Officials Celebrate the Groundbreaking of Gaylord Pacific Resort and Convention Center in Chula Vista
On July 27th, 2022 the long-awaited groundbreaking of the Gaylord Pacific Resort and Convention Center, the centerpiece of the Chula Vista Bayfront (CVB) project, was celebrated. Officials from the City of Chula Vista (City), the San Diego Unified Port District (Port) along with Rida Development Corporation and Marriott International (and KMA's Paul Marra and Linnie Gavino) were on hand for the highly anticipated event.
Earlier in the summer officials from the City and Port announced they had closed escrow on $275 million in public bond funding, while the District and City approved the pivotal leasing, financing, and construction documents on June 15, 2021. The planned $1.35 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 more than 200 acres of parks and open space.
Chula Vista Mayor Mary Casillas Salas spoke at a news conference, echoing the sentiments of City and District officials, "Chula Vista deserves the best, and we have always believed our city is worthy of a world-class bayfront. Many years of effort have brought us to this point and I am overjoyed that we have secured funding... this is the culmination of decades of committment and leadership by many people in our community and we will celebrate this victory together."