CHULA VISTA, Calif. -- In a public meeting held Tuesday, the Port Commission and the Chula Vista City Council approved a plan to develop 556 acres of bayfront property with a hotel, offices, shops and parks after eight years of negotiations between developers, property owners, environmentalists and labor unions.

The Port Commission and Chula Vista City Council approved the Chula Vista Bayfront Master Plan and a final environmental impact report, which clears the path for development of waterfront property that has stood in limbo for more than 30 years.

In addition to the development of 556 acres, 238 acres will be used for parks or open space. The plan allows the development of a 2,000-room hotel and convention center, 3 smaller hotels and 1,500 condominiums.

The Port Commission said the project would generate almost 7,000 construction jobs and more than 2,000 permanent jobs. Equally important, once build-out is complete, the Chula Vista bayfront will generate $11.5 million annually in tax revenue and $1.3 billion for the region over the next 20 years.

"This will change the face of Chula Vista," said former Chula Vista Mayor Stephen Padilla, also a port commissioner.

Construction of the project is expected to extend over the next 24 years.

The city and port still needs approval from the State Lands and California Coastal Commissions.