Cost: $23.2 million
BCCC NMTC allocation: $10 million
Sponsor: Pacifica Companies
Investor: Wells Fargo
Location: San Diego County, CA
Description: The Pier South project consists of the construction of a 78 room hotel located in the heart of Imperial Beach, CA. Pier South was the centerpiece of the City of Imperial Beach’s redevelopment efforts as evidenced by their contributing $7 million to Pier South which accounted for almost the entire City’s redevelopment budget at the time. One result of Pier South is that the surrounding low-income community is experiencing a facelift. A resident told a Governing Board member one of the biggest concerns before Pier Southopened was theft in the area which has now been transformed into a safe and vibrant neighborhood.