Search
 

City Backs Developer Despite Fiscal Woes

CHULA VISTA, CA-City officials have earmarked $1.3 million to the project team of the city's largest redevelopment effort since Third Avenue's Park Plaza in 1984. The move comes despite the builder's failure to obtain construction financing and leasing.

By Randyl J. Drummer | Updated on September 27, 2001

CHULA VISTA, CA-The city approved the allocation of $1.3 million to the development team of Gateway Chula Vista.

The city will make the payment despite the developer’s failure to obtain construction financing and leases for at least 50% of the first of three proposed buildings at the northwest corner of Third Avenue and H Street.

Gateway Chula Vista is a planned 347,000-sf office and retail development that is projected to revitalize the city’s Third Avenue corridor and attract high-end business. The $80 million project is the city’s largest redevelopment effort since Third Avenue’s Park Plaza in 1984.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.