San Pedro
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Los Angeles Mayor Tom Bradley has approved an agreement calling for California Coast Development Group Inc. to build a 240-room hotel at the new Cabrillo Marina.
Under the agreement, which must still be approved by the Board of Harbor Commissioners, the Los Angeles-based firm will be given a year to complete plans for a $25-million, Spanish-style hotel geared to business travelers and cruise ship passengers. The firm would then be awarded a 50-year lease to operate the three-story hotel and would pay rent to the port based on a percentage of gross sales.
The hotel, which port officials say could be completed by mid-1987 and generate $4.8 million in rent to the port during the first 10 years of the lease, is one of several commercial projects planned for the marina. More than 1,100 boat slips are under construction.
The marina development coincides with the construction of a World Cruise Center on port-owned property near the Vincent Thomas Bridge. Port officials recently approved an agreement with a group of shipping companies to operate the facility for cruise ships.
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