On this episode of Investing in the American Dream podcast featured guest Jeff Yamaguchi, Vice President of Real Estate with the Robert Green Company, discusses the new EB-5 investment opportunity, TALUS at the SilverRock resort located in the Coachella Valley in La Quinta California. In this episode, we discuss project Location, Need/Demand, Construction Status, FPP's Partnership with the Developer, and why this project is perfect for EB-5 Investors.
Contact: Jeff@taluslaquinta.com | Cell: +1 702-510-8231
On this episode of Investing in the American Dream podcast featured guest Jeff Yamaguchi, Vice President of Real Estate with the Robert Green Company, discusses the new EB-5 investment opportunity, TALUS at the SilverRock resort located in the Coachella Valley in La Quinta California. In this episode, we discuss project Location, Need/Demand, Construction Status, FPP's Partnership with the Developer, and why this project is perfect for EB-5 Investors.
Contact: Jeff@taluslaquinta.com | Cell: +1 702-510-8231
On today's episode of investing in the American Dream podcast, we have featured guest Jeff Yamaguchi, Vice President of real estate with Robert Greene company based out of California. Jeff's background is rooted in the mixed use resort developments. He's a 42 year veteran of the hospitality industry, and has experienced with many of the major hotel brands such as the Four Seasons montage and Ritz Carlton just to name a few. Jeff is joining us today to discuss the new EB five investment opportunity Tallis at the silver rock resort located in the Coachella Valley. And looking to California is also joined by FPPS executive vice president Dan Wycklendt. Let's get into it. Hi, Jeff. And Dan, thank you both for joining us all today to talk about the talus project. It's a pleasure. Thank you for the invitation. Yeah, absolutely. Thank you, Dan, as well. Yeah, thanks, Jessica. Um, so obviously, with the launch of this new project Tallis, we've had a lot of questions about location. And so Jeff, one of the you know, I know one of the main criteria that is pretty important to our investors is, when considering an EB five investment is the location and what that location means to them into this project. And Tallis is located in a beautiful area of California in the Coachella Valley. But those who aren't too familiar with that area, could you tell us more about what is the draw to look into California? And what makes that area so special? And why is that considered, I guess, the gem of the desert. There's a lot of a lot of history behind the Coachella Valley and its connection to Southern California. So, you know, just proximity wise, we are, you know, about a two hour drive from about 26 million people between Los Angeles, Orange County, San Diego counties. So there's a very strong desire for people to come out here and you know, use it as a family vacation or an escape from, you know, being in the city. But in the last, you know, 50 years or so, what we found is that the, the interest first started when you had all the celebrities coming out here, right in the 60s and 70s. And so, you had the Frank Sinatra as the dean Martin's the Bob Hope's, you know, they all have places out here, so, it was kind of identified with the Hollywood crowd. And with all the golf courses and things that are out here, it was a natural playground for them. And, but what we found now is, you know, we have 140 golf courses here in the Coachella Valley, Coachella Valley is really, you know, now really becoming known for, you know, it's, it's wellness. A lot of really nice spas are located out here in the Coachella Valley, you've got agriculture here, which means that you've got farm to table fresh produce. So all of these kinds of things begin to tie into kind of the current vibe of people wanting to be in a destination that meets their lifestyle needs. And it's not just about golf anymore, you know, you want to go to the spa, you want to go have a really nice healthy meal, you want to go to a juice bar, all of these kinds of things are things that you know, people are gravitating towards now. So it's become a much more enriching experience. And even if you don't play golf, you're going to come out here, and you're going to have a really good time. And that's why I think a lot of people have chosen over the course of decades and generations of the same family to live here now, you know, so that has been one of the things that we've seen just in the last 10 to 15 years, as you know, the major growth of the Coachella Valley for permanent residents. Right, right. And then there's this huge boom and rise in tourism in that area. You know, what can you tell us about, you know, the current accommodations and amenities and the need for those with all of these attractions in that area? And what are what are tourists you know, like, what are those trends and what do you expect them to be for that Coachella Valley area despite the fact that you know, the summers get really hot the it's a very outdoors type community, right? So people are out here walking, they're hiking, they're, they're playing golf. And, you know, there's there's a real desire for people to connect with nature. Sure, when you're living in, you know, la Orange County, San Diego, there's not a lot of nature there for the most part. Whereas, you know, here you've got, you know, some, some really amazing venues that allow you to connect with animals and flora and fauna and agriculture and all the things that this area was known for 100 years ago, so, this place out here called the Living Desert, which is it's not a zoo, but it really what it is, is it allows you to interact with, you know, all kinds of animals that are related to desert climates, you know, you've got giraffes, you've got camels, you know, you've got llamas, you've got all these really interesting, you know, creatures out here that, you know, you don't really get a chance to interact with when you're living in Los Angeles. So those are the kinds of things that people they want unique experiences, you know, and it's, it's one of the things that draws people out here is to be able to do something different from where they live. But just from a data standpoint, I pulled the state up this morning. And so I was looking at Palm Springs International Airport. And so in, in the entire calendar year of 2021. There were 1,045,000 people that got off a plane at Palm Springs International Airport for the whole year. Through June of this year, we've had 821,000. Okay, so in half the year, we've had 80%, of what we had last year, people showing up. So therefore casting right now that, you know, it's going to probably ended up being somewhere at 1.5 to 1.6 million, which is a record for the Coachella Valley for Palm Springs, right? The highest number had like 1.3 million, over the course of the year, we're probably going to hit 1.5 to 1.6. So when you couple that with the number of people that are driving, and coming out from you know, coming out from the coast, the desert is really thriving. And how and how are the accommodations currently? And how is that? Is it suited to fit that demand? Well, it's got some challenges. There. They're in 2003. As an example, there were about 14,000 hotel rooms in the valley. As of last year, there are still 14,000 Hotel in the valley. Okay, so there has not been a lot of resort, hotel development growth. So all these extra people, where are they staying? Well, they're all staying in Airbnb s and, you know, individual homes, right. So so that's what's, you know, supported all of these additional folks that are that are coming out here. And I think that's why we're really excited to be able to come into the market, at a really good time, when there's going to be an influx of, of individuals, and same time there, they're going to be looking for high end accommodations. So we think the timing is really good. Yeah, I agree. I think this project is really well suited for that area. And for everything that's going on, especially, you know, with the transition to you know, how many people are now visiting that area and attending events like Coachella, and the, you know, country music festivals, and you see so much of that going on, and it's that's not going away, that's going to continue to grow and be huge. So I think that's why to this product is it's just so needed for that area, and it's the perfect accommodation for the people who are attending those events. I would definitely agree with you. I mean, we're located we're located literally two blocks from the polo fields. So I mean, you could walk from here to Coachella or stagecoach. And that's going to be a huge draw for folks that are gonna be coming out here in the spring. You know, when we talk about it being in the desert, so then I guess also, if you can tell us like, how does the drought play into effect when you when you talk about the desert? I'm sure that's a question you probably get all the time. You know, when people think of the desert, they think of water scarcity. What is the real situation there in the desert? Well, there's a there's a couple of things for me to address there. The I know that there's a lot of talk about drought in California. What is ironic is that in the desert, we really don't have that problem. There is a aquifer that's about 100 to 120 feet down from here, it is about 39 million acre feet of water. Okay, 39 million acre feet of water, according to the Coachella Valley Water District is enough water to supply the entire Coachella Valley for the next 100 years if it didn't rain, one more drop. So, so when you when you think about that we are not in the same situation as you know, a San Francisco or you know, some of the other bigger cities because we do not rely on a runoff from the Sierra mountains. So we're not what we're most concerned about. Out here is actually, you know, making sure that we take the very best care of the water that we have. But it's certainly not in a situation where we have to worry about running out of water anytime. So, so I think that's one of the misnomers that people have about the deserts like, oh, my gosh, it's so dry. And but that's the one thing that we find is that these these major cities out here, the Latinos, the Indios, and the palm deserts, you know, they're they're planning more resorts, they're planning to put in resorts that have 29 acre lakes. Okay, so they there's no way that they would be able to pass that, if they thought that oh, my gosh, we're running out of water. Exactly. Um, so I know, you know, we touched on some really great points about like, the real estate and why that's going to be so successful there. So how is Tallis? You know, it's a project, its development in the desert, how is that going to be different than some of the other projects that currently exist, or some of the other accommodations that exist? So. So with regards to the market, and how talus is different, let me first go back and say that the name Tallis was selected because it had a very literal meaning to our location. So the word Tallis actually means a gathering of rocks and rock fragments at the base of a mountain, which is exactly where we're located. We're located right up against the Santa Rosa mountain range. So so to be able to talk about the fact that, that our name actually reflects the fact where we're located I think, is important. We, what is interesting about this market for hotels, is that I was here in 1989. When we opened the JW Marriott in Palm Desert, that is the most recent hotel opening of a major hotel opening. So it's been 30 plus years, since since another hotel has been opened. Right? That's incredible. That's, that's a long time. So the fact that we're bringing, you know, the montage and the Pendry brands to Makita is pretty special, because people have been waiting for something like this for years. And, you know, I can't tell you how many local residents I run into, who say to me, Jeff, thank goodness, you guys are building this, we we've been needing something like this and Makita for a long time. So that is that's, that tells you something about, you know, the depth of the market in terms of, you know, what's available, versus you know, how many people want to come here. And oftentimes they'll say, you know, hey, I'd love to have my friends come out, but I got no place really nice to put them in. Right? So So we feel that bringing this level of hospitality to the desert and Makita is going to pay dividends very quickly. Because so many people have been waiting for this. And this is the first time that these two ultra luxury brands have been combined on one resort to provide that upscale luxury living. That's correct. And it actually makes sense when you stop and think about it because they're, they're owned by the same company. Right? They're, they're the same. They're the same level of experience. But they're just a little bit different. So for instance, you know, people have been coming out here with their families for decades, right? People have said, Oh my gosh, you know, I used to come out there with my, my dad or my grandfather and play golf, bla bla bla, now they're coming back out here with their kids. What we find is they're saying, Hey, this is great, because now my parents can go stay at the montage. And I can go stay with my family at the pendrey. And we don't have to worry about stepping on each other. Right? But it allows us to get together and and have dinner or play a round of golf or, you know, go for a hike or whatever. But, you know, we're not constantly on top of each other staying in the same place. And I think that really, really works with the target demographic that we're going after. Yeah, I agree, I think that's it's great to be able to accommodate in that in that manner, you know, and still have everything all in one place, but give each other their space, you know, when you have the younger demographic with their, with their kids, and then you have, you know, the parents, grandparents, they kind of want their own space, I think you spoke to that perfectly. And I know that this project, you know, it's sitting on an existing site that was or is the silver rock golf course. And, you know, obviously, it's all under construction, which is great. But what makes I guess, silver rock golf course, different from the other golf courses in that area? Well, the silver rock golf course was actually built 17 years ago, was built in 2005. It's an Arnold Palmer designed golf course, it was actually on the rotation for what was back then the Bob Hope Invitational on the PGA Tour, it was I think it was three years that the golf course was part of that event. And what what's really important here is the fact that this golf course remains open to the public. And so, you know, we, you know, we've got tons of golf courses in the area, but we are surrounded by private golf clubs. So so, you know, we're really excited to be able to, you know, have a hospitality component associated with a golf course that people can play, you know, anytime they come out here and stay. And I think that for those individuals who are coming for a golf vacation, this is a very, very enjoyable course, to play. And, you know, because of the fact it's, it's public, the, it's priced very reasonably to Yeah, I've seen pictures of the golf course, I haven't been out there, obviously yet myself. But I've also seen too, you know, when you talked earlier about the animals, that the the Rams actually come down off of the mountain, and kind of walk through the the golf course. So that's a pretty cool experience to get to see that as well, while you're out there on the golf. Bighorn sheep are a major attraction out here, especially in the summertime, you know, they all they come down from the mountain and they, they graze and they hang out underneath the shade of the trees. So we see quite a few of these roaming around on the golf course, I was playing golf the other day. And literally, I had to wait about three or four minutes while the bighorn sheep crossed the green. So and it's one of those things that they're they're part of the they're part of the natural beauty of Makita. Well, Jeff, I know you've had a long history of working with Robert Greene, you know, dating back over 20 years. I guess, just kind of switching gears a little bit. What can you tell us about the Robert Greene company and having a reputation for being a world class developer? You know, what are some of the more well known past projects, Robert, and I go back to the oh my gosh, that early 90s. Right. We we developed the Four Seasons in San Diego Aviar, which is no longer four seasons, but we opened that in the mid 90s. We then open the Four Seasons in Jackson Hole in 1999. So I've done a couple of really nice projects with him. He's also done the the pantry. The very first Pendry hotel was done in downtown San Diego that was opened in May believe in 2017. We develop the montage in Healdsburg in wine country that opened in 2020. He's also done four seasons in Napa Valley. He's also done the Kimpton in Hollywood. So he has a very long history of working with really notable hospitality brands and delivering, you know, incredible experiences for their guests. Now, the interesting story for me not only connected with Robert is the founder and CEO of montage, Alan Firstman, Alan Furman, and I go back to the JW Marriott in Palm Desert, where he was the general manager of the hotel. And I was the general manager of the timeshare development at Desert Springs. So So you know, Alan, and I go back to the late 80s Back here in the desert, so to be able to work with him now on a project like this and this destination is pretty special because We, you know, I really have an affinity for the desert. And I know that he feels very strongly about the potential for this market. So I think the combination of having Allen and Robert working together is really, really unique. Because they're both extremely talented people, and they have great vision, they know what a customer really wants, and kind of what that level of experience needs to be. So to be able to work with them both on this and deliver it is going to be pretty spectacular. Yeah, it sounds like you're pretty excited to be a part of that team. And I know, I know, Dan, my questions have been more towards Jeff. But, you know, Dan, I'd like to know, you know, FPP is really excited to be working with the Robert Greene company. But how is this strong partnership and experience going to benefit our investors on the EB five side? Well, I think first, I mean, it's amazing, every time I hear Jeff speak about the project or anything, and not only do I learn something new, but it gets me excited all over again, to be working with him. And, and Robert and his team, because, you know, for us, when we're looking for a partner on EB five, you know, we want someone with a track record and a history and when you hear, you know, Jeff's history with Robert and the Robert Greene company, and his background, you know, having somebody with that understanding of, you know, what a project like this really needs to make it successful, ultimately, that that's what we want for our investors, because in Eb five, you know, it's good partners all the way around, people are paired together for a long time. And, and the Robert Green company has this long history, long partnerships, and they've been successful on EB five before, you know, like Jeff said, The Pendry in San Diego. It's definitely one of my favorite hotels. So I think when when you see things like that, and then we have the opportunity to partner with them on a pendrey and montage together in this Tallis project, it's it's super exciting for us. And it's really exciting for investors. And I guess, since we're kind of talking more about like EB five fit. You know, I guess, Dan, my questions are going to be more specific to regarding you know, why you believe this project talus is, is the perfect fit for investors. You know, we've heard such amazing things from Jeff about the location and the need and the demand generated by tourism. But what are some other important factors, you know, that our investors should know about with this project? With EB five, you definitely want an exciting project, right? I mean, you know, everything Jeff said, makes this project exciting, but there are so many specifics to Eb five, that what we like to do is, is before the excitement, we like to check off those boxes. And, and for us, this project just hit everything, you know, for instance, location, right, there's been a lot of changes, I think, you know, you've talked about in the past on some of your other podcasts with some of your guests, the changes to Eb five over the past couple of years. Ta is a huge one, right? Ta for this one, it's one census track. And you know, what the new rules for EB five, we have the same census tract grandfathered in for the next two years, so investors know that they can invest it again, what used to be 500k, but it's now 800k, the lower dollar amount and qualify for EB five. So that's definitely one big thing for us right away. Second, though, is job creation, right? You know, EB five people like these investments for investment purpose, but also, they're investing to get a green card. And if they don't create the proper jobs, that's not going to happen for them. And, you know, first pathway partners has 100% success rate on getting people that permanent green card, and we want to keep it that way. So this project, really make sure we're going to protect people that way. I think on this one, we have 135 investors we're taking under this project, so 10 jobs per family, that's 1300 50 jobs needed. And, you know, we have to do the next report coming up. But I believe by September 30 with the construction that's been done, we'll have created those 1300 50 jobs that are necessary for people to get their green card and as we're starting to file applicants now as an investor knowing that you already have those jobs created in this project, that's huge because ultimately, that's what ensures them that green card Yeah, anything to do with it already been under construction like you said and having some of those drop jobs already created. You know, it's just it's like that extra perk right with this project to show you know, and we do have There are live feed cameras, too. So I know you know, there are always some questions you know, is this happen? Seeing what's going on. And so it's great to be able to provide that reassurance that yes, you know, this does exist, these these cameras are there there, there are construction crews there on a regular basis. And also, you know, if if clients or agents or attorneys are interested, you know, in coming to see the project site, you know, we can always make that available for them as well. Yeah, I think, you know, Jeff does a really nice job. And I, I don't want to volunteer him for tours all the time. But, you know, we got some great feedback from some of our investors that were recently there, to check out the project, see what's there. And, and like you said, just the fact that it's under construction, it's something to see, you know, you not only get the beautiful setting of the mountains in the valley there, but you also can see it going up. And I mean, that's a huge deal for our investors to know that that's happening to know that it's moving forward. And then also be able to see the vision that's there, you know, we do encourage people to visit there. And, Jeff, we really appreciate what you're doing for our investors when they come. And I'm in sales. Guys. Also, tell me what you need done, I will sell it right. Yeah, well, we appreciate you being available and able to meet with anyone who'd like to come out and see the site. Just for for us at FPP. I mean, we see a lot of different projects. And I mean, you clearly know we've done a lot of different projects. But this is definitely the most exciting project we have. Because, you know, it's the partnership with Robert Greene company and his team. It's the location, it's the brand, it's the excitement behind it. I mean, this is a 600 plus million dollar project, you know, an EB five just makes up a fraction of that, less than 18%. So we're excited to be part of such a big endeavor for the Robert Green company, but also one that's already underway already creating jobs, and gets people on their way to getting the green card as quickly as possible. Exactly. Damn, Jeff, is there anything else you'd like to touch on? Before we wrap up? You know, I would just say that, because, you know, the Coachella Valley is is, you know, a secondary market. You know, it's not necessarily in Los Angeles or San Diego, but there is a tremendous amount of wealth in the Coachella Valley. You know, some of the most, some of the biggest billionaires in the world live out here. And what we're finding is that more and more they need restaurants, they need hotels, they need all these kinds of experiences that help to kind of augment their lifestyle. And we're really excited to be able to, you know, bring something that's new and and I have told our partners that montage and Pendry the minute we opened the very first venue, it will be standing remotely. It there was no doubt in my mind, you know, we live or our development is with within two miles of Tallis. Okay, there are approximately 10,000 homes, which means you could get in a golf cart and drive over here. Okay. And so there is a I think that not only do you have the depth of the market, the number of rooftops the number of people who live here, but I think again, the strong desire to be in the desert, to have a little bit more space away from the city. And the to be able to have a different experience will make this project very, very successful. I have no there's no doubt in my mind. Well, Jeff, Dan, you know, I both I appreciate both of you taking the time to sit down and discuss the Tallis project with us. And you know, definitely look forward to seeing you in California. Yes, anytime. If anybody has any interest in coming out see the project. I'm happy to come back. And we will share your contact information and Deon, your contact information as well. Yeah, just thanks for hearing this. And Jeff, thanks for all you do. We really my pleasure. Thank you. If you would like to know more about first pathway partners, and how they can help you with a direct EB five investment or if you're looking for other visa opportunities, such as an E two visa, please contact them directly online at www dot first pathway.com