Posted Apr 13, 2021, 7:39 AM
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Registered User
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Join Date: Dec 2012
Location: San Diego
Posts: 26
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Quote:
Originally Posted by sandiego_urban
In addition to the Gaylord Project, it looks like the CV waterfront is finally starting to take off. I don't have full access to the article below, but it mentions construction of Amara Bay by Pacifica Cos. will be starting in the coming months.
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https://www.costar.com/article/18760...sta-waterfront
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Projects set to begin construction in coming months on the 550-acre Chula Vista waterfront site include Pacifica Companies' Amara Bay, with up to 1,500 residential condos, a hotel, offices and retail. (Pacifica Companies)
By Lou Hirsh
CoStar News
March 27, 2021 | 6:42 AM
The first pieces of a long-sought, multiphase development of the Chula Vista, California, waterfront are falling into place, with an RV resort park opening next month and a 1,500-unit condominium complex set to break ground early next year on one of the state’s last large swaths of coastal land still available for new projects.
“The community of Chula Vista actually really wants to see something done there,” said Ryley Webb, land development manager for San Diego-based developer Pacifica Companies, during an online conference hosted by the University of San Diego’s Burnham-Moores Center for Real Estate on March 25.
The condo units are part of Pacifica Companies’ mixed-use Amara Bay project, which is also planned to include a 250-room hotel and 420,000 square feet of office and retail. Developers see the 35-acre project as a way to contribute relatively affordable new housing to the South Bay area and deal with a longtime housing shortage in San Diego County.
Amara Bay has so far avoided the backlash from neighboring residents and environmentalists that met other high-density projects put forward in the county in recent years by other residential developers.
Webb said this is partly because Chula Vista residents have long been looking for new development to replace older waterfront buildings that served as electric generation plants and aircraft production facilities, but subsequently were demolished after going unused for decades.
“They want that bayfront to be something special, so if anything, we actually got community assistance in getting these projects moved forward,” Webb said of the Chula Vista response to Amara Bay.
He added that Pacifica is considering renegotiating its development agreement with the city and port district to eventually include rental apartments at Amara Bay, which is expected to be completed over the next three years.
Developers said construction is also expected to move forward in 2022 on the 550-acre waterfront’s planned centerpiece feature, a $1.1 billion Gaylord resort and conference center being planned by Houston-based RIDA Development. Over the next decade, several developers are looking to put new hotels, restaurants, offices and housing on one of the state’s largest pieces of coastal land still available for development.
For more than two decades, planners with the city of Chula Vista and regional Port of San Diego have been looking to introduce commercial, civic and recreational elements to the waterfront.
City and port officials last month finalized arrangements for the public financing portion of the Gaylord hotel project, which was approved in 2018 and includes a 1,600-room hotel and 275,000 square feet of convention space, slated for completion in 2025 on a 36.5-acre site.
Port officials said the $328 million public tab comes with future revenue sharing with the developer. It would be financed through a combination of revenue bonds and a 5.5% tax on hotel room bills.
Elsewhere on the waterfront site, developer Sun Communities has an April 1 opening planned for Costa Vista RV Resort Park, a $55 million project that includes 225 recreational-vehicle spaces, an on-site pool, entertainment arcade and business center. Local officials said the RV park is the first new commercial project completed on the Chula Vista waterfront in nearly 40 years.
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