After several years of efforts, the Port of San Diego and the City of Chula Vista approved a massive public-private partnership deal for the design and development of the $1.1 billion Chula Vista Bayfront hotel and convention center. A Best Best & Krieger LLP team, led by Partner Seth Merewitz, represented the Port of San Diego in the deal, which was reached in April and includes a disposition and development agreement and ground lease.
The project, reportedly the largest waterfront redevelopment project on the West Coast, will include a 1,600-room resort hotel, a 275,000-square foot convention center and resort amenities including water slides and wave pools. It is located in the Chula Vista Bayfront, a former Brownfield site.
Houston-based RIDA Development Corp. is the developer and the hotel will be operated as a Gaylord Hotel, the upscale convention brand of Marriott.
The public-private partnership outlines the obligations for pre-development and project financing. The developer will be bringing $785 million of debt and equity and the City and Port will be bringing $300 million in public financing. Additional steps and approvals are in the works, with the groundbreaking scheduled for late 2019. Construction is expected to take three years to complete.
This is an important project for the Port, the City and the entire San Diego region, as it will bring jobs and revenue to the area. It is an innovative example of the benefits that public-private partnerships bring to economic redevelopment and Brownfield development.
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