2024-08-06 LQ Press Release - Robert Gren Chapter 11 Bankruptcy Filing 2024-08-05•
Contact:
Marcie Graham
Marketing Manager / Public Information Officer
760.777.7032 — Direct
760.501.8924 — Mobile
Email: mgraham@laquintaca.gov
For Immediate Release
August 6, 2024
adda
- CALIFORNIA
City of La Quinta Restates Developer Rights and Bankruptcy Filing
La Quinta, CA — The City of La Quinta today addressed recent developments surrounding the
property owned by SilverRock Development Company (SDC) and affiliated entities. Contrary to
assertions made, the City unequivocally states that SDC and the Robert Green Company have
no "Developer" rights under the Purchase Sale and Development Agreement (PSDA) governing
the property.
The PSDA outlines specific development parameters and requirements. SDC's interests in the
property do not meet the criteria necessary to exercise developer rights under the
agreement. This fact remains unchanged regardless of any legal proceedings.
Petitions for Chapter 11 bankruptcy, were filed in the state of Delaware, by SDC and related
entities. It is important to note that this action creates a stay of the foreclosure sale by lender
Cypress Point Holdings, LLC. The City's position and rights concerning the property remain
unaffected by these bankruptcy proceedings.
The City of La Quinta remains steadfast in its commitment to responsible development that
aligns with the community's vision and adheres to all applicable laws and regulations. The City
will continue to monitor the situation closely and take appropriate actions to protect the public
interest.
###
78495 Calle Tampico I La Ouinta, California 92253 1760.777.7000 I www.laquintaca.gov