Cutting back on the proposed “seaside village” development at Second Street and Pacific Coast Highway, as suggested by an environmental impact report released last week, would kill the project, the developers said Tuesday.
According to the EIR, the project that would replace the Seaport Marina Hotel should be half of the size and density that is proposed in order to limit environmental effects, particularly on traffic and air quality.
“As the study suggests, it’s not financially feasible,” David Malmuth, who is partnering with Clifford Ratkovich to develop the site, said of the scaled-down alternative. “What you end up with is a glorified strip mall with some residence.”
The development as proposed would contain several buildings, including a 12-story residential tower, and would encompass 822,500
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