Ledoux Esquire Announces Monterey Bay Hotel Closes Escrow
SAN MATEO, CA, August 14, 2006. California hotel developer Clement Chen, III, began construction today on the $80 million 208-room hotel located at 750 Cannery Row in Monterey, California.
The $80 million project may well be the last waterfront property built on Monterey Bay. It will be designed/built by Devcon Construction, Inc. and is slated to open in summer, 2008. Wells Fargo will provide construction financing. The yet unnamed hotel will be independently operated by Pacific Hotel Management of San Mateo, California.
Palo Alto-based Hill Glazier Architects served as design architects and were inspired by the colorful era made immortal by John Steinbeck's novel Cannery Row. "We're not trying to imitate the past," explains Mr. Chen, "but we are developing a project that reminds you of the rich history of Cannery Row."
The luxury four-story hotel will span both sides of Cannery Row and be connected by a sky bridge akin to those used by the sardine canning factories built on Cannery Row in the 1930s. A 95-seat waterfront restaurant will be developed to attract both visitors and locals alike. The hotel will feature 10,200 square feet of meeting area. Street-front boutiques of the highest quality are slated for the 18,500 square feet of retail space on either side of the Row. The project includes a 347 space parking garage.
The site's irreplaceable location on Monterey Bay is next to "Doc" Rickett's lab and steps from the world-famous Monterey Bay Aquarium in the heart of the historic Cannery Row conservation district. A hotel project was started on the site and abandoned there in the 1980s, and the City of Monterey has waited a quarter century for the project to come back to life.
"The moon and the stars have finally aligned," says Ted Balestreri, partner of The Cannery Row Company, the site's owner. "It will be wonderful for Monterey and wonderful for all who visit Cannery Row."
It was in March 2004 that Ledoux first introduced his client, Clement Chen, to Ted Balestreri of The Cannery Row Company. "The obstacles to this development were formidable," explains Ledoux. "Nearly every hotel company in the nation looked at the site, but all walked away. Through tireless efforts of The City of Monterey, Mr. Balestreri, Mr. Chen and their counsel, every obstacle and impasse have been overcome. Now, the void in Cannery Row will be filled."
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