Monday, March 18, 2024
HomeNORTH COUNTY 5.0Back PagePacific Street Resort Hotel Project

Pacific Street Resort Hotel Project

The Successor Agency’s recent decision to sell the Pacific Street lots assembled by the defunct Redevelopment Agency sets into motion a series of events that should result in the construction of the long-awaited resort hotel project.
The project as currently proposed contains the following attributes:

Two separate hotels (one on each block) which may or may not build concurrently.
Developer will acquire the property for $1.5 million (the amount set by law and bond covenant).
Project will recieve $13.689 million subsidy in the form of TOT rebates, Off-site Mitigation credit, and Developer Impact Fee credit. This is a reduction from the $28 million subsidy previously envisioned.
Project must break ground on the South Block within 18 months and escrow cannot close on the property until construction is ready to commence. No extensions are provided for in the agreement.


SOUTH BLOCK

• 225 room 4 star hotel

• 6400 sq. ft. ballroom/function space

• 2 levels of underground parking

• 6 stories (reduced from 8 stories previously approved)

NORTH BLOCK

• 135 room boutique hotel

• 1 level of underground parking

• Developer retains the right to build 8 stories on this block

• Graves (Top Gun) House to be relocated to this block

OVERALL PROJECT (Both Blocks)

• 36,000 sq, ft. of public open space

• 20,000 sq. ft. of visitor service commercial space

• 20,000 sq. ft. of meeting and function space

NOTE:

Excavation of the underground parking component will require Mission Avenue to be closed to through traffic for eighteen months.

The previously approved fractional timeshare units have been removed from the project.

NC Daily Star Staff
NC Daily Star Staffhttps://NCDAILYSTAR.COM
Terry Woods has been a North County resident for over three decades. Community activist, Board of Directors Vista Chamber of Commerce, Member Carlsbad Chamber Commerce Married to Kathy Woods for 47 years, three children, three grandchildren and five grand dogs.
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