- Real Estate
On May 8, 2012, the Port of San Diego Board of Port Commissioners and the Chula Vista City Council unanimously approved the financing agreement for the Chula Vista Bayfront Master Plan (CVBMP). Following a decade-long community participation and planning process, the actions taken by both governing bodies are the first steps in implementing a plan designed to transform 556 acres of Chula Vista’s underused industrial bayfront landscape into a thriving residential and resort destination on San Diego Bay.
The terms of the financing agreement reinforce the feasibility of this important project, said Port of San Diego Commissioner Ann Moore. The unanimous votes underscore the Port of San Diego and City of Chula Vista’s alignment and focus on our end goal a world-class bayfront.
The financing agreement formalizes the ongoing partnership between the Port and City, and identifies revenues necessary for infrastructure improvements that will provide public access to Chula Vista?s waterfront, and protect key habitat areas. Following approval of the CVBMP by the California Coastal Commission, the Port and the City will collaborate on the preparation of an updated market study, which will be used to create a future Request for Qualifications (RFQ) to select a developer for the project.
The agreement by the Port and the City of Chula Vista is another milestone in what has been a deliberate and thoughtful process to establish a sustainable plan for our bayfront, which is in great need of improvement, said Chula Vista Mayor Cheryl Cox. The goal has been to balance economic development with environmental preservation, and now we have taken another significant step.
The CVBMP is expected to create and sustain thousands of jobs and millions of dollars in investment and revenues for the South Bay region and it will provide a much-needed economic benefit to the businesses located on the two existing yacht marinas. In the project?s first 20 years, the plan should generate approximately $1.3 billion for the regional economy, including more than $11.5 million in annual tax revenues. It also will create more than 2,200 permanent jobs, nearly 7,000 construction jobs and numerous indirect jobs.
Approximately 230 acres (more than 40 percent) of the project?s total acreage is dedicated to parks, open space and habitat restoration/preservation; with 130 acres identified for new publicly accessible parks and open space. These areas will include promenades, bike trails and other public access areas linking the entire bayfront. A 46-acre Signature Park, also is a major element of the plan.
The financing agreement announcement follows the recent news that Dynegy South Bay, Inc. selected a contractor to demolish the above-ground structures of the non-operating South Bay Power Plant, which is currently located on Port of San Diego tidelands and located inside the boundaries of the CVBMP site. Additionally, during the closed session portion of the Board of Port Commissioner’s meeting on May 8, the Board directed staff to negotiate an amendment to the Marine Group Boat Works, LLC (Marine Group) lease, provided that the amendment to the lease is brought back to the Board for approval by its July 12, 2012 meeting.
About the Chula Vista Bayfront Master Plan
At 556 acres, the Chula Vista Bayfront Master Plan (CVBMP) will transform Chula Vista’?s underused industrial bayfront landscape into a thriving residential and world-class waterfront resort destination. The Plan will establish thousands of new jobs, create new public parks, protect natural coastal resources, provide conference and visitor-serving amenities and build an important asset for the San Diego region, the South Bay, Chula Vista residents and coastal visitors. The CVBMP is the result of a decade-long joint planning effort by a broad coalition of stakeholders, the Port of San Diego, the City of Chula Vista and Pacifica Companies. The Plan represents the last significant development opportunity in Southern California and is anticipated to be considered by the California Coastal Commission in summer 2012.
About the Port
The Port of San Diego is the fourth largest of the 11 ports in California. It was created by the state legislature in 1962 and spans five Port cities Chula Vista, Coronado, Imperial Beach, National City and San Diego. The port oversees two maritime cargo terminals, two cruise ship terminals, 17 public parks, the Harbor Police Department and the leases of more than 600 tenant and sub tenant businesses around San Diego Bay. The Port of San Diego is an economic engine, an environmental steward of San Diego Bay and the surrounding tidelands, and a provider of community services and public safety.
About the City of Chula Vista
The City of Chula Vista is located at the center of one of the richest cultural, economic and environmentally diverse zones in the United States. It is the second-largest City in San Diego County with a population of nearly 250,000. Chula Vista boasts more than 50 square miles of coastal landscape, canyons, rolling hills, mountains, and a variety of natural resources and quality infrastructure. Established neighborhoods, contemporary communities, start-up firms, corporations, nationally recognized entertainment venues, the nation’s only warm-weather Olympic Training Center, and award winning nature center.