The Gardena City Council, acting as the Gardena Parking Authority, has approved reissuing more than $11 million in parking bonds to finance a parking structure for the long-delayed Eldorado Center hotel and office project.
The bonds for the Eldorado Public Parking Project were first issued in 1985 for a three-year period to allow the project to be completed. That period would have expired in December, City Manager Kenneth Landau said. The new bonds allow for an additional three years for the project’s completion.
George Anthony, a partner in the project and owner of the Eldorado Card Club next to the 7-acre site, told the council that it would be at least 60 days before ground is broken on the project and about two years before it is completed.
Final plans for the Eldorado Center will be announced in two weeks. Original designs included an 18-story, 286-room hotel, an office building and an entertainment complex next door to the Eldorado Card Club on Vermont Avenue near Redondo Beach Boulevard.
The project was first scheduled for completion in January, 1989, but financing, partnership and design problems have hampered its progress, community development officials said.
The Eldorado project was exempted from the recently passed moratorium on hotels and motels in Gardena on the basis that it is a private project financed partially with public money, city officials said.