Here it is folks, the settlement agreement!! Looks like Legado will break off the Hotel and sell it, separate from the property.
- Legado will reduce traffic from the project to “less than significant”.
- Commercial sq feet will be brought down to 21,539. This is a reduction of 2,261 sq ft.
- Legado will not tear out the center median trees on PCH.
- Hotel renovation designs are to be brought to the City Planning Department for approval, and go through the regular approval process, albeit expedited.
- Hotel plans are not tied to any time frame other than being into the City in order to get a “Certificate of Occupancy” for the apartments and commercial space.
- Mixed-use/apartments will not get a Certificate of Occupancy until the City has plans.
- The Hotel will be broken off as a separate parcel from the rest of the property.
- The new plan will go directly to the City Council for review and approval, with a certain time frame.
Legado will create a project that creates minimal traffic, break off the Hotel and probably sell it.