Major Milestone Reached for the Chula Vista Bayfront
On June 15, 2021 the San Diego Unified Port District (District) and the City of Chula Vista (City) approved the pivotal leasing, financing, and construction documents that move the Chula Vista Bayfront (CVB) project one step closer to ground breaking. The planned $1 billion development encompasses a 1,600-room waterfront resort hotel, 250,000 SF of convention and meeting space, and a parking structure on 36.5 acres, along with new public parks and associated infrastructure.
The District had previously approved a 66-year ground lease for the resort hotel, and a Support Agreement setting up the mechanism for the District’s and City’s financial contributions to the project. The District authorized a Coastal Development Permit on June 18, 2019, while a Disposition and Development Agreement and plan of finance with developer RIDA Development had been approved April 25, 2018.
In support of these efforts, KMA provided financial pro forma analyses, cash flow projections, and economic impact analyses of numerous project alternatives. The future redevelopment of the entire Chula Vista Bayfront is guided by a master plan that will transform the former 536-acre industrial area into a mix of hotel, retail, office, and residential uses along with supporting amenities and open space and is described as the largest waterfront development opportunity on the West Coast