Carson : Hotel Project Advances
Carson’s long-awaited hotel and office project near City Hall moved forward a step as the City Council made a key concession on the type of completion bond and approved in concept an agreement with Gestec Properties.
In the deal, the city agrees to sell a 6.3-acre parcel of land for $3.1 million to Gestec Properties and the Muller Co. to build a 220-room Ibis hotel and a six-story office building.
The sticking point had been the council’s insistence on a completion bond giving the city rights to $7.5 million in hotel construction money in the event that the building is not completed.
The type of bond to be written into the new agreement guarantees only that financing will be available to complete the job.
The revised agreement will come before the council on Monday.
Start your day right
Sign up for Essential California for news, features and recommendations from the L.A. Times and beyond in your inbox six days a week.
You may occasionally receive promotional content from the Los Angeles Times.
