City Approves Final Steps for New Hotel on Seacoast, Construction Could Begin Next Week
The City Council signs an agreement Wednesday evening that signals construction on a hotel to replace the Seacoast Inn may begin next week. Developers expect to finalize a $14 million loan Monday.
The Imperial Beach Redevelopment Agency approved an agreement in a special meeting Wednesday evening that represents the last steps the city can take for the construction of a four-story hotel on Seacoast Drive.
The disposition and development agreement transfers the property, which the agency purchased last year for about $7 million, from the redevelopment agency to the developer.
It also approves payment for off-site improvements to nearby streets, leases 800 Seacoast Dr. to Pacifica Companies and allows them to purchase the property if certain occupancy standards are met.
The Imperial Beach City Council also acts as the Imperial Beach Redevelopment Agency.
Project manager Allison Rolfe from Pacifica Companies said the project's building permit was approved by the city Tuesday and a $14 million loan from Wells Fargo should be approved Monday.
Construction could begin sometime next week, she said.
JimMickelson
6:54 pm on Thursday, March 10, 2011
Time will tell the true! Should our city give away 7 million dollars to a private developer? As a citizen I hope the city is right and we the Taxpayers will see more than a break even proposition. At a minimum we will get a 7 million dollar piece of art that will look a whole lot better than the old Seacoast Inn.
Shorebird
9:08 am on Friday, March 11, 2011
such a convoluted history of Pacifica, City Council and the Sea Coast Inn.....great novel material..grade B movie and It would be surprising if Pacifica does not default on the loan.
Pop Quiz
12:44 am on Saturday, March 12, 2011
I would hazard to guess In 5 years our "hotel" will be a big condo complex. Why was the hotel occupancy clause even in there? Who would build a hotel thinking it couldn't survive economically? grade B movie stuff is right. the plan seems to bank on hotel failure and condo /time share success. Then,when we get the Miracle mile of too many condos at 9th and Palm completed, IB will be well on track to be yet another over crowded, homogenized, beige, Mediterranean-style beach city.
Paul Dykes
10:05 am on Friday, March 11, 2011
Now, are they going to hire all these out of work construction workers that live right here in the city?? They better....
Shorebird
9:22 am on Saturday, March 12, 2011
Pacifica will contract them and I seriously doubt City of IB has any say at all in that process, they just know how to give away our tax money..Former council did a good job on that.
Paul Dykes
1:05 pm on Saturday, March 12, 2011
A responsible City government would've attached as a condition of the disposition and development agreement, that a certain percentage of the labor, or subcontracts, or something, has to reside right here in the 91932. That's what I would've done, anyways....
Shorebird
2:36 pm on Saturday, March 12, 2011
"A responsible City government" is the key phrase here. Unfortunately our former City Council was far more interested in buddy deals and self-aggrandizement.