Chelsea Investment Corp. has broken ground on the largest new affordable housing development in San Diego, a total of 306 units in two buildings situated along Friars Road in the Civita master-planned community in Mission Valley. Teaming up with Sudberry Properties – the master-developer of Civita – the $156.2 million complex will comprise 203 affordable apartments for families at Stylus and 103 affordable apartments for seniors at Siena.
Stylus will offer two- and three-bedroom units measuring 770 square feet 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.
Siena will offer one- and two-bedroom units of between 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 recently, 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.”
Featuring architecture by KTGY, 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.
Stylus and Siena will include three courtyards landscaped with picnic and barbecue areas, fitness equipment and outdoor entertaining areas. Both Siena and Stylus will include a large clubroom with a fully equipped kitchen for events and gatherings. The development is convenient to a planned elementary school site and a block from the 14-acre Civita Park.
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.
Financing for Stylus was provided in part by a construction loan and permanent mortgage from Citi Community Capital and $45 million in tax-credit equity from Raymond James, for a total project cost of $112.7 million. Financing for Siena was provided in part by a construction loan and permanent mortgage from Citi Community Capital and $18 million in tax-credit equity from Raymond James, for a total project cost of $43.5 million. The general contractor is Emmerson Construction.