Chula Vista and Port Obtain $275 Million in Bayfront Construction Bonds
CHULA VISTA, Calif. (CNS) — Port of San Diego and City of Chula Vista officials announced Thursday that escrow has closed $275 million in public bond financing for construction on the Chula Vista waterfront , which will allow the Gaylord Pacific Resort and Convention Center project to break ground this summer.
“Chula Vista deserves the best, and we’ve always believed our city deserves a world-class bayfront,” Chula Vista Mayor Mary Casillas Salas said at a Bayside press conference. Park Thursday morning. “Many years of effort have brought us to this point and I am thrilled that we have secured funding for the Chula Vista Bayfront.
“This is the culmination of decades of commitment and leadership from many people in our community and we will all celebrate this victory together,” she said.
The estimated total cost of building the 1,600-room hotel, improvements to the parking lot, convention center and associated upgrades is $1.35 billion, according to a city release.
“The hopes and dreams of our community are embedded in the Chula Vista Bayfront Master Plan, which we developed through a consensus-based process, and we have worked diligently to bring that vision to life,” said the California Coastal Commissioner and Councilman Steve Padilla. “I am so proud to be here on this historic day to announce the successful completion of this crucial funding milestone.”
Bayfront’s master plan calls for over 200 acres of parkland, open space, a waterfront promenade, walking trails, RV camping, shopping and dining. The master plan projects also aim to establish ecological buffer zones to protect wildlife habitat, species and other coastal resources.
The project is expected to create 3,580 jobs during construction alone. Once opened, it is expected to have an economic impact of half a billion dollars each year and create 4,000 permanent jobs.