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02 The Wave-Coral Mtn Conceptual Plans & Promotional PamphletC C r The Wave I Coral Mountain .0- Conceptual Design I December 2018 ,.1a�.'};. .�? �. ._", - •:L•:: _. 'Cis .._ j�:��F. 2 MERIWETHER COMPANIES Table of Contents INTRODUCTION 5 VISION 6 OPPORTUNITIES 9 WORLD -CLASS DESIGN & DEVELOPMENT TEAM 11 LOCATION: LA QUINTA, CALIFORNIA 17 PLANNING AND DESIGN CHARRETTE 23 Guiding Principles Pillars of the Community CONCEPTUAL MASTER PLAN AND RESORT PROGRAMMING 30 Community Map Resort Core - Club and Recreational Amenities The Wave Next Generation Amenities Trails and Landscape Hotel Lodging Residential PLANNING & ENTITLEMENTS 56 THE WAVE I DECEMBER 2018 3 5"� 4 MERIWETHER COMPANIES Introduction The following conceptual book illustrates a comprehensive vision for a world -class resort and next generation recreational �- experience anchored by the Kelly Slater Wave Company(" KSWC") wave technology. Led by Meriwether, the vision and conceptual master plan designs illustrated in this book are the result of a collaborative effort between Meriwether, Sunrise Company, KSWC, the World Surf League ("WSL"), CCY Architects and Vita Planning & Landscape Architecture. In November of 2018, Meriwether identified the perfect site on which to develop this vision and via this conceptual book - is excited to present The Wave at Coral Mountain (the "Project") Note: Project naming to evolve. The site, comprising approximately 377 acres, is located in the City of La Quinta in the Coachella Valley. It sits right at the base [— of Coral Mountain, a stunning mountain formation named after the coral fossils still visible from when the ocean covered the land thousands of years ago. As if meant to be, The Wave at Coral Mountain will place one of the best man-made waves in the world against a dramatic desert background where the defining characteristic used to be the ocean itself. The prototype Wave at Surf Ranch in Lemoore, California has captured the imagination of the surfing world. Its unparalleled (— technology, which continues to improve and evolve, is capable of producing the perfect wave that can be sized for everyone from beginners to professionals. To some, the Surf Ranch name is synonymous with the Wave itself. Yet those who have been lucky enough to visit Surf Ranch know that it is the palpable surf spirit of the place together with the quality of the wave that makes the experience truly exceptional. Our goal is to honor and expand the ethos of the Surf Ranch experience, carrying it forward to a comprehensive next generation resort development. The next iteration of the Wave basin will improve upon the technology in Leemore but, more importantly, will be the first of its kind constructed within a comprehensive resort development that embodies surf culture. The core components of the conceptual C- vision for The Wave at Coral Mountain include: F • The KSWC Wave basin (the "Wave"); C- • 100 room full -service resort hotel; • Next generation community with robust amenity offerings ranging from additional water sports in the Wave basin and lagoons, to pump tracks, mountain biking, rock climbing, parkour, skate park, paddle boarding, a signature short golf course, etc.; • Resort amenities including surf lifestyle retail outlets, multiple food and beverage outlets with farm to table elements, and cutting -edge sport -specific training, fitness, spa, health, and wellness facilities; • 70+ branded residences with preferred access to the Wave and Club amenities; • Resort master plan community with up to 580 non -branded residences with access to Club amenities. THE WAVE I DECEMBER 2018 5 Vision .� �• � ~� alb=� -_ " � � � -3 - The concept for The Wave at Coral Mountain is to be the next generation master planned resort. The Wave will serve as the anchor and the focal point of the community. The look and feel of the resort will carefully integrate the ethos of a surfing lifestyle set against the dramatic desert backdrop of Coral Mountain. Detailed consideration ",ill be given to the orientation of elements throughout the site to capture the beauty of the surrounding area. With rigorous intention, the team will advance the vision outlined in this book into a thoughtful design - that handcrafts a "bare- foot luxury" experience for our guests, owners and members. Quality and service throughout will be high, yet the atmosphere will be warm, casual, soulful and inviting. The resort will include amenities and prograrnming that support the multi -generational demand for wellness, fitness, action, education and adventure. 6 MERIWE HER CON PANIES The draw and uniqueness of the Wave will be used to create a vibrant mixed -use resort experience. Access to the main wave, will be primarily offered to three main groups: (i) overnight hotel guests, (ii) residential real estate owners and (iii) club members and their invited guests. A wider audience will enjoy shared surfing in secondary and tertiary waves within the basin. The resort will then amplify "the stoke"with everything from stand-up paddle boarding and rock climbing to farm to table dining, live music and proprietary surf -related events creating a lifestyle and experience that simply does not exist in the Coachella Valley. THE WAVE I DECEMBER 2018 7 >. A 6LA' F r- L Opportunities C- Opportunities r- L With the Wave at its core, The Wave at Coral Mountain is poised to take advantage of differentiating characteristics that will drive demand, and ultimately, we believe will lead to the success of the Project. A few of these include: Growth in the Surf Industry: Surfing has an incredibly expansive global appeal and is growing at a staggering rate. It s generates billions of dollars of economic activity. The Wave concept not only has the capability to bring that audience and ` economic impact to markets with no ocean, but to showcase a world -class surf experience to millions worldwide through [T the WSUs digital and broadcast platforms. The Wave at Coral Mountain is positioned to capture the momentum of the rapidly expanding surf culture and the growing number of surf participants and surf fans. �- World Class Venture: Kelly Slater is an 11-time world surfing champion and one of the greatest surfers of all time. Kelly's vision was to create the perfect man-made wave. Perfect or not at all. Over the course of ten years of collaboration with [^ some of the brightest minds in aqua physics and more than 50 million dollars invested, Kelly and team made the vision a reality, completing the private Surf Ranch facility in Lemoore, California is 2015. His namesake wave was created to evolve the sport of surfing by making it more accessible. The World Surf League the leading organization in the surf world �- promoting the world's best surfers, surf competition, and surf content. They are home to the Championship Tour, Junior Tour and Long Board Tour for a total of 250+ global events in 21 countries each year. Together, KSWC and the WSL are dedicated to growth and innovation in the sport. Their global network of facilities will provide a venue for performance training, sanctioned competitions, and athlete exhibitions that can be watched live and broadcasted to television audiences in ways that have never been possible before. The Wave at Coral Mountain will benefit from this global platform. Desire for Experiential Luxury: Now more than ever, successful resorts that were once tailored to golfers and tennis players only are striving to appeal to broader audiences of all ages. In addition, they are working to attract the next generation of Gen X and Millennials in order to remain relevant. Among these generational groups, there are two notable movements that are redefining resort expectations and preferences (1) luxury is about collecting authentic experiences more so than collecting nice things, and (2) exclusive can, and should, be interactive. While there are still those who seek privacy and solitude, a larger group of affluent consumers are looking to share unique experiences with a community of friends and like-minded individuals. Most importantly, Gen X and Millennial travelers are willing to spend extra on curated and meaningful experiences. Our belief is that The Wave at Coral Mountain can become one of the most coveted luxury travel experiences in the Western US. Coachella Valley: Billions of dollars have been invested in resort infrastructure across the Coachella Valley. In response to trends over the past few decades, the majority of modern development in the area is characterized by master planned private golf communities, but surprisingly there are virtually no resort offerings that appeal to primarily younger people, non -golfers or to families. Meanwhile, the Coachella Valley hosts the annual Coachella and Stagecoach Music Festivals, as well as major golf and tennis events at PGA West and Indian Wells, proving that there is demand in the Valley for authentic experiences appealing to a wide range of demographics. With more than 23 million people only 2.5 hours away, The Wave at Coral Mountain will have an exclusive, proprietary and unique experience unlike any other in the Coachella Valley. THE WAVE I DECEMBER 2018 9 s.11l- ti i' f TIM � �., . _ _ • , yt,' jYr .. Fes^ �d'x. �{���� r• 10 MERIWETHER COMPANIES World Class Design and Development Team C� KELLY SLATER WAVE COMPANY l Surf Ranch started with the vision and dream of Kelly Slater, an 11-time world surfing champion and one of the greatest surfers of all time. Kelly's vision was to create the perfect man-made wave. Perfect or not at all. Over the course often years of collaboration with some of the brightest minds in aqua physics and more than 50 million dollars invested, Kelly and team made the vision a �- reality, completing the private Surf Ranch facility in Lemoore, California is 2015. In 2016, the WSL acquired a majority stake in the Kelly Slater Wave Company, putting the KSWC technology on the world surf tour map. They hosted a world surf tour competition r on the man made wave. The KSWC and WSL partnership continues to invest in, refine, and evolve the Wave technology, which they believe has the potential to reshape the surfing landscape for generations to come. Benefits of the brand, technology and 1 partnership include: Exceptional Experience: The surf experience on the Wave is exceptional for every skill level, beginner to professional. The controlled environment with in -water instruction eliminates a lot of the fear that beginners can experience in the ocean. The repetitive nature of the basin allows for rapid evolution of surf skill at every level. C Superior Wave Technology: KSWC's formula combines cutting edge science, engineering and design to create the longest, open -barrel, high-performance wave in existence. Positive Energy: It is every surfer's dream to have complete control over a perfect wave, and to share that experience with their friends. The limited number of surfers in the water and the ability to catch each wave without conflict (paddle races, dropping in, etc.) allows for a hassle- and stress -free surf experience. This energy is contagious and will create excitement both in the water and throughout the resort. kswaveco.com WORLD SURF LEAGUE C- The World Surf League (WSL) organizes the annual tour of professional surf competitions and broadcasts events live on television or at www.worldsurfleague.com where you can experience the athleticism, drama and adventure of competitive surfing -- any- where and anytime it's on. Each year, they broadcast over 800 hours promoting 2,200+ surfers around the world. Travel alongside the world's best male and female surfers to the most remote and exotic locations in the world. Fully immerse yourself in the sport of surfing with live event broadcasts, social updates, event highlights and commentary on desktop and mobile. ( The World Surf League is headquartered in Los Angeles, California with offices throughout the globe, and is dedicated to: • Bringing the athleticism, drama and adventure of pro surfing to fans worldwide Promoting professional surfers as world -class athletes �- Celebrating the history, elite athletes, diverse fans and dedicated partners who together embody professional surfing (— worldsurfleague.com F THE WAVE I DECEMBER 2018 11 y�„ Y l •:Prt . r A 12 MERIWETHER COMPANIES World Class Design and Development Team (cont). MERIWETHER COMPANIES Meriwether is a private real estate investment and development firm focused on the specific niche of residential and hospitality development in resort markets. The firm is actively developing across the western U.S. including Los Angeles, Palm Springs, Rancho Mirage, Carmel and Olympic Valley (Squaw Valley Resort), California; Telluride, Steamboat Springs, Eagle, Boulder and Breckenridge, Colorado. For more information on Meriwether and its principals, please visit meriwetherco.com. SUNRISE COMPANY Since its founding in 1963, Sunrise Company has constructed over 16,000 homes and condominiums, co-cleveloped two resorthotels, a fractional ownership resort and developed 22 resort communities, numerous apartment buildings, office buildings, shopping centers and commercial hotels. Today, Sunrise Company is one of the nation's most respected developers, with communities ranging from multi -family apartments to fractional residence clubs to luxury private residential resort/club communities to primary home communities. Sunrise Company is continually pursuing new opportunities in some of the country's fastest growing markets. Sunrise Company's legacy of success in the Coachella Valley includes Toscana Country Club and Andalusia Country Club currently under development and the completed communities of Indian Ridge Country Club, Palm Valley Country Club, The Lakes Country Club, Monterey Country Club, Rancho Las Palmas Country Club and Sunrise Country Club. Sunrise also co -developed the Desert Springs JW Marriott Resort & Spa, PGA West and Rancho Las Palmas Resort & Spa. sunriseco.com CCY ARCHITECTS CCY believes enduring architecture enhances community, elevates life experiences and restores our connection to the natural world. Embracing a modernist approach to the influences of region and culture, we have been guided by this vision for over 40 years — connecting people, nature and community with inspired architecture. The success of Cottle Car Yaw's philosophy and regionally -responsive design has been recognized by over 100 design awards, including the AIA's Firm of the Year for the US Western Mountain Region, and has been featured in over 50 publications including Architectural Digest, Architectural Record, Robb Report, Western Interiors and Design, Town & Country, Urban Land and USA Today. ccyarchitects.com VITA PLANNING AND LANDSCAPE ARCHITECTURE VITA is a studio of planners, architects and landscape architects dedicated to respectfully merging the built environment with the natural setting through thoughtful, collaborative design. Inherent in their design process are knowledge and respect for local and regional cultures and history, the natural setting and the business objectives of their clients. This understanding of the land and its inhabitants is the foundation of their work and provides cultural connections to place. vitainc.com Their master planning and landscape architectural design expertise serves the development community and private clients with a range of skills including Community Planning and Design, Golf and Resort Planning, Hospitality Design, Mixed Use and Urban Design, Traditional Neighborhood and Community Design along with Residential Landscape Architecture. vitainc.com THE WAVE I DECEMBER 2018 13 Surf Culture 0 INNOVATION PARTNERSHIPS Live event viewership is up 40% year -over -year Facebook committed to additional promotion in 2018-2019 which we anticipate will drive continued dramatic growth in event audiences. Events at the WSL Surf Ranch aired live Nationally on CBS in the ZCBS United States for the first time in 2018; WSL Championship Tour event highlight shows are also aired throughout the year on CBS Sports Network in evening primetime. Bleacher Report Live, an app from Turner Sports, is e now an official destination for WSL video on demand content, replays and highlights in the US. WHY SURFING? $51 5 # 1 Surfing is aspirational and cool providing an opportunity BILLION BILLION surfing is cool. to grow real estate value by Economic activity Number of millennials The #1 sport embracing demographic and generated in over and Gen Z comprising Americans technological shifts. 7,000 communities roughly 64% of the ages 19-31 with surfable waves, worlds population. aspire to learn. Sauces `Natwal Alseta, Suifing a "N of Em C Growth Oxford UnrMmly Rees 2016 IlbulAwl; Malp,s of Undeo Natans Data 2010 Label Nalworks Global Vowh Cultwe ntellhge , 2012 '„�� _�: •_ -ism'.—. � v � � r � �� — ' 7 14 MERIWETHER COMPANIES SURFING HAS A MASSIVE AND GROWING GLOBAL APPEAL 119SO!"MIL Global Fans a,% MIL Surfers Worldwide AN I_r-- -A GLOBAL REACH The World Surf League has been the vanguard of professional surfing since 1976 crowning World Champion surfers and serving as a gateway to the sport and lifestyle. The WSL is home to the following tours: • Championship Tour • Qualifying Series • Big Wave Tour • Junior Tour • Longboard Tour MS11 COUNTRIES +25l GLOBAL EVENTS +800 LIVE BROADCAST HOURS ANNUALLY +an 0 SURF ATHLETES 40 % Increase in participation over the last 12 years ?I - THE WAVE I DECEMBER 2018 15 16 MERIWETHER COMPANIES F F 17 Location: La Quinta, California C F F Collectively the team has identified the Coachella Valley as the ideal Southern California location to develop a Kelly Slater Wave. Located just 2.5 hours from the largest surfing population in the US, and more than 23MM people, La Quinta has the perfect C- locale, infrastructure and climate to execute our vision. [- The Palm Springs Desert Resort Area (the "Desert") is located just two hours east of Los Angeles and Orange County and is sheltered by the San Bernardino Mountains to the north, the Santa Rosa Mountains to the south, and the San Jacinto Mountains to the west. The Desert includes the famed desert mecca of Palm Springs in addition to the communities of Rancho Mirage, Indian Wells, Palm Desert, La Quinta, Indio, Coachella, Desert Hot Springs and Cathedral City. A premier vacation and retirement destination, the Desert offers more than 120 golf courses, as well as an endless array of events and attractions including impressive [' dining, exclusive shopping, recreational activities, cultural events and award winning medical facilities. The Desert is one of the most popular vacation destinations in the United States with more than 3.5 million annual visitors and annual homes sales in excess of 9,500 per year. The Desert has a permanent population of over 380,000 with an estimated seasonal influx of roughly 100,000 to 150,000 seasonal residents and second homeowners. La Quinta, famed for the breathtaking views of the surrounding mountains, is a premier playground for active living with patio dining, boutique shops, resort escapes, world -class golf including the PGA Tour CareerBuilder Challenge Tournament, top �- national retailers and the charm of the La Quinta Village. La Quinta is known for its pristine surroundings showcasing picture perfect views. The community inspires art and culture, health, wellness and serenity among its visitors and residents. F THE WAVE I DECEMBER 2018 17 -1 " MF7 U.- COACHELLA VALLEY MAP Z� 7 K, 7-7 Qv . . . . . . . . --- WN 1, 18 MERIWETHER COMPANIES Andalusia West Tract Known as the West Tract, the Site for our Project is one of the last remaining large pieces of land proximate to the mountains in the entire Valley. It is nestled up to the base of Coral Mountain itself, behind which sits the Santa Rosa range. The cove -like setting affords spectacular views, great sun exposure and protection from the wind. The vision is to organically integrate the resort's facilities and programming with the natural topography around the site, and to take advantage of the direct access to the adjacent open space. THE WAVE I DECEMBER 2018 19 !/. � Y.1f - •'P ..� f •:1' I, '� i. ���s� yF+ �y.. �..r,l- !�� �;■ 1r •.�f�tr:j• r,y rtxyrry� - `.y¢v - - - _ '� -� --^�!-'- ..' ` _ •�'.=.,;'?!a'r'' - - - ... yl�MY!�. _ - •`� • l '�"��"- �_��a, %-. _�'�i'r . r ir�•f-{r.� yr�"•,�7ri'r!�"'f a1• � 1 � bn + e.. _ _--.�: -. _ .�. • . ... �::y.� •.:� a _�i r'� . r • c�/y... • ' ` ate" -� s '• = i �' �' � •�Fa, jGf•�- �:�T _ s •, 4,'':,7,t �}y�- •' r r • Yk ;i-1 _ !. , r ..p f �h'..��.ST--'�" .fir J , � ]l yL. , rl�. �. � � _ L r ��fs.'f.� �• '� �r�' i I r: �� ,fit.. �;. AS ' .[ ,� ,/`i' - 'uE.',. 1, . if �%-: � �r .., ,, ,;;�• • ?'i� ���'' .y ,5,.�:: ,f �.� _' L' ��.•"'r� r rl. _ �.• '.• .sir_] .1,•Y�7,•t •.. ��„ � r.. �.; � Ir •rl�fdLi'.ru_.�� f• .�- .��41 �lr.�' .iMS. N. 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'i' i1• ,,z�.y ^! - -S'iE- �� .i :., x ''V_,r,�,. _ '.i' f� {' � ���� - Planning and Design Charrette 13 Q Oil, �Li, I Our team has hosted a series of multi -day envisioning charrettes to discuss, debate and create initial project concepts and the general business plan for a hotel resort and community anchored by the Wave. Through this process we have identified key "Pillars of the Community" and have established "Guiding Principles", both of which lay the foundation for The Wave at Coral Mountain master plan. THE WAVE I DECEMBER 2018 23 Guiding Principles Guiding Principles A handful of Guiding Principles will drive the Project's approach to both design and programming, including: Surf Culture: The Wave and associated surf culture is the central inspiration for the Project. The community should encourage "board shorts and bare feet," yet still feel luxurious. Each element should expound on the surf lifestyle. Inclusive Not Exclusive Luxury: The term seems counter intuitive, but luxury brands in real estate and retail markets are embracing inclusivity rather than exclusivity. While the main Wave's limited capacity and cost make it inherently exclusive, the Wave experience overall should be vibrant and welcoming. Curiosity and Improvement: The Wave at Coral Mountain vision is a playground of experiences about which people are undeniably curious to learn and experience. The goal is to foster this demographic trend and this innate desire and provide anyone the ability to improve, from surfing to outdoor pursuits to wellness and beyond. Multigenerational Sustainability: Sustainability of the built environment and the resort community are critical. Facilities and amenities need to be focused enough to embody the vision today, while allowing flexibility to adapt to relevant future demands. Careful thought needs to be given to the guests and owners, who could include extended families, couples and individuals looking for luxurious adventures, groups of friends, and so on - all "jonesing" for a communal adrenaline rush in a beautiful setting. -Zz THE WAVE 25 'ANi t4. `�r 1•• . ���.r�. �� 4 i i p � E • �" ids � ,} ' � d r _ of f�y l Ir W�-� rl� F r�n •� r..r `. a i• Pillars of the Community Pillars of the Community The Charrette process identified five pillars which are crucial to the success of The Wave at Coral Mountain, and which serve as foundational elements for the master plan. These include: The Wave: Along with surf culture, the central theme for The Wave at Coral Mountain. Featuring KSWC's best -in -class technology, combined with an all -encompassing in and out of water surf experience that will foster learning and improvement. The Place: A recognition of the physical site's beauty, archeological history and it's orientation towards Coral Mountain and the surrounding views. The Hotel: An approachable yet upscale boutique resort hotel with a mix of traditional hotel rooms, suites, and cottages to accommodate a wide-ranging set of potential customers. Next Generation Amenities: A community oriented towards health, wellness and multi -generational enjoyment that will include hiking & biking, rock climbing, skating, fitness, golf, spa and dining. The Connectivity: A series of interesting spaces throughout the Project, intentionally designed to spur reflection or interaction. Each will define the area or neighborhood in which it resides and will ultimately lead to the Wave. A walkable village core, paths and trails, access to biking and indoor / outdoor experiences that celebrate the exceptional climate and encourage outdoor living. F_ _"Wow,, THE WAVE I DECEMBER 2018 27 r r a &Fd M►- Conceptual Sketches- Prepared "live time" by the design team during the charrette 28 MERIWETHER COMPANIES Conceptual Master Plan and Resort Planning The team has taken into consideration everything previously outlined in this book - vision, opportunities, principals and pillars — and begun the process of laying out a master plan on the land itself. The master plan is at its nascent stage and will certainly evolve over time. Yet careful consideration has been made for the early vision centered around the Wave and emanating out from there. The Surf Village is the heart, soul, and central core of the plan and will include the Wave basin and lagoons, hotel and resort, branded for -sale residences and select Club amenities. This area will provide a seamless, choreographed yet natural connection to the Wave. Buildings and open spaces will be sited to take advantage of the south/southwest sun exposure and views that extend to the Santa Rosa Mountains, with Coral Mountain in the foreground. Key elements are described on the following pages. THE WAVE I DECEMBER 2018 29 Conceptual Community Map 58TH AVE .TRAIL HEAD --------I. - OUTDOOR - AMENITIES MRAI MMINTAIN TRAIL HEAD ru 60TH AVE 30 MERIWETHER COMPANIES Conceptual Resort Core Map ( f ` BRANDED Ir .:• RESIDENTIAL .� v THE WAVE 0.2 PCT ANNU C ❑ R� [ HOTEL [ AMENITIES IT I CORAL MOUNTAIN r [ TRAIL HEAD �..� y THE WAVE I DECEMBER 2018 31 Conceptual Master Plan and Resort Planning - The Wave Expanding on the existing prototype in Lemoore, the Wave will include an approximately 1,600-foot-long bi-directional main wave, secondary and tertiary waves, as well as expansive end zone and lagoon areas that integrate into the adjacent resort. Visiting the Wave will be a full -service experience. The Wave facilities will include a series of buildings that house fitness, training, locker room, meeting, education, instruction, demonstration, and viewing areas. It will also offer branded retail space offering equipment, gear, clothing and accessories. Envisioned facilities, access and programing include: • Board Room and Shaping Studio • WSL High Performance Training Center • Surf School • Main Wave Surfing • End Zone Water Play • Wave Basin Boardwalk • Corporate Buyouts • Camps, Competitions, and Exhibitions • Events These elements are described in more detail on the following pages. . -MEW 0 32 MERIWETHER COMPANIES 4F 4N iL 4mm� Ills I THE WAVE DECEMBER 2018 33 Conceptual Master Plan and Resort Planning - The Wave Board Room and Shaping Studio Location for surfers to check -in, gear -up, meet their instructors, and prepare to get in the water, as well as space to explore and identify the best boards for their surf style and skill. 34 MERIWETHER COMPANIES lows LE] F.lz 7M WSL High Performance Training Center Facilities and programming for experienced surfers to reach the next level through multi -day in -water coaching sessions, equipment testing, advanced video analysis, and dry -land strength and mobility and sport specific training. THE WAVE I DECEMBER 2018 35 Conceptual Master Plan and Resort Planning - The Wave Main Wave Surfing This will be the core offering for members and guests who want to receive a fully integrated experience across the entire wave basin. A session is anticipated to include dry -land orientation and instruction, in -water coaching, and post -session video analysis. 36 MERIWETHER COMPANIES _ 'IC e ,11°'�iii=rnpese4+R�MENJO w�� ���� PI • T-Aulwamlizi Conceptual Master Plan and Resort Planning - The Wave Surf School Facilities and programming for everyone from the beginner and intermediate surfers to receive in -water instruction in a consistent, controlled and safe environment and dry -land ocean education, water sa ety and surf etiquette training. 38 1,AERINETHER COMPANIES End Zone Water Play This End Zone offerss access to the end sections of the basin for beginner surfing, body boarding, boogie boardin, stand up paddle boarding or general water play. THE WAVE I DECEMBER 2018 39 Conceptual Master Plan and Resort Planning - The Wave Wave Basin and Boardwalk The current thinking includes a boardwalk concept which will be an extension of the community's trail network on typical days, and the spectator vantage point during surf events and exhibitions. 40 MERIWETHER COMPANIES Corporate Buyouts Expanding on the demand experienced at Surf Ranch in Leemore, the is intended to attract companies and groups who want to have a hands-on corporate retreat centered around private access to the Wave. Groups will also have access to conference and meeting space and food & beverage catering to host dedicated events and activities using the resort's exclusive amenities. THE WAVE I DECEMBER 2018 41 Conceptual Master Plan and Resort Planning - The Wave .A, -0 -*L Camps, Competitions, and Exhibitions It is anticipated thatthe Wave will host a wide range of competition, from sanctioned WSL tour events and WSL athlete exhibitions to junior, collegiate and amateur contests. Week-long camps will also be offered, segmented by age, skill level and intensity. C�. F l F_ go Events The resort will be designed to accommodate events that utilize the Wave, along with symbiotic dry events that align with the vision and culture of the resort. In partnership with the World Surf League, it is anticipated that several events will be hosted throughout the year, including surf competitions, and exhibitions. Additionally, our vision is for the resort to be a core venue to host the eventual expansion of the sport — to include amateur, high school, collegiate and other facilitated competitions. The Project is envisioned to include facilities that are capable of hosting intimate private performances, small concerts, and mid -scale festivals. THE WAVE I DECEMBER 2018 43 Conceptual Master Plan and Resort Planning Next Generation Amenities The Wave at Coral Mountain is envisioned as the next generation lifestyle community. The vision is an integrated club offering a range of next generation amenities creating participation Jor all generations and all levels. The foundation of each offering will be world -class and cutting -edge with associated facilities to fosterthe experience. Conceptual elements that personify this vision include: i) mountain biking, ii) trail systems, iii) indoor and outdoor rock climbing, iv) skate and bike pump tracks, v) parkour, vi) whole -body fitness and training including paddle boarding, vii) class programming to include yoga, spin, pilates, etc., viii) golfing on the signature short course, ix) sports and resort focused spa elements. Additional resort amenities will foster community and interaction, inclusive of a planned amphitheater as a small music venue. 44 MERIWETHER COMPANIES F F Conceptual Master Plan and Resort Planning Trails and Landscape Trails will be the vital connective tissue, and together with roads, will create a hierarchy of transportation networks. Simple walking trails, bike trails, and bike paths will create a more walkable, pedestrian -friendly community than is typical in the Coachella Valley. The trails will be enhanced with "found" elements; ideas include areas for rest and relaxation, view platforms, and rope or wood bridges. The landscape will be carefully enhanced with to add richness, warmth and privacy to neighborhoods and open spaces and to maintain a barefoot beach vibe. THE WAVE I DECEMBER 2018 45 Conceptual Master Plan and Resort Planning 46 MERIWETHER COMPANIES Hotel Lodging The hotel will be a 4-star lifestyle resort designed to accommodate individuals, groups, families, and corporate gatherings. It is envisioned to include a mix of 75 traditional hotel rooms and an additional 25 hotel owned and dedicated suites (2-3 bedrooms) in traditional hotel buildings as well as detached bungalow style cottages. The Resort will be low in scale and will feature a quintessential modern California vibe. The intent is to deliver simple accommodations with luxurious yet casual service, programming and retail offerings. To facilitate guest interaction, the grounds will include multiple gathering spaces for individuals to seek relaxation or groups to congregate. A clustered series of buildings will include resort -style facilities for swimming, spa, fitness, and group meetings, as well as branded retail and food & beverage outlets. Food offerings will include both healthy fare and well -made comfort food complimented by a complete cocktail offering. Indoor/outdoor dining and lounge space will be oriented to view the Wave. Resort retail will focus on surf gear and a deep apparel offering. The programming throughout the resort will determine how guests, owners and members experience the resort and will be thoughtful executed in what we refer to as the "anatomy of a visit." Consideration is given to every detail - booking, arrival, check -in, amenity access, wayfinding, usage of resort facilities, interactions with staff and guests, food & beverage, in -room comfort, etc. All aspects of the resort will be designed with operations in mind so delivering a world -class experience to surfers and non -surfers alike is seamless. THE WAVE I DECEMBER 2018 47 Conceptual Master Plan and Resort Planning --Ewmw-� #m 48 MERIWETHER COMPANIES Branded Residential The Wave and associated Club amenities will create enthusiasts and loyalists who we anticipate will convert to buyers of residential real estate. The real estate offering will be generally divided into two categories: Branded Residential within Surf Village, and Master Plan Residential outside the central core. Access to the Wave and other VIP perks will be limited to 70 or so branded owners, club members and hotel guests. Homes will be clustered to achieve a village feel but will sit "softly" on the land in harmony with nature. Front porches will welcome and engage neighbors and shaded areas will provide shelter and protection to erase the boundary between inside and out, even on hot summer days. Natural textures, tone and materials with blend with the desert and a barefoot sophistication will embody the understated surf vibe. The residential component of the Project, similar to other communities throughout the Coachella Valley, will primarily attract second home buyers. Justification for second home real estate purchases today increasingly includes the ability to offset costs by renting the home out during unused times. The resort will offer a turn -key rental program for branded residential owners, with short- and long-term stays marketed and operated through the hotel platform. F THE WAVE I DECEMBER 2018 49 (- Non -Branded Residential The land outside of the Surf Village is contemplated to be an expanding residential community appealing to likeminded residents who are attracted to the lifestyle defined by the resort and club. Current plans envision up to 580 residences which will have access to the club and extensive non -Wave amenities. A collection of active and passive open spaces and amenities will connect neighborhoods through easy and accessible walking and golf cart trails to the resort core. The incorporation of bodies of water such as lagoons and canals will expand water -sport ethos outward from the Wave the throughout the rest of the community. THE WAVE I DECEMBER 2018 51 I.A IN . . . . . . . . . . . Opr OL dR AA At ~• ;. 14f Isw -- r � - - -. -! - - ' • _.�.K _._ , ram;;;: ' •� `.,e.•• jt .`- - -- —�� _�s'+� �y : � -�..� „ate _ _ �* C +� � '� :: prP:" .. y}sae' .��E ,� ! • • - •" _ � � �� - • � - •'.fit '�. � � -�` i • -'� K 1- . - ► y.- 00 wW 7 rr+ r y '•�w .`".: Aie 1 'It 1. A oil, 7 411 �'� :•,� a,;=ail t � � .� s s -- - _ .� - _ -_. _. _- :�,�,,,.!� 1 , -get--- •'� ��f.' t:` �' _ .�, 1 � fey 1w..� `��' . _ I r i lot i ter_ --►' f — ;�:`' �! .#!1 �� 1 �+�i err.• _� .�; •� i. — �"�— � 'so-, ��� � f � ..x � � ` ` • ".-'t ' r —�=� � � .� ,�ti-, � .-. --•+Lee.'" � 54 MERIWENER COMPANIES 7Pe� �ee� /4ws L� . P/rc6rr�c /'.i Lf W k' THE WAVE I DECEMBER 2018 55 PLANNING & ENTITLEMENTS City of La Quinta Entitlements Andalusia West Tract is a part of the Andalusia at Coral Mountain, City of La Quinta ("City") approved Specific Plan 03-067, as amended' (the generally, the "Entitlements" or specifically, the "Specific Plan"), which allows for the development and construction of 1,400 homes, two 18 hole golf courses, club facilities, neighboring commercial development and supporting infrastructure across 934 acres. The Entitlements are shared between Andalusia West Tract and Andalusia (East Tract). The zoning designation for the approved Specific Plan is low density residential ("LDR") which affords up to 4 residential units per acre. The 1,400 residential units are to be distributed within a gross area of approximately 497 acres divided between Andalusia West Tract and Andalusia (East Tract). Golf Course/Open Space within the approved Specific Plan is approved to occupy approximately 421 acres of the overall 934 acres distributed between Andalusia West Tract and Andalusia (East Tract). The proposed design includes the following: LABEL LAND USE ACRES of UNITS D.0 / AC 1 Description Bli Branded Residential 37.75 1 64 1.70 I residential lots, homes, fractional homes Bli Branded Residential 6.25 = 6 0.96 residential lots - Branded Residential Total 44.00 12% _ 70 1.59 R-1 Master Planned Residential 61.38 195 3.2 low -density residential R-2 Master Planned Residential 15.15 45 3.0 low -density residential R-3 Master Planned Residential 57.17 185 3.2 low -density residential R-4 Master Planned Residential 46.48 155 3.3 low -density residential Master Planned Residential Total 180.18 48% 580 3.22 1 Residential Total 224.18 59% 650 2.90 H-1 Hotel 11.89 100 8.41 luxury resort hotel H-2 Hotel, Amenity 3.74 0 - golf outpost, farm H-3 Hotel, Entry 16.05 0 - ciruclation Hotel Total 31.68 8% 100 3.16 A Amenity 77.50 I 0 - amphitheater, pumptrack, ropes course G-1 Golf/Open Space 23.89 = 0 - golf/open space G-2 Golf/Open Space 19.95 = 0 - golf/open space Amenity, Golf, Open Space Total 121.34 32% = 0 West Tract Total 377.20 750 1.99 overall density Developed Acres 239.81 64% 750 3.13 :density of developed land (all Residential, H1, H2) Amenity, Golf, Open Space 137.39 36% 1 - - H-3, A, G-1, G-2 West Tract Total 377.20 L 750 1.99 ; overall density Andalusia West Tract Project proposes a total of 750 units with a blended mixture of hotel units and residential units. There are 650 residential units reserved for Andalusia East Tract and when combined the total 1,400 proposed unit count for both the east and west sides is consistent with the existing approved Entitlement unit and density limitations. Further, the Andalusia West Tract Project proposal incorporates significant open space/recreation uses/amenities/golf course/greenspace to satisfy the overall requirement of approximately 40% Open Space for the Andalusia West Tract Project and an overall blended average Open Space requirement of 50% for the Specific Plan (e.g. Andalusia West Tract and Andalusia (East Tract) combined). 56 MERIWETHER COMPANIES City of La Quinta Entitlements (cont). Clearly, the introduction of a hotel use into the Project mix will require further study for the impacts to traffic, noise and light'. However, given the proposed Project's ❑verall consistency with the density, unit count and Open Space requirements of the Specific Plan and the belief that Project's impacts t❑ traffic, noise and light are either insignificant or can be appropriately mitigated in a specific plan amendment, tentative map and site development plan processes, we suggest to the City that the process for entitlement for the proposed Project be simply an amendment to Specific Plan 03-067 and/or a Site Development Permit and/or in addition, an addendum to E1R 232 (e.g. AEIR) which incorporates the revised studies.' We look to the City to define the process and timing for implementing the Project in the next few weeks. THE WAVE I DECEMBER 2018 57 PLANNING & ENTITLEMENTS As part of the approvals for the Specific Plan, the developer entered into an agreernent with Coachella Valley Water District ("CVWD") for water service to Andalusia at Coral Mountain via the Domestic Water, Sanitation System Installation and Irrigation Service Agreement, dated January 19, 2005, and recorded January 31, 2005 as Instrument No. 2005-0087385 ("CVWD Agreement") and assigned to Sunrise LQ, LLC which assignment recorded as Instrument No. 2018-0421847 on October 25, 2018 ("Assignment to CVWD Agreement"). The CVWD Agreement provides for the issuance of meters for 1,600 units and two 18 hole golf courses upon the completion of certain improvements by the developer which are specifically described in Exhibit B to the Assignment to CVWD Agreement. As discussed above, the Project density and unit count are within the requirements of the approved Entitlements. The Project unit water meter requirements are within the number of available unit water meters to be prOVided by CVWD upon the completion of the improvements required by the CVWD Agreement and the Assignment thereto. The hotel use will not result in an increase in water usage on a per unit basis, if anything, the water use should decrease when taking into account the hotel use. Further, the Developer will provide water studies to illustrate that the water requirements for the "Wave" are in fact significantly lower than the golf acreage it is replacing versus the approved Entitlements and CVWD Agreement. Based on the final proposed water usage and unit counts, the number of well sites can be finalized and located in accordance with CVWD policies. Accordingly, the Developer believes that no changes to the CVWD Agreement or the Assignment to the CVWD Agreement should be required by CVWD. Developer looks to CVWD for concurrence and direction on the studies required to substantiate this. Imperial Irrigation District Imperial Irrigation District ("IID") has agreed to serve the energy requirements for the approved Specific Plan. Developer believes that the Project energy requirements for the hotel and residential uses are the same or will be less than originally anticipated in the Entitlements. Clearly, however, the energy requirements for the Wave need to be considered and discussed with IID. The question is whether or not the energy requirements for the Wave can be provided by IID without the implementation of any addition improvements. If not, what are those improvements and who will be responsi ole for their construction? What types of studies will be required by IID to make such a determination, what is the process and how long is the process to make such a determination? (1) Specific Plan 03-067 also includes Environmental Assessment (EA) 2003-483 Mitigated Negative Dec aration, General Plan Amendment 2003- 93, various Amendments of Specific Plan 2018 and Specific Plan 03-067, Environmental Impact Report (EIR) 232 and the corresponding appendices, Addenda to EIR (AEIR) 232 and its corresponding appendices and Site Development Permits. (2)Water is discussed under the CVWD Section. (3) A supplemental or subsequent EIR (SEIR) may be required if another discretionary approval is being considered and (a) there are substantial changes to the project; (b) there are substantial changes in the project's circumstances; or (c) new information that could not have been known at the time the EIR was certified becomes available and such changes or new information require.major revisions to the previous EIR due to significant environmental effects or a substantial increase in the severity of previously identified significant effects. Pub. Res. Code §21166; CA. Code of Reg, §§15162(a), (b). If none of the three triggers for an SEIR exist, then an agency may use an addendum to make chances or additions to the prior EIR or negative declaration. CA Code of Reg §§ 15164(a), (b). 58 MERIWE7HER COMPANIES IF Al, ., v� ERIWETHER COMPANIES CCY ARCH ITECTS VITA - - _ y: --- �`-:' •-rwY.. �•r-r - _err _ -- . - ..�-emu- � - - _ - - • ;� � TL _ _ - M1 r KELLY LATER WAV E CO SUMSE COMPANY