Oceanfronts in Short Supply
Another rarity in Orange County is oceanfront development sites, Olson Development CEO Bob Olson tells us. As California grows inland, there will continue to be more demand placed on coastal resources, but there’s less land available for hotels or any other uses, he says. Also, getting oceanfront developments approved in the State of California is a long process that now includes significant Coastal Commissions development fees.
In short, the barriers to entry are extremely high and hotel demand on the Southern California coast is strong, Bob says. R.D. Olson Development and Pacific Hospitality Group recently unveiled plans for a 250-room, ocean-facing hotel as part of the Pacific City development in Huntington Beach. It will be both a meeting and recreation property, Bob says, with an events lawn overlooking the Pacific, as well as 16k SF of meeting space and a 8,500 SF ballroom.
