City Council extends deadline for Grand Hyatt Seaside Resort construction loan

Seaside City Council has taken a significant step towards advancing the Grand Hyatt Seaside Resort project by approving a 90-day extension for the hotel construction loan, now due by July 31, 2025. This decision, made during the council meeting on May 15, 2025, aims to keep the development on track amid ongoing economic uncertainties.

The extension comes with a financial stipulation: the developers, Seaside Peninsula Acquisition Group and SKDG, will pay the city $40,000 per month during the extension period. If they secure the construction loan by the new deadline, the initial fee of $120,000 for the first three months will be forgiven. However, if they fail to meet this timeline, the fee will be due on August 1, along with the next month's payment.

City officials emphasized the importance of this extension in encouraging the developers to expedite their progress. The Grand Hyatt project, which includes a hotel, residential units, and a time-share component, has faced delays since its inception. The council has previously granted two extensions due to various business challenges.

During the meeting, council members expressed concerns about the potential for further delays and the implications of the ongoing financial commitments. The city manager reassured them that the developers are actively working with a new investment partner to secure the necessary funding and are optimistic about meeting the July deadline.

Public comments during the meeting highlighted the community's interest in the project's timeline and the financial arrangements. Residents sought clarification on the terms of the extension and the city's contingency plans should the developers fail to secure the loan.

As the council moves forward, the focus remains on ensuring that the Grand Hyatt Seaside Resort project progresses efficiently, with the potential for significant economic benefits for the community upon its completion. The next steps will be closely monitored as the July deadline approaches, with updates expected to keep the council and public informed.