Waning economy sinks hotel proposal
By: John Upton
January 8, 2009
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| Proposal dies: The parking lot adjacent to the Golden Gateway Tennis and Swim Club could have been the site of a new waterfront hotel in The City. (Courtesy photo) |
SAN FRANCISCO — The weakened economy forced a group of hoteliers on Thursday to abandon dreams of building a luxury hotel on the northeastern waterfront, leaving city officials with a single development proposal for the small triangle of land.
Port of San Francisco commissioners on Tuesday will discuss how to handle the latest blow to efforts to develop the parking lot between The Embarcadero and Golden Gateway Tennis & Swim Club, at Washington Street, said Port spokeswoman Renee Dunn.
“I’m sure that if the economy were in a better state, we would have received more proposals,” she said.
A consortium of hotel and restaurant operators previously proposed building a seven-story hotel with a five-star restaurant, according to project consultant Mike Teresi.
But that proposal recently collapsed, developer Haresh Panchal told Port officials Thursday.
“Last night, I received a phone call from our overseas investors saying that they will not be able to fund the project,” Panchal wrote. “They have lost huge sums of money.”
The only remaining development proposal for the site, known as Seawall Lot 351, is an eight-story, two-building upscale condo project that would also span parts of the adjacent sports club, Dunn said.
