Monterey Park : Hotel Developer Dropped
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The city has dropped a Texas developer from a 220-room Sheraton hotel project after the developer missed a deadline to purchase the land for the project, officials said Wednesday.
The City Council on Tuesday voted to terminate a contract with Texas-based GR Development/Robert E. Woolley Inc. because the company missed a Sept. 17 deadline for buying eight acres on Corporate Center Drive from the city, Economic Development Director Keith Breskin said. GR Development was to pay the Community Redevelopment Agency $2 million for the land.
Executives of the company were unavailable for comment Thursday, but said they believe they are still on the project, said company secretary Valerie Watson.
Monterey Park is looking for another developer to build the hotel, but expects to collect $160,000--promised if the deal fell through--from GR Development, Breskin said.
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