Talus developer fails to cure notice of default from La Quinta
Update - 4/25/24
Robert Green and the SilverRock Development Co. LLC (collectively SDC) failed to complete the cure on a Notice of Default on the Talus development issued by La Quinta, city officials said. Wednesday marked the required seven-day window on the notice.
"Among the items that SDC failed to complete under the Notice of Default are (a) payment of all obligations owed to Cypress Point Holdings (Cypress), a corporate investment firm for Talus, or (b) the execution of forbearance agreement(s) with Cypress," reads a statement by the city.
La Quinta officials said the city is working collaboratively with all parties involved, including Cypress, and is prepared, if necessary, to initiate litigation to protect the City’s interests.
Original Report - 4/17/24
The long-delayed Talus development project in La Quinta appears to have hit another major roadblock.
The City of La Quinta announced on Wednesday that Cypress Point Holdings, the corporate investment firm for Talus, recorded a Notice of Trustee’s Sale against developer Robert Green and the SilverRock Development Company (collectively, SDC) scheduling a foreclosure sale.
City officials said that as a result of the notice, the city of La Quinta immediately issued a Notice of Default to SDC in order to protect the city’s interests.
Green and SDC have 7 days to cure the City’s Notice of Default, the city confirmed.
This will be separate from Green's deadline to secure capitalization of the project by June 30, 2024, as defined under the terms of the Fifth Amendment of the Purchase, Sale, and Development Agreement.
The City’s Notice of Default is the third default notice from the city to SDC.
On January 10, 2024, Cypress delivered a notice of default and election to sell certain real properties identified in a recorded deed of trust that are part of the Talus La Quinta development project.
About a month later, the La Quinta City Council unanimously voted to authorize the City Attorney to initiate litigation against SDC, if necessary, to protect the City’s interests in connection with any Cypress foreclosure sale.
TALUS was originally set to open in 2019 and promoted as a crowned jewel development for the city with two branded luxury hotels by Pendry and Montage, a spa and conference center, and 84 turn-key single-family homes and condominiums.
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