It's a go for development of downtown San Diego site where five-star hotel hotel was once planned
Seven years after the city agreed to redevelop a downtown parking lot with a Ritz Carlton hotel, the San Diego City Council on Tuesday decided to start over, this time putting the focus on housing for low-income households.
The council action marks a major turning point for a site that was long touted for bringing to San Diego its first Ritz-Carlton hotel. In addition to the five-star property, local developer Cisterra had proposed redeveloping the existing LAZ parking lot with offices, housing and a gourmet market. Bibler said Tuesday the city will now move swiftly to secure proposals from developers willing to guarantee that 25 percent of the housing they propose is affordable to lower-income households earning 80 percent or less of the median household income.
Former City Manager Jack McGrory, who has several decades of experience in real estate investment, thinks the city may come to regret its decision to pull the plug on the Ritz-Carlton project.
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