Port of San Diego, Chula Vista approve $1 billion agreement to transform bayfront
SAN DIEGO (KUSI) — It’s a project that will start to transform the Chula Vista bayfront. The Port of San Diego and the city of Chula Vista approved a joint agreement Tuesday to build a hotel and convention center near the Chula Vista marina.
The agreement includes a new, 20-story hotel with more than 1,400 room and a convention center that can host groups of 1 to 2,000 people.
The vision is now one step closer to becoming a reality.
The Port of San Diego approved a joint letter of intent with the city of Chula Vista and a developer called RIDA to build the almost $1 billion project on Chula Vista’s bayfront.
It’s the first major development to get the green light since Chula Vista adopted its bayfront master plan.
The hotel will be managed by Gaylord Hotels, associated with the same group that tried, but failed to build a hotel along the waterfront 10 years ago.
The port said this project will generate nearly 3,700 permanent jobs and inject an additional $4 million a year into the economy.
The start of a transformation that civic and business leaders believe will be the cornerstone for a thriving residential and resort destination.
The developer, RIDA, is promising to pay $688 million of the cost, the port and the city of Chula Vista will finance about a third, with revenue from sales and hotel taxes to cover the annual bond payments.
The cost of investing in a bigger, more ambitious future for Chula Vista.