Hotel and Convention Center Approved for Chula Vista Waterfront
The San Diego Unified Port District board and the Chula Vista City Council met in a rare joint meeting to unanimously approve a Letter of Intent (LOI) agreement with hotel developer RIDA. The LOI outlines the key economic terms for the development of a 1,450-room resort hotel and 275,000 SF convention center on a 36-acre site owned bye the Port District. Keyser Marston Associates, as financial advisor to the Port of San Diego, undertook a review of the economic feasibility of the proposed project.
Under the financing agreement analyzed by Keyser Marston Associates, RIDA and its financial partner, ARES Management, will spend $688 million on the project. The Port and City of Chula Vista would contribute an additional $225 million toward the convention center, $56.3 million on infrastructure, and provide 1,500 parking spaces. The parties have been negotiating key terms for over two years, and the LOI will be the basis for a development agreement later this year. If all goes according to plan, construction could begin by end of 2019 with opening targeted for 2022.
The project is projected to generate an annual economic impact of nearly $400 million once it is in operation, plus a total of 3,100 construction jobs and 3,700 permanent jobs will be created.
The hotel and convention center project is a pivotal part to the long-range planning efforts for the Chula Vista waterfront. The Chula Vista waterfront master plan, which guides development efforts, is meant to transform the 535-acre waterfront property into a world-class destination for residents and visitors. Parks, open space, recreation and cultural areas are also planned.
To view more information on the Chula Vista Bayfront project, please click here.