Tucked away near the intersection of Inglewood Avenue and Marine Avenue is a plot of land that has lain vacant for nearly a decade. Once upon a time it was Malibu Castle mini-golf course, but in the years since the business closed it has become a haven for the homeless and a target for graffiti artists.
Two years ago, the City of Redondo Beach earmarked the five-acre site for construction that would culminate in two new hotels. Other proposed uses for the site included a car dealership and another golf course, but TRCF Redondo LLC in 2010 won the contract to develop accommodation facilities. Due to what Mayor Mike Gin facetiously called “very special economic times for all of us,” the project stalled.
Tuesday, though, the project in its final machination broke ground.
City officials, developers, and investors gathered in the dirt lot to celebrate the forthcoming $59 million project, which will produce a 147-room Hilton Garden Inn and a 172-room Residence Inn by Marriot. Each will be four stories, and each will have meeting spaces.
Together the hotels are expected to generate $2 million per year in new bed tax revenues.
Construction is expected to span 13 months, and both hotels are scheduled to open in the spring of 2014. Mayor Gin noted at Tuesday’s ceremony that the project will engender 100 new jobs.
The site is located just north of the 405 off-ramp, in close proximity to the Metro Green Line station and the L.A. Air Force Base, and less than four miles from Los Angeles International Airport.
The development is a joint venture between Mogul Capital and Trancas Retail Center Fund from Park City, with debt financing provided by Orix Municipal Finance of Dallas. The Irvine-based Summit dck will oversee construction and Evolution Hospitality of San Clemente will oversee management for the project.
