San Diego’s Largest Affordable Housing Development Going Up in Mission Valley
San Diego Metro
April 16, 2018
Chelsea Investment Corp. has broken ground on the largest new affordable housing development in San Diego — called a “transformational project” by one and described by another as a building that will “challenge the stigma of what affordable housing is.”
A total of 306 units will be built along Friars Road in the Civita master-planned community in Mission Valley.
Teaming with Sudberry Properties — the master-developer of Civita — Chelsea’s $137.5 million affordable housing complex, designed by architectural firm KTGY, consists of two buildings:
• 203 affordable apartments for families at Stylus, where two- and three-bedroom units offer 770 and 1,040 square feet. Rents are anticipated to start at $965 per month for qualified households, which represents a 50 percent discount to market.
• 103 affordable apartments for seniors at Siena, where one- and two-bedroom units offer 540 and 783 square feet. Rents are expected to range from $500 per month for qualified households, which represents a 70 percent discount to market.
During a ceremonial groundbreaking held last week, lender Sonia Rahm of Citi Community Capital called Stylus and Siena a “transformational project” and Chelsea project manager Jodi Rothery said the building will “challenge the stigma of what affordable housing is.”
Stylus and Siena are the centerpiece of Sudberry’s first mixed-use retail development in Civita, which will be anchored by LA Fitness and includes 37,000 square feet of ground-floor retail space, seven floors of affordable apartments and three levels of subterranean parking. Completion is expected in mid-2020.
The addition of Stylus and Siena will bring the total number of affordable apartments in Civita to 456. Chelsea was also the developer of Civita’s first phase of affordable housing, a building of 150 affordable apartments for seniors that opened in March 2015.
Siena and Stylus were developed with a combination of 9 percent and 4 percent low income housing tax credits from the California Tax Credit Allocation Committee, bonds issued by the San Diego Housing Commission, Affordable Housing Program funding provided by Federal Home Loan Bank-San Francisco and City National Bank, and funding from Torrey Pines Bank.
About six months before the completion of Stylus and Siena, prospective residents can register their interest at https://www.aptsinsocal.com.