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Port enters into negotiations to develop tidelands in National City

The Port of San Diego's board of port commissioners voted unanimously on Tuesday to move forward on negotiations to develop 20 acres of land in National City.

Port staff will now proceed to work out a deal with GB Capital Holdings LLC for commercial development in the tidelands next to Pier 32 in the National City Marina District.

GB Capital Holdings brought forth a concept that calls for a destination resort with 165 high-end rental sites (primarily for, but not limited to, recreational vehicles) and on-site amenities such as a pool and spa, community room, bike and pedestrian paths, picnic areas, sports court, workout center with shower rooms and retail shops.

If the resort comes to fruition, the Port would generate revenue from a guaranteed minimum annual rent, and National City would get sales tax and an occupancy tax for recreational vehicles.

Based on GB Capital’s proposed project, it would receive approximately $3.31 million in total rental revenue over the proposed initial 10-year lease term, with a guaranteed minimum rent of $2.15 million over 10 years.

On June 18, 2012, National City and Port staff solicited plans to develop the 20 acres. After the 60-day advertisement period, only GB Capital Holdings put in a claim and a plan. GB Capital Holdings is also the owner of Pier 32 Marina and Point Loma Marina.

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