-term revenue and revitalizing a stalled project that’s vital to the city’s future. I’m thrilled to get this far knowing that we still have our protections, knowing that the pressure’s on and knowing that we’re working as a team to get it done,” she said, adding that Turnbridge “has stuck with us through this. We bought this land in 2002 to generate revenue for our residents. With this new plan, we’re finally on track to realize that vision.”
Councilmember John Peña underscored the goal of long-term revenue for public services and pushed back on speculation: “There’s a lot of rumors out there… Most of them are rumors and not true,” he said, noting La Quinta is not alone among cities navigating post-redevelopment financing hurdles. Many people just don’t understand the development process. They don’t understand the economic development process and what cities have to go through. Much like any other cities in California that are going through post-redevelopment agencies, they’re struggling to generate revenue for their cities. Palm Desert is an example. Their public golf course site is still under development, and they bought their land way before we bought ours. They still don’t have that hotel there. We are not unique in this process.”
Councilmember Deborah McGarrey said this is the first time in her three years on the dais she sees “a really good project moving forward… I see progress, I see real commitment,” and lauded the smaller footprint and smarter site plan. I think there’s a lot of commitment from the developer. So with performance standards and expectations of delivery, no pressure. I think that the development agreement is the pressure.”
What’s next?
Due to the ongoing bankruptcy, the city’s approvals are expressly contingent upon court authorization of the asset sale to the Turnbridge affiliate. The city has utilized debtor-in-possession financing to safeguard its interests and facilitate the process of transferring to a capable developer; the court hearing is scheduled for October 14. Updates, documents, and a comprehensive project timeline are available on the city’s SilverRock/Talus page.
SilverRock timeline highlights
SilverRock’s stop-and-go history spans two decades, shaped by economic shocks and financing setbacks. Key milestones from the city’s project timeline:
- 2002: City Redevelopment Agency buys approximately 525 acres for a luxury resort and golf.
- 2005: Arnold Palmer-designed course opens.
- 2007–2012: Great Recession derails plans; statewide redevelopment agency dissolution removes a key city funding tool.
- 2014: City approves a Property, Sale and Development Agreement (PSDA); later amended as partners change.
- 2017–2018: Montage/Pendry sign on; developer (The Robert Green Company) secures a $212 million construction loan; mass grading begins.
- 2020–2021: COVID-19 pandemic halts work; costs jump; letter of default issued; project rebranded Talus La Quinta; new timelines approved.
- 2023: Amendment No. 5 sets hotel completion targets (Montage March 2025; Pendry December 2026).
- May–Aug. 2024: City enters an MOU to protect its interests; issues a Notice of Default; files litigation; Aug. 5 The Robert Green Company files Chapter 11 bankruptcy in Delaware, freezing city action to replace the developer.
- Dec. 2024–2025: Council leads DIP financing (initially up to $11 million, later amended up to $13 million) to stabilize the bankruptcy process and position the project for a transfer to a new developer.
- Sept. 22, 2025: Council conditionally approves the amended development agreement with Turnbridge’s affiliate; bankruptcy hearing continued to Oct. 14.
