Mesa Verde Apartments in San Diego. | Courtesy San Diego Housing Commission and Chelsea Investment Corporation

$34M Affordable Apartments Replace Strip Mall

Carrie Rossenfeld Multifamily

San Diego Housing Commission and Chelsea Investment Corporation have completed Mesa Verde, an 89-unit affordable apartment complex that replaces an outdated strip mall located at 7785 Mission Gorge Road in the Navajo Community Planning area near Mission Trails Regional Park in San Diego. The complex serves low-income families and offers close proximity to open space, schools, employment opportunities, and medical facilities.

Mesa Verde includes three studios, 24 one-bedroom, 36 two-bedroom, and 26 three-bedroom units. Rents range from $800 for a one-bath studio to $1,420 for a 971-square foot, three-bedroom unit. Apartments will remain affordable for 55 years for households with annual incomes of up to 60 percent of San Diego’s Area Median Income (approximately $58,380 for a family of four).

“This is the type of housing we need more of in San Diego,” Mayor Kevin L. Faulconer said during the recent grand opening celebration at Mesa Verde. “This is smart growth. This is delivering what San Diego needs. Let’s keep doing this.”

Chelsea founder and CEO Jim Schmid noted at the opening that the revitalization of the property was overwhelmingly supported by the local planning group. “Demolishing an older strip mall and replacing it with affordable housing for families is a win-win for the community. This is a redevelopment model that can be replicated in parts of San Diego where higher density is appropriate.”

Amenities at Mesa Verde include a basketball court, community room, laundry facilities, an on-site manager, and underground parking.

Total development cost is approximately $33.5 million, which includes the land, construction, and financing expenses. The San Diego Housing Commission invested a $9.6 million loan toward the development and authorized the issuance of nearly $22.4 million in tax-exempt multifamily housing revenue bonds, approved by the San Diego City Council, sitting as the housing authority of the City of San Diego.

Additional financing was provided by Citi Community Capital and Candeur Group. Project architect is The McKinley Associates, with Emmerson Construction as the general contractor.

There are currently 2,530 individuals on the waiting list for Mesa Verde.