Escrow has closed for $275 million in public bond funding for Chula Vista Bayfront construction, which will allow the Gaylord Pacific Resort and Convention Center project to break ground sometime this summer, NBC San Diego reported on June 3.
The City of San Diego said in a statement that the overall project to build the 1,600 room hotel, parking improvements, and convention center and associated improvements is $1.35 billion.
The project is anticipated to create 3,580 jobs during construction alone. Once open, it is expected to have an economic impact of half-a-billion dollars each year and produce 4,000 permanent jobs, the broadcaster reported.
“Chula Vista deserves the best, and we have always believed our city is worthy of a world-class bayfront,” Chula Vista Mayor Mary Casillas Salas said at a news conference at Bayside Park on June 2. “Many years of effort have brought us to this point and I am overjoyed that we have secured funding for the Chula Vista Bayfront.
“This is the culmination of decades of commitment and leadership by many people in our community and we will all celebrate this victory together,” she said.
“Our community’s hopes and dreams are embedded in the Chula Vista Bayfront Master Plan, which we developed through a consensus-based process, and we have been diligently working to bring this vision to life,” said California Coastal Commissioner and City Councilman Steve Padilla. “I’m so proud to be here on this historic day to announce the successful completion of this critical funding milestone.”