490 S Palm Canyon Dr 22,845 SF Retail Building Palm Springs, CA 92262 $4,000,000 ($175.09/SF)

Iconic Former Saks Fifth Avenue Building - Core Downtown Palm Springs
Outstanding Corner Location at Major Signalized Intersection
Exceptional Visibility & Signage Exposure to Constant Downtown Traffic
One of the Last Large, Freestanding Buildings Available in Downtown Palm Springs
Flexible Zoning - Ideal for Redevelopment or Creative Reuse
Priced Far Below Market and Replacement - Only $175/SF
Ideal for Owner-User or Value-Add Investor
In the Heart of Palm Springs' Mid-Century Modern Legacy
Surrounded by High-Profile Redevelopment Boutique Hotels & Landmark Architecture
Rare Downtown Opportunity – Big Space, Big Presence, Big Potential
PROPERTY HIGHLIGHTS
Originally built for Saks Fifth Avenue – a Palm Springs architectural statement.
Prominent corner visibility where cross-traffic consistently stops, maximizing exposure.
Large, open floor plan ideal for creative adaptive reuse.
Expansive signage potential – unmatched branding opportunity in the downtown core.
Unique mid-century pedigree – across from the historic Chase Bank by architect E. Stewart Williams.
POTENTIAL USES
High-end showroom - perfect for modern furnishings, design studios, or art galleries.
Boutique nightclub or entertainment venue - leverage strong evening pedestrian flow.
Medical or wellness use - outstanding visibility and access for destination-based care.
Co-working or creative office - capitalize on downtown energy and tourism driven demand.
Destination retail - ideal for a single upscale user or curated retail concept.
INVESTMENT OPPORTUNITY
Rare combination of size, zoning, and location - nearly impossible to replicate in today's market.
Strong potential for repositioning or adaptive reuse.
Below-market pricing offers built-in upside for developers and investors.
City of Palm Springs supportive of creative redevelopment - open to incentive discussions.
Vacancy presents clean slate for design, reconfiguration, and modernization.
Irreplaceable downtown real estate with intrinsic long-term value.
LOCATION & SURROUNDINGS
Prime downtown intersection – visible from multiple approaches including Palm Canyon and Ramon Road.
Across from architectural icons – the Chase Bank building and “500 Building.”
Adjacent to future redevelopment – proposed hotel project across the intersection.
Within Palm Springs’ only upzoned district allowing height and density up to 4 stories.
Walkable to downtown hotels, restaurants, and entertainment corridors.