In March 2015, City Council directed staff to prepare a lease of two downtown City parking lots for development of a hotel and public parking structure. Lots 4 and 8 are located on Hope Street between West Evelyn Avenue and Villa Street, referred to as Hope Street Lots. Developing these lots fulfills the City's goal of attracting a high-quality downtown hotel, while increasing available public parking in Downtown. The project also includes a modest office and retail component. Development of the lots will generate revenue to the City through taxes and a long-term ground lease. The selected development team has experience, financial and technical capability, creativity, and capacity to develop the property consistent with the City goals for a high-quality project.
The process for developing the Hope Street Lots includes:
1. Selection of a Development Team - At the January 12, 2016 City Council meeting, Council directed staff to proceed with the Exclusive Right to Negotiate Agreement for development of the Hope Street Lots with The Robert Green Company (TRGC). On May 3, 2016, the City Council approved the negotiated business terms by and between the City and TRGC. At the May 17, 2016 City Council meeting, the City will discuss and consider the development agreement and ground leases and consider an Economic Development Subsidy Report pursuant to Government Code Section 53083.
2. Planning, Design, and Entitlements - On November 27, 2018, the City Council approved a five-story, 179-room hotel to be operated by Joie de Vivre Hotels with three levels of underground parking and ground-floor lobby amenities, including a restaurant, bar, cafe, and courtyard, on Lot 4 and a four-story mixed-used building with 49,000 square feet of office and 3,500 square feet of ground-floor retail with three levels of underground parking on Lot 8. (Meeting Agenda and Staff Report - Item 6.1).
The Robert Green Company is undergoing the building permit review process with the City.
For more information on the project, please contact Tiffany Chew in Economic Development by phone at (650) 903-6379 or by email.