Thursday, May 19, 2016

Seaside Resort Development equity partner still a mystery

Vern Fisher - Monterey Herald
Construction on one of the thirty housing lots at The Enclave at Cypress Grove at Bayonet and Black Horse golf courses in Seaside on Thursday, February 25, 2016. The housing development is part of the Seaside Resort Development.
On Thursday, Mayor Ralph Rubio confirmed that the Seaside City Council/Successor Agency to Redevelopment Agency/Parking Authority would meet in closed session to discuss terms for the Seaside Resort Development project, concerning price and terms of payment as well as other contingencies.

There has been speculation of who the equity partner on the project is since earlier this year but neither  SRD nor the city will name it.
On Thursday, Rubio said he was not at liberty to announce who the development company's equity partner is because they "are still doing their due diligence."
But he said the announcement is imminent and he expects it "real soon."
In February, Craig Malin, Seaside city manager, confirmed that Seaside Resort Development, LLC had found an equity partner “associated with the highest quality projects in the nation” to bring on to the luxury resort development project that has been on the city’s books for about 16 years.
“Seaside Resort Development has secured a new partner to complete the full project,” said Malin. “I hope they announce who it is soon. I want to be gracious to them and their equity partner and not steal their thunder.
“This development means hundreds of millions of dollars of economic impact over the next few decades,” said Malin. “It’s a big deal.”

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