You are here: News - Local

Published: Thursday, Sep. 09, 2010

Garden Street Terraces gets loan from city

tool name

close
tool goes here
| acornejo@thetribunenews.com

The San Luis Obispo City Council has approved a 99-year lease agreement with the developer of Garden Street Terraces for the city parking lot at 736 Marsh St., located directly across from Big Sky Restaurant in downtown.

Garden Street Terraces, a 212,000-square-foot project, is to include a hotel, residential units, retail and commercial development along the stretch of Marsh Street from Broad to Garden streets.

Under the deal with WestPac Investments approved unanimously late Tuesday, the city will loan the developer up to $2.4 million from the city’s parking fund.

The developer is to pay base rent annually to the city for the site, which would be determined by appraisal once the project design is complete.

The developer is also to pay a percentage rent of 1.5 percent of gross individual hotel room revenues that exceed $71,500 per room per year, starting in year 15 of the lease.

In addition, the developer is required to make a one-time payment of $1.86 million for the loss of public parking spaces.

In June, the City Council certified an environmental report, use permits and a tract map for the project to move forward.

WestPac must return to the council at a future date for approval of the project design before proceeding with development.

The deal with the city also requires that WestPac pay for all design and construction improvements to Garden Street.

Those plans would be reviewed at the same time as the project design of Garden Street Terraces.

About comments

Reader comments on SanLuisObispo.com are the opinions of the writer, not The Tribune. If you see an objectionable comment, click the "report abuse" button below it. We will delete comments containing inappropriate links, obscenities, hate speech, and personal attacks. Flagrant or repeat violators will be banned. See more about comments here.

What you should know about comments on SanLuisObispo.com

SanLuisObispo.com is happy to provide a forum for reader interaction, discussion, feedback and reaction to our stories. However, we reserve the right to delete inappropriate comments or ban users who can't play nice. See our full terms of service here.

Here are some rules of the road:

  • Keep your comments civil. Don't insult one another or the subjects of our articles. If you think a comment violates our guidelines click the "report abuse" button. Responding to the comment will only encourage bad behavior.
  • Don't use profanities, vulgarities or hate speech. This is a general interest news site. Sometimes, there are children present. Don't say anything in a way you wouldn't want your own child to hear.
  • Do not attack other users; focus your comments on issues, not individuals.
  • Stay on topic. Only post comments relevant to the article at hand. If you want to discuss an issue with a specific user, click on his profile name and leave him a public message.
  • Do not copy and paste outside material into the comment box.
  • Don't repeat the same comment over and over. We heard you the first time.
  • Do not use the commenting system for advertising. That's spam and it isn't allowed.
  • Don't use all capital letters. That's akin to yelling and not appreciated by the audience.

You should also know that The Tribune does not screen comments before they are posted. You are more likely to see inappropriate comments before our staff does, so we ask that you click the "report abuse" button to submit those comments for moderator review. You also may notify us via email at webmaster@thetribunenews.com. Note the headline on which the comment is made and tell us the profile name of the user who made the comment. Remember, comment moderation is subjective. You may find some material objectionable that we won't and vice versa.

If you submit a comment, the username of your account will appear along with it. Users cannot remove their own comments once they have submitted them, but you may ask our staff to retract one of your comments by sending an email to webmaster@thetribunenews.com. Again, make sure you note the headline on which the comment is made and tell us your profile name.

Our news, your way

Get breaking news on your cell phone

Sign up for breaking news alerts from SanLuisObispo.com and get the latest news sent to your cell phone via text message.

Type in your cell phone number

( ) -

I accept the terms and conditions (click to view)

Keep your phone handy!

Upon hitting the Sign up! button, you will receive a message with a four-digit code at the end. Enter this number on the next screen and press the Confirm button.

Terms and Conditions:

By signing up for alerts from this site, you are signing up for a program that may include up to 5 SMS text alert(s) per alert category per day. There is no service fee charged per month but your carrier's standard text messaging and other charges may apply. You may stop this subscription service at any time by sending the text message "STOP" to 72737. You must be at least thirteen (13) years of age to use our alert services. If you are between 13 and 17 years old, you agree that you have received parental permission both to complete the registration process and to receive SMS content on your cell phone. For help, send the text message "HELP" to 72737. This service will work with ATT, Verizon, Sprint, Nextel, Alltell, US Cellular, Cincinnati Bell, Boost, Virgin Mobile USA, Celluar South, Telos, Centennial, East Kentucky Network, Cellcom, Immix and Rural Celluar.

Quick Job Search
Top Jobs