Citing an economic climate hostile to hotel development, the developers looking to remake the former Navy property at 1220 Pacific Highway now have until December to advance a project that centers around an entertainment venue on a portion of the waterfront site.
On Tuesday, Port of San Diego commissioners voted unanimously to approve the second amendment to the agency’s First Right to Negotiate Agreement with LPP Lane Field LLC for the property. The development entity, which built the adjacent Lane Field hotels, is composed of Portman Holdings, Hensel Phelps Development and Lankford & Associates.
The second amendment extends the team’s negotiating window with the port through Dec. 10, and changes the contract’s end goal from an…