| Project Type: Inclusionary | Project Cost: $52 million |
| Project Location: Carlsbad, CA | Client: Morrow Development Company |
| No. Units: 168 | CIC Role: Developer |
Hunters Pointe is a 168 unit family oriented affordable apartment project that includes a pool, elegant 2,800 square foot community building, extensive green features including solar power, and is located in the world renowned master planned community of La Costa.
Project Problem
The project is located on a large difficult site that includes challenging topography, is bifurcated by a public street and adjoins a high speed thoroughfare. The challenge was to develop a very high quality apartment community that provides exceptional living to residents and is compatible with the upscale community of La Costa.
Chelsea’s Strategy
Chelsea worked very closely with the design professional at Hedenkamp and Associates, Architects, and the Schmidt Design Group, Landscape Architects, and with Morrow Development, the Master Developer of La Costa, and with the City of Carlsbad to design and develop an outstanding apartment community that addresses the challenges
Chelsea’s Solution
In order to overcome the site challenges and to provide the quality project appropriate for La Costa, the Company arranged and structured an extensive array of financing. The project is financed with loans from the Carlsbad Redevelopment Agency and the Multfamily Housing Program of the State of California, institutional construction and permanent loans and 4% low income housing tax credits, together with a contribution from the Master Developer.