FOR IMMEDIATE RELEASE Contact: Ed Vea 619-423-8303 Press Release Imperial Beach, CA – Building on the success of the recent opening of the Pier South Hotel on Seacoast Drive in Imperial Beach, the Imperial Beach City Council has directed staff to explore the potential of bringing another exciting project to the community. San Diego County based developers Eat. Drink. Sleep. in partnership with Pacifica Enterprises, Inc. (unrelated to the developer of the Pacifica Companies which constructed the new Pier South Hotel) are considering the purchase of property near the Intersection of Imperial Beach Boulevard and Seacoast Drive where a new full service hotel and restaurant would be constructed to replace an existing apartment complex that is currently in a state of disrepair. It is anticipated that the new project would create a southern anchor to the Seacoast Drive commercial area that extends from Palm Avenue on the north to Imperial Beach Boulevard on the south along Seacoast Drive. The iconic Imperial Beach Pier is also a prominent feature in the commercial area and is located between the new Pier South Hotel and the proposed project. Eat. Drink. Sleep. has been interested in Imperial Beach for an extended period of time. In 2006, the company responded to a request for proposals and was selected to create a hotel development plan in the same location. Although the project did not come to fruition, Steve Smith of Eat. Drink. Sleep. indicated that the potential to build a hotel project in Imperial Beach has remained a priority for the company. “Imperial Beach is an ideal location for our company. We offer a unique high quality experience for our guests and Imperial Beach will allow us to create that type of atmosphere.” The Mayor of Imperial Beach, Jim Janney, stressed that the project must represent a communitywide benefit in addition to being a financially sound investment. “The potential of more than 100 jobs available to local residents, the replacement of substandard housing with a revenue generating business, overall project design and improved public access to the beach are critical components to a successful project. It is also important that we continue to invest resources in other areas of the community so that visitors enjoy their experience in our community,” Janney explained. In order to maintain clearly stated community goals, it is likely that the project will need financial assistance. Imperial Beach has implemented relatively restrictive height regulations ### and requires these types of projects to include full service restaurants and other features that create a financial gap according to Paul Marra, Managing Principal of Keyser Marston Associates. “In some established tourism markets a subsidy is not necessary, but in a developing area such as Imperial Beach, some financial assistance is necessary. However, the return on investment is expected to be significant,” Marra informed the City Council. “It is important that we adhere to the parameters established by the community when considering development projects in the City,” explained Assistant City Manager and Community Development Director Greg Wade, “they will allow Imperial Beach to maintain the ‘Classic Southern California Atmosphere’ that is the very essence of our Mission Statement.” Members of the City Council discussed whether the use of a loan repayment from the former Redevelopment Agency to the City that was received in June would be an appropriate investment to help make the project a reality and close the financial gap needed to obtain project financing. “The City Council has directed staff to work with the project team to determine if a financial structure can be identified that results in a great project for the community, while investing the repayment of the loan that was initially intended to stimulate economic development in a manner that will increase ongoing revenues and realize a rate of return than is equal to or higher than other investments in our portfolio,” explained City Manager Andy Hall. Meanwhile, other new businesses continue to open in Imperial Beach. The new Coronado Brewing Company restaurant is under construction, Baby Cakes has opened a new location on Seacoast Drive, the Old Fashioned Candy Shop on Palm Avenue is expanding to include a soda fountain and several other projects are in the works or underway. “The unique challenge of Imperial Beach is welcoming a wave of new businesses while trying to maintain what makes the community so great. Striking that balance between generating enough revenues to be financially stable with the least amount of impact and change in the community is the key,” according to Hall. Questions about the potential project, upcoming events or other questions about Imperial Beach can be directed to the Ed Vea at (619) 423-8303 or [email protected].
Posted on: Fri, 18 Jul 2014 14:46:27 +0000
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