A major milestone has been reached in the exclusive negotiations process for the resort hotel and convention center planned for the Chula Vista Bayfront. During a special joint meeting on Tuesday, June 20, 2017, the Port of San Diego Board of Port Commissioners and the Chula Vista City Council unanimously approved a resolution authorizing a non-binding letter of intent (LOI) with RIDA Chula Vista, LLC. The LOI sets the stage for a future deal by defining the key economic terms and financing for the project. The Port, the City and RIDA will now continue exclusive negotiations and due diligence as they work toward formal agreements.
“This is an historic moment. Two years of negotiations are paying off. This LOI represents a good deal for the Port, the City, RIDA and the public we serve. I am very proud to see this materialize,” said Chairman Robert “Dukie” Valderrama, Board of Port Commissioners, Port of San Diego. “This will be the first major development on the South Bay and we could not have gotten it done without Commissioner Ann Moore, a persistent, driving force on the Chula Vista Bayfront project.”