The long arm of the financial credit crunch reached out and touched Terranea, the coastal resort in Rancho Palos Verdes, before they could open their doors for business.
"The $480 million project on the former site of Marineland of the Pacific has been touted as a major new luxury development that would attract travelers from around the world, create hundreds of jobs and bring millions of tax dollars to Rancho Palos Verdes." Melissa Pamer stated in an article that appeared in the Daily Breeze on May 5, 2009.
Mirroring the local economy and housing market, sales are down and easy credit is past history. Representatives of the development have requested Rancho Palos Verdes to refund up to $8M in hotel tax revenue over the next 27 months. The City Council has taken the matter under consideration.
The upside of the proposal is residents of Rancho Palos Verdes would receive discounts on hotel stays, food and the use of the golf course and spa. Not a bad little perk for the use of the city's money.
Norma Toering & Team RE/MAX Palos Verdes Realty
(310) 493-8333 / Office Phone: (310) 831-0800
South Bay Los Angeles cities I sell real estate, property, houses and homes in: Palos Verdes Estates, Rolling Hills, Rolling Hills Estates, Rancho Palos Verdes, San Pedro, Long Beach, Torrance, Lomita, Redondo Beach, Hermosa Beach and Manhattan Beach.
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