| Project Type: Inclusionary | Project Cost: $22 million |
| Project Location: San Diego, CA | Client: Pardee Homes |
| No. Units: 108 | CIC Role: Developer |
The Crossings is a 108 unit affordable apartment project, including a pool, spa, elegant clubhouse and garages that are attached to the dwelling units. It is located in the upscale Carmel Valley community of San Diego.
Project Problem
The problem presented with this project was to develop a 100% affordable project that was compatible with and fully integrated into affluent
Carmel Valley community where it is located.
Chelsea’s Strategy
Each building in the project is designed to resemble a “Big House,” rather than an assemblage of component units, so that it is
architecturally compatible with its neighbors. The Company financed the project with bonds and 4% tax credits, and arranged a loan from the
Multifamily Housing Program of the State of California. This loan facilitated construction of the amenity-rich project, while permitting the owner
to provide approximately one third of the units to very, very low income households.
Chelsea’s Solution
In addition to the upscale design and appearance of the project, the complex plan of financing allows the Company to charge very low rents. The
Company sponsors activities and programs that encourage and facilitate social integration among the residents and with the larger community.