""This is a conservative estimate," Cameron said. "In addition to revenue for the city, a hotel will also provide some net significant economic benefits, with more foot traffic for downtown restaurants, shops and entertainment as well as job creation.""
""The pandemic's impact on the hotel industry and construction loan costs made proceeding into construction infeasible," Cameron said."
""The economics of hotels are very difficult," Councilmember Pat Showalter."
RGC Mountain View has received approval to develop a hotel and office building on two municipal parking lots in downtown Mountain View. The project, which has faced delays due to the pandemic, is expected to generate over $433.6 million in revenue for the city over 55 years. The city council has been actively working to modify the lease and development agreement to facilitate the project's progress. Councilmembers are eager to expedite the development due to its potential economic benefits, including increased foot traffic and job creation.
Read at San Jose Spotlight
Unable to calculate read time
Collection
[
|
...
]