Coast Hotel Project - Updated 9/05
The City Council and Redevelopment Agency approved the development of the Coast Hotel Santa Cruz project including a Owner Participation Agreement on January 18, 2005, with the adoption of the Ordinances on xxxx. Opponents of the project began a signature gathering effort immediately following the adoption of the Ordinance and obtained signatures to require the City to hold a referendum on the Ordinance actions or to reverse its action. As a result and following the submission of the signatures, Western Hotel Properties, LLC made a decision to withdraw their Planning applications. The following is an excerpt of a press release, dated March 25, 2005, explaining that decision:
"Western Hotel Properties, LLC, owners of the Coast Hotel Santa Cruz, after meeting with its investors has decided to withdraw from the proposed project to construct a new hotel, conference center and parking structure at the site of the Coast Santa Cruz Hotel.
Our decision is based on the guiding business principles of our investors and officers. While we believe quite strongly that this project would be of great benefit to the City of Santa Cruz, its citizens, and visitors to Santa Cruz from around the world, we are well aware that this project has been a contentious and divisive issue in the greater Santa Cruz community. The prospect of a several month election process that would further divide and embattle the community was something that we did not want to entertain."
The original Environmental Impact Report, architecture design, and financial analysis available for public review here. Staff reports providing additional information are available at the Redevelopment Agency’s offices.
Last updated: 10/4/2010 8:56:14 AM