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History of Fifth Avenue Landing Hotel Project

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Presentation on theme: "History of Fifth Avenue Landing Hotel Project"— Presentation transcript:

1 Fifth Avenue Landing A Development of The Robert Green Company and Fifth Avenue Landing LLC

2 History of Fifth Avenue Landing Hotel Project
In Ray Carpenter and his company R.E. Staite Engineering operated its marine construction and dredging operations from the site, later being relocated to National City and opening offices in Northern California.  In 1984 Ray Carpenter secures a long-term lease in what was referred to in the Port's Master Plan as the: "Marine Contractors Basin;" now called "Fifth Avenue Landing." In 2004 the Spinnaker Hotel is submitted to the Port for approval. In 2007 the Spinnaker Hotel is fully approved by the CA Coastal Commission and a Coastal Development Permit is granted by the Port of San Diego. In 2009 the Convention Center Corporation conducts due diligence to secure the property. In 2010 the San Diego Convention Center Corporation closes escrow for the purchase of the lease.

3 History of Fifth Avenue Landing Hotel Project
As a condition of the sale, Section 50 of the Port lease requires FAL to build no less than 400 room hotel should the contiguous expansion not move forward. FAL foregoes their hotel development rights. In May, 2015 the Convention Center Board defaults on the purchase agreement. On May 28, 2015 the Convention Center Board votes to decline Fifth Avenue Landing's (FAL) offer to extend the Note under the same terms for one year, and FAL takes a deed in-lieu of foreclosure.

4 History of Fifth Avenue Landing Hotel Project
FAL provides a voluntary six month extension that is not accepted. FAL and The Robert Green Company join together as a hotel and marina development team. January 2016 FAL and The Robert Green Company submit a world-class hotel project to the Port in compliance with Section 50 of the lease. Consistent with the FAL lease, on Mar. 28, 2016, by unanimous decision, the Port votes to proceed with negotiations for a new 66-year lease and directs staff to begin environmental review for the new FAL hotel. The EIR Notice of Preparation phase has been completed and the drafting of the EIR has begun.

5 Fifth Avenue Landing Hotel Project Elements
830 Room Four-Star Hotel 166 Bed Low-Cost Visitor Serving Hotel 395 Parking Spaces assuming Valet Capacity and Convention Center parking use per lease agreement High-Quality, Large Scale Public Access Improvements

6 Public Access - Plazas 92,143 Square Feet of New Public Access Plazas
Bridge connecting to the Convention Center New Public Access Links From the Bay to the City

7 Promenade Activation Transparent archway over Promenade
Adjoining open air cafes and shops to activate Promenade

8 Public Access and Ferry Service
Approximately 290,000 passengers per year ferry from FAL to Coronado Island Open Air Cafes Convention Center Bridge Vehicular Approach * * North Esplanade * Activating Retail South Esplanade to Coronado Island

9 The Tower Iconic Design 830 Rooms, Four Star Hotel
Meeting Space including 57,360 sf Total (1) 15,100 sf Ballroom (2) 7,100 sf Jr Ballrooms 27,000 sf additional meeting rooms 37,000 sf Prefunction

10 Low-Cost Visitor Serving Hotel
166 Approximate number of Beds Required for the Hotel Tower 399 Potential Additional Beds Available for Port Hotel Mitigation Level 1: Lobby, Café, Water Transportation Center Levels 2-5 Guest Rooms/Beds 73,665 SF

11 Marina Expansion Additional Large Yacht Slips
New Water Transportation Business Center

12 Parking 395 Parking Spaces assuming Valet Capacity and Convention Center parking use per lease agreement Enhanced Environmental Screening

13 Sustainability Exceeding sustainable conformance, featuring:
High performance glazing Integrated Green roofs Considering Renewable energy incorporation Drought tolerant planting and reclaimed water irrigation Optimized HVAC systems

14 Approximate Economic Impacts
$7.5M in new annual revenue to The Port of San Diego 1,100 Construction Jobs Permanent Jobs Under the existing TOT rate the project generates $9.8M

15 Fifth Avenue Landing A Development of The Robert Green Company and Fifth Avenue Landing LLC


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