$1B hotel and convention center coming to Chula Vista, CA

Dive Brief:

The San Diego Unified Port District board and Chula Vista (CA) City Council on Tuesday signed a letter of intent with a Houston-based developer to build a $1 billion resort hotel and convention center on the Chula Vista waterfront, according to The San Diego Union-Tribune.
RIDA Development will build a 1,450-room hotel, which will be managed by Gaylord Hotels, as well as 275,000 square feet of convention space, swimming pools and lazy river.
San Diego officials said the project will generate 3,100 construction jobs, as well as $390 million each year for the local economy, according to ABC 10 News. Construction could begin as early as 2019.

Dive Insight:

Cities across the U.S. are revamping and building new convention center facilities to draw in lucrative event business. Earlier this month, the Las Vegas Convention and Visitors Authority approved a $1.4 billion renovation and expansion of the Las Vegas Convention Center. In addition, Kansas City, MO, passed the last remaining measure necessary for construction of a new $310 million convention center hotel to begin later this year.

The San Diego area is seeing an influx of new projects. In November, the Port approved a $1.2 billion transformation of the waterfront called Seaport San Diego. The new development will replace Seaport Village, which was built in 1980.

On tap for Seaport San Diego is a Virgin Hotel, which will include a 350-micorunit Yotel, as well as retail, dining and entertainment venues. The development will feature office space for port businesses, a charter school, an observation tower, an aquarium, a park and revamped port facilities for commercial fishing fleets and personal watercraft. Perhaps most importantly, the new development will provide the port with a projected $22 million in annual rent whereas Seaport Village currently $2.5 million a year.

San Diego is also a big Navy town, and a $1.3 billion mixed-use development, the Manchester Pacific Gateway project, will give that branch of service a new headquarters there. In April, crews began the construction process with the demolition of existing Navy buildings and will ultimately replace them with six office towers — ranging from six to 29 stories — two hotels, retail space, a museum and parks.