USA Properties Fund has broken ground on 8181 Allison, a 147-unit affordable community in La Mesa, Calif. Completion is slated for the last quarter of 2024.
The City of La Mesa, KeyBank, California Housing Finance Agency and WNC are also part of the public-private partnership developing the $67 million project. The community is designated for residents earning between 30 and 70 percent of the area median income.
KeyBank Community Development Lending and Investment provided $42.7 million in financing, which includes a $31.9 million construction loan and a $10.9 million bridge loan. WNC provided $25.3 million in federal low-income housing tax credits and $7 million in subsidy financing. The City of San Diego granted a cost-free lease of the site for 65 years. Last year, KeyBank provided $53.2 million in financing for another affordable project in San Diego, a 68-unit development by People’s Self Help Housing.
The community will encompass one- and two-bedroom apartments ranging between 578 and 860 square feet. Common-area amenities will include a fitness center, a clubroom with a hospitality kitchen, a rooftop terrace, a laundry room and on-site parking.
The property will have several sustainable features, such as electric vehicle charging, Energy Star rated appliances, dual-paned energy efficient windows and water-efficient plumbing fixtures.
Located at 8181 Allison Ave., the project is being developed on the site of a former police station. In 2008, La Mesa Redevelopment Agency purchased the former land from the city. After four years, the city retained the property and restricted it for affordable housing.
The project is a transit-oriented development, situated at the southeast corner of Allison and Date avenues. Located in La Mesa’s Downtown Village, the site is close to several bus stops, a trolley station and Interstate 8, which connects to much of the San Diego region. There are many dining options, entertainment venues and retail centers in the proximity, such as La Mesa Springs Shopping Center and Grossmont Center. Sharp Grossmont Hospital is 2.2 miles away.
The post San Diego Affordable Community Breaks Ground appeared first on Multi-Housing News.
Gillian Executive Search is a leader in Affordable Housing Development, Financing, Design and Construction recruiting. www.gessearch.com