A recent raise in rent at Belmont Park has raised questions about its future. Belmont Park operator Thomas Lochtefeld has refused to pay the increased rent and filed for Chapter 11 bankruptcy Nov. 3, putting the fate of the Mission Beach landmark up in the air. “I had to somehow get the city\u2019s attention and the reality is there\u2019s no way I was going to pay that rent or could pay that rent,” Lochtefeld said. “This will obviously bring it to the forefront.” Belmont Park filed for bankruptcy with the aim of reorganizing while pursuing claims that the city has breached its lease agreement. With the rent credits expired, the rent for the property was raised from $70,000 to $480,000 annually \u2014 an increase of almost 700 percent \u2014 without offering additional development as an avenue to offset the costs. “In terms of what\u2019s required to maintain the property, to pay the debt, to do the improvements that are required under the lease, and maintain The Plunge, I cannot pay the rent that they\u2019re requesting,” Lochtefeld said. Lochtefeld, who also owns the park\u2019s main attraction, the Wave House, estimated the annual cost to maintain and operate The Plunge at about $1 million. He said the structure of the facility, built eight decades ago, is in need of constant improvements. “It\u2019s the structure \u2014 the steel frame,” Lochtefeld said. “A significant number of columns that support the roof are steel that was back from 1925. Those are flaking off and falling.” A redeveloper who has invested millions of dollars in Belmont Park since acquiring the park\u2019s lease in 2002, Lochtefeld said a potential solution is to revisit redevelopment plans at the site. In 2006, he submitted a redevelopment plan to the city that included a 250-room hotel, underground parking garage along with additions and improvements to the park \u2014 and that plan was not further pursued after 2008, he said. “It allows me to reinvest in the property with the expectation that, in the long run, we can really do something really good here and have a productive asset,” Lochtefeld said. If a compromise can\u2019t be reached between the city and Lochtefeld, however, Lochtefeld would be forced to leave and the collapse of the park would become a very real possibility, he said. Lochtefeld said the park draws more than 4 million visitors per year and that the Wave House Athletic Club has approximately 4,000 members. “The tenants here aren\u2019t national chain tenants,” Lochtefeld said. “These are ma and pa- type operators and there\u2019s no way they can pay the rent increase.” Lochtefeld hopes to resolve things with the city in a way that will benefit both parties involved, as well as the surrounding community, he said. Now that he has filed for bankruptcy, the next step is to put the claim before a judge. “It is very serious for me and I\u2019m very certain in my moves that what I\u2019m doing is right and what\u2019s best for the whole community and organization,” Lochtefeld said. “This is a critical asset to the community and we really need to be very careful that we don\u2019t blow it, especially in these economic times.” Belmont Park is located at 3146 Mission Blvd. in Mission Beach. For more information about the park, visit www.belmontpark.com.<\/p>","protected":false},"excerpt":{"rendered":"
A recent raise in rent at Belmont Park has raised questions about its future. Belmont Park operator Thomas Lochtefeld has refused to pay the increased rent and filed for Chapter 11 bankruptcy Nov. 3, putting the fate of the Mission Beach landmark up in the air. “I had to somehow get the city\u2019s attention and […]<\/p>","protected":false},"author":726,"featured_media":256531,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_seopress_robots_primary_cat":"11559","_seopress_titles_title":"Is the ride over for Belmont Park?","_seopress_titles_desc":"","_seopress_robots_index":"","jnews-multi-image_gallery":[],"jnews_single_post":[],"jnews_primary_category":[],"jnews_social_meta":[],"jnews_override_counter":[],"footnotes":""},"categories":[11559,11551,11550],"tags":[],"class_list":["post-256530","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-beach-bay-press","category-news","category-top-stories"],"_links":{"self":[{"href":"https:\/\/test.sdnews.com\/es\/wp-json\/wp\/v2\/posts\/256530","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/test.sdnews.com\/es\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/test.sdnews.com\/es\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/test.sdnews.com\/es\/wp-json\/wp\/v2\/users\/726"}],"replies":[{"embeddable":true,"href":"https:\/\/test.sdnews.com\/es\/wp-json\/wp\/v2\/comments?post=256530"}],"version-history":[{"count":0,"href":"https:\/\/test.sdnews.com\/es\/wp-json\/wp\/v2\/posts\/256530\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/test.sdnews.com\/es\/wp-json\/wp\/v2\/media\/256531"}],"wp:attachment":[{"href":"https:\/\/test.sdnews.com\/es\/wp-json\/wp\/v2\/media?parent=256530"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/test.sdnews.com\/es\/wp-json\/wp\/v2\/categories?post=256530"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/test.sdnews.com\/es\/wp-json\/wp\/v2\/tags?post=256530"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}