- Private Investment Team
SDSU Selects Carlsbad Developer for First Affordable Housing at Mission Valley Campus
A rendering of SDSU’s first income-restricted residential units at its Mission Valley campus. Courtesy: Joseph Wong Design Associates
Article by: Elizabeth Ireland; Times of San Diego
Carlsbad-based Chelsea Investment Corporation has been selected to construct the first affordable housing project at San Diego State University‘s Mission Valley campus, it was announced Monday.
Chelsea’s plan centers around a first-phase of 182 units for a population with incomes averaging 50% of the area median — for a family of four, an income of $65,050, according to San Diego County’s most recent data.
The project will consist of one-bedroom, two-bedroom, three-bedroom and four-bedroom units designed around the Stadium Station trolley stop and public transit.
The project will also include a childcare center and public art on the building facades. According to the plan approved by SDSU Monday, upon successful execution of the first phase, Chelsea would deliver a second phase of 109 units.
SDSU Mission Valley has committed 460 affordable housing units among development at the site.
“SDSU has always been committed to the inclusion of affordable housing on-site at Mission Valley,” said Gina Jacobs, associate vice president of SDSU development at Mission Valley. “In partnership with Chelsea, which has strong experience and success in developing similar projects, we are taking a big step toward fulfilling our long-standing commitment.”
According to the company, Chelsea has developed around two-thirds of similar housing in San Diego County over the last 20 years.
“It is a great honor for our team to be selected to develop the first affordable housing community at SDSU Mission Valley,” said Cheri Hoffman, president of Chelsea Investment Corporation. “We have watched the initial transformation of the former stadium site and look forward to being a partner on this redevelopment effort which will be an asset to our community for years to come.”
Chelsea’s planned on-site childcare facility will take up 6,220-square-feet and will support up to 70 preschool and pre-kindergarten children. The childcare center will be operated by Episcopal Community Services.
According to the development’s plans, other planned on-site residential amenities include a community resource room to help residents work from home, a media center and computer lab, laundry facilities, outdoor lounge spaces with barbecue and dining areas, a bike storage room with a bike repair station, electric vehicle charging stations and pet-friendly policies.
The announcement of the development follows the university’s selection of LPC West to begin development on the first project of the innovation district and Avalon Bay to develop the first residential and retail project, which is being designed to achieve LEED Gold sustainability standards.
SDSU Mission Valley is currently constructing the river park, which is scheduled to be completed at the end of the year.
At full build out, SDSU Mission Valley is planned to include 80 acres of parks and open space, up to 4,600 market-rate and affordable housing units, 1.6 million square feet of research and innovative space, 90,000 square feet of retail space, and a hotel.
City News Service contributed to this article.
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