Chelsea Breaks Ground for 42 Affordable Apts. in Otay Mesa

Construction is underway on 42 new affordable apartments for low-income families at Pacifica Apartments, located in Pardee‘s master-planned community of Playa Del Sol in Otay Mesa.

Chelsea Investment Corp., the San Diego Housing Commission,and the non-profit , Southern California Housing Collaborative, are partnering on the $19.7 million project.

Pacifica at Playa Del Sol is the third affordable project in San Diego County to offer new affordable apartments set aside for households with a family member who has a developmental disability (such as autism, epilepsy, Down syndrome or cerebral palsy).

“Twelve of 42 apartments here are designated for families with a developmentally disabled member, a very high percentage of the total units,” said Chelsea Founder and CEO Jim Schmid. “This would have been impossible without the assistance of the Foundation for Developmental Disabilities, which provided a $750,000 loan toward this project.

“Thanks to the hard work of the San Diego Regional Center and the Southern California Housing Collaborative, we are able to build more and more units for families needing permanent housing for their loved ones living with a disability.”

Pacifica at Playa Del Sol is located on vacant land at the corner of Ocean View Hills Parkway and Avendia Playa Del Sol. Within walking distance are an elementary school, middle school, healthcare facilities, and access to transit.

Three, three-story walk-up buildings are comprised of three one-bedroom apartments offering 590 square feet, and 15 two-bedroom units offering 845 square feet. Twenty-four three-bedroom units are available, with 1,138 square feet.

Apartments at Pacifica at Playa Del Sol are restricted to families with income up to 60 percent of the area median income, currently at $58,380 per year for a family of four. For a one-bedroom apartment, rents are anticipated to range from approximately $730 per month, $1,020 per month for a two-bedroom unit and $1,217 per month for a three-bedroom unit.

Individual units include central heating and air, window blinds, luxury vinyl plank flooring, garage, and appliances. Resident amenities include onsite management, laundry room, and access to Playa Del Sol’s recreational amenities.

Comprehensive services for families with a developmentally disabled family member, such as case management, transportation, employment support, and supporting living, will be provided at no cost by the San Diego Regional Center.

The San Diego Housing Commission (SDHC) issued approximately $10.8 million in tax-exempt Multifamily Housing Revenue Bonds, which was approved by the San Diego City Council, sitting as the Housing Authority of the City of San Diego. San Diego County’s Innovative Housing Trust Fund also provided a $1.5 million loan.

Additional financing was provided by a construction loan from Banner Bank and tax credit equity fromThe Richman Group. Pardee also contributed over $4 million in funding.

Project architect is Bassenian Lagoni, with Emmerson Construction serving as general contractor.

Approximately six months prior to the completion of the project, prospective residents can register their interest at https://www.aptsinsocal.com.

ABOUT CHELSEA INVESTMENT CORPORATION

Since 1984, Chelsea has developed 10,228 units of affordable housing at a cost in excess of $2 billion. The firm’s development portfolio includes urban infill, mixed-use, suburban inclusionary, acquisition rehab and rural developments. The company is one of the few fully integrated affordable housing developers in the region that offers turnkey development, general contracting and property/asset management services. Chelsea is a long-term owner and operator and maintains a portfolio in excess of 6,000 affordable housing units.

In 2017, Chelsea celebrated the completion of its 100thaffordable project. The firm is currently ranked as the 26thlargest affordable housing developerin the nation by Affordable Housing Finance magazine. For more information, please visit www.chelseainvestco.com.