Hyatt Place Mixed-Use Project Groundbreaking
In the City of San Gabriel, the Landmark Hyatt Place mixed-use hotel project recently broke ground. The project will include a 225-room hotel, 87 condominium units, 32,500 square feet of commercial and 19,140 square feet of restaurant space.
KMA undertook a financial feasibility analysis to advise the City in regards to the project’s development economics, and determined the project had a significant feasibility gap. To address this gap, KMA helped negotiate economic incentive agreements between the City and Developer in order to facilitate the project’s development. KMA prepared a report (pursuant to California Government Code Section 53083) to summarize these incentives, which include payments from the City to help fund off-site infrastructure, and allowing the Developer to make installment payments of impact fees to the City.
The project is one of two hotel projects being developed within the Valley Boulevard Specific Plan Area. City officials anticipate the project will be an economic catalyst for the area and will create hundreds of jobs while adding over $1 million annually to city coffers in through sales and occupancy taxes.