CHULA VISTA, Calif. (CNS) - Officials from the Port of San Diego and city of Chula Vista Thursday announced escrow has closed on $275 million in public bond funding for construction on the Chula Vista Bayfront, which will allow the Gaylord Pacific Resort and Convention Center project to break ground sometime this summer.
"Chula Vista deserves the best, and we have always believed our city is worthy of a world-class bayfront," said Chula Vista Mayor Mary Casillas Salas at a news conference at Bayside Park Thursday morning. "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.
The total estimated cost to construct the 1,600 room hotel, parking improvements, and convention center and associated improvements is $1.35 billion, a city statement read.
"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."
The Bayfront master plan calls for more than 200 acres of parks, open space, a shoreline promenade, walking trails, RV camping, shopping and dining. Projects within the master plan are also intended to establish ecological buffers to protect wildlife habitat, species and other coastal resources.
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.
