Project Type: Acquisition/Rehab
Project Cost: $43.9 million
Project Location: San Diego, CA
Client: City of San Diego
No. Units: 92
CIC Role: Developer
For many years the City of San Diego had wanted to redevelop and eliminate blight in Barrio Logan, just outside of downtown San Diego. Mercado del Barrio was intended to be the catalyst project, consisting of an Hispanic grocer, retail space and 93 affordable housing units. The problem was to overcome a history of unsuccessful attempts to develop the project.
Chelsea worked closely with key community leaders and stakeholders to identify critical neighborhood needs. The project program was modified to address community needs and to eliminate project elements that may have been inimical to long term feasibility of the project. Chelsea developed the affordable units in an airspace condominium above the retail space and provided New Markets Tax Credit financing for portions of the commercial space. The residential project has been fully occupied since completion and has transformed the Barrio Logan community. Estrella del Mercado has been the most transformative project in our history.