Port Approves Financing for Billion-dollar Hotel & Convention Center
After decades of false starts and unfulfilled proposals, Chula Vista’s bayfront redevelopment finally has the financial backing it needs to build its flagship project.
Chula Vista and the Port of San Diego approved a development agreement, revenue-sharing plan and public subsidy for the $1.1 billion hotel and convention center Tuesday.
Chula Vista Mayor Mary Casillas Salas called the unanimous vote to approve the financing a “historic” moment.
“Good things come to those who wait,” she said.
Salas, who was first elected to the City Council since 1996 and heard multiple proposals throughout the years, said the hotel and convention center will spur development along Chula Vista’s bayfront. The city’s master plan envisions the area turning into a tourist hub with hotels, restaurants, stores, and water front parks.
Houston-based RIDA Development will put up $785 million to build the hotel and convention center. Chula Vista and the Port of San Diego will pay $343 million — $240 million for the hotel and convention center and $103 million for infrastructure and parking improvements. Additionally, the port will forego ground lease revenues for 38 years, resulting in a $245 million subsidy. Read Full Article Here.