SAN DIEGO (Oct. 31, 2016) – San Diego’s affordable housing supply got a boost this month, when Chelsea Investment Corp. (Chelsea) completed two new apartment communities: the 52-unit Trolley Park Terrace in Southeast San Diego, and the 28-unit Torrey Vale apartment complex on the northern perimeter of the City of San Diego.
Located at 4985 Market Street, Trolley Park Terrace is a key achievement in the ongoing redevelopment of 60 acres of former industrial property by the Jacobs Center for Neighborhood Innovation. Adjacent to San Diego’s second largest transit station at Euclid Avenue, Trolley Park Terrace is across the street from the Joe and Vi Jacobs Center events and microenterprise pavilion and within walking distance of resident-serving businesses at the Market Creek Plaza shopping center. The building is LEED Gold certified for energy efficiencies.
Built in partnership with the San Diego Housing Commission, Trolley Park Terrace serves families with incomes from 30 to 60 percent of the San Diego Area Median Income (AMI). Offering one-to three-bedroom apartments with secured belowground parking, the three-story Trolley Park Terrace features a community room, computer lab, sports court and children’s play area. Created by San Diego architect McKinley Associates, the domed Mission-style building features vibrant colors, decorative accent tiles, wood awnings, wrought-iron railing and multiple segmented arches.
“This is the kind of smart development that our City needs to continue to bring affordable housing to families that need it the most,” said San Diego Mayor Kevin L. Faulconer, at a recent grand opening celebration. Trolley Park Terrace also features after-school programs for children and on-site classes for adults and will remain affordable for 55 years.
Earlier this month in northern San Diego, Chelsea celebrated the grand opening of Torrey Vale Apartments, where 28 affordable homes offer two- and three-bedroom units, each with a private garage, and rooftop solar to power common area utilities.
Also in partnership with the San Diego Housing Commission, Chelsea developed Torrey Vale Apartments for families with incomes between 50 to 60 percent of the San Diego AMI. Located at 6525 Rancho Del Sol Way, Torrey Vale satisfies the inclusionary housing requirement for two market rate projects in the area by the master developer, Taylor Morrison.
“This closed escrow in January, so this is 10 months of construction and these families are in,” said Debbie Ruane of the San Diego Housing Commission, during a recent grand opening ceremony. “Twenty eight families are already housed in this amazing community.”
ABOUT CHELSEA INVESTMENT CORPORATION
Since 1984, Chelsea has developed 9,215 units of affordable housing at a cost in excess of $1.5 billion. The firm’s development portfolio includes urban infill, mixed-use, suburban inclusionary, acquisition rehab and rural developments. Approximately 20 percent of the units developed by Chelsea serve specialized populations, including seniors, farm workers, homeless households, and individuals with physical and developmental disabilities. The company is one of the few fully integrated affordable housing developers in the region that offers turnkey development, general contracting and property/asset management services. Chelsea is a long-term owner and operator and maintains a portfolio in excess of 5,000 affordable housing units. For more information, please visit www.chelseainvestco.com.