Never mind the minimum wage workers and those that prey on tourists that follow.
The Holman renovation will include four ocean-view penthouses, eight new stores, and 25 2,000-square-foot luxury condos.
The condos are expected to cost between $550 and $700 per square foot.
“We have never had condos built in this price range on the Monterey Peninsula with the exception of the Inn at Spanish Bay,” Pacific Grove Chamber of Commerce President Moe Ammar said.
Ammar said he believes even though it’s a first for Pacific Grove, the development will be successful.
“We know it’s going to work because the demand is there,” Ammar said. “Everybody wants to live on the Central Coast. Everybody wants an ocean view. And ocean view development just doesn’t exist anymore.”
At the Tin Cannery, a 160-room hotel is being planned across the street from the aquarium.
Still in the early stages of the project, the development needs approval by the Coastal Commission. But first, the city’s voters will have to approve zoning changes that allow for a hotel.
The Chamber of Commerce predicts the hotel could bring in $30 million a year, or 25 percent of the city’s budget.