HYATT EXTENSION
An 11-story Hyatt hotel planned for the corner of Central and Wilson avenues was approved for another six-month extension to finish negotiations for land-use entitlements and secure financing.
The hotel’s developer, Newport Beach-based Komar Investments LLC, is in the process of completing its environmental-impact analysis and putting the finishing touches on its final design.
Komar Investments secured a three-month extension in July, and then another six months at a hearing in October to allow time for land entitlement negotiations.
Despite the delays, city officials remain optimistic that the project will move forward, given the fact that hotels are better positioned to obtain financing over their residential and commercial counterparts, which have difficulty attracting tenants in hard economic times.
A Hyatt official last year cited the Americana at Brand as “the reason why we’re here.”
The 172-room Hyatt Place Hotel concept has been praised for its modern style and inclusion of underground public parking.
Its angular glass rooftop and sculptural facade, combined with ground-floor restaurant space, is considered by city officials to be a major development for the east-west link between the Brand Boulevard and Central Avenue corridors.
Developers are proposing to replace the current 59-space surface lot at 225 W. Wilson Ave. with equal-access parking underground.
Also included in the design is a cafe terrace and 231 additional underground parking spaces for the hotel.
An environmental study on potentially significant impacts to the city’s sewer system and traffic flow should be completed before Oct. 10, city officials said.
