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Chelsea Investment Corporation, Southern California Housing Collaborative, California State Deputy Treasurer Patrick Henning, San Diego County Board of Supervisor Monica Montgomery Steppe, San Diego Mayor Todd Gloria, and Councilmember Jennifer Campbell Join in Celebrating the Grand Opening of Taormina and Modica Family Apartments
Combined Developments Total 230 Affordable Housing Units, and 230 Families’ Lives Positively Changed
San Diego, CA – October 14, 2025: Carlsbad-based Chelsea Investment Corporation (Chelsea), and Southern California Housing Collaborative executives were joined by California Deputy Treasurer Patrick Henning, County Board Supervisor Monica Montgomery Steppe, San Diego Mayor Todd Gloria, and City Councilmember Dr. Jennifer Campbell to celebrate the groundbreaking of two affordable housing developments: Taormina Family Apartments, a 136-unit development, including 34 units set aside for individuals with intellectual or developmental disabilities; and, Modica Family Apartments, a 94-unit development, including 24 units set aside for individuals with intellectual or developmental disabilities. Both affordable housing developments will be 5-story buildings. The County-owned site was awarded to Chelsea through an RFP process.
“Having these affordable housing developments come to fruition is no small feat. We are tremendously thankful to the State of California for tax credit funding through Treasurer Ma’s leadership; and to the County of San Diego for having the vision to lease the land and provide soft financing, proving to be a leader in affordable housing solutions,” said Charles Schmid, Chief Executive Officer of Chelsea. “Additionally, without the commitment of San Diego Mayor Todd Gloria, the City Council and the San Diego Housing Commission to fulfill the City’s promise to deliver affordable housing units by providing financing, simplifying and accelerating the permitting process, these critical housing developments could not have been brought to life.”
“California is known as the place of golden opportunity; however, the unaffordability of housing creates barriers between our residents and their dreams,” said Deputy Treasurer Patrick Henning. “I am proud of the work we are doing with CTCAC and CDLAC, removing these barriers and opening the doors of opportunity for Californians as they achieve a level of economic stability that was once out of reach.”
Taormina and Modica are situated within the Mt. Etna affordable housing campus, with all developments being purposefully multi-generational communities where families and seniors can interact, providing a higher quality of life. The residents of all affordable housing projects in the Mt. Etna campus community will also enjoy the central, walkable location with many nearby amenities including a large grocery store, a multitude of restaurants, small business retailers, medical facilities, schools, and parks. Additionally, Balboa Avenue and Genesee Avenue are major transit corridors served by several transit lines, including two rapid bus routes and access to the Blue Line Trolley.
“No one level of government can do it alone and through these public-private partnerships we can make significant progress in providing accessible housing options for the most vulnerable,” said County Board Supervisor Monica Montgomery Steppe . “These types of investments are part of our County’s comprehensive approach to ensure our families, children, veterans, and seniors have a roof over their heads.”
“Housing like this changes everything,” said San Diego Mayor Todd Gloria. “It’s not just about walls and roofs—it’s about dignity, stability, and hope. Taormina and Modica will give hundreds of families and individuals a foundation to build their future. This is what happens when the city, county, state, and partners like Chelsea Investment Corporation work together—we build more housing and change lives.”
Serving Seniors will provide a robust program of integrated supportive services including one-on-one case management, behavioral health services, health education, fitness and wellness classes and planned social activities. All supportive services to residents are free of charge.
San Diego Regional Center will provide tailored services for the 58 total units set aside in the Modica and Taormina Family Apartments for individuals with intellectual or developmental disabilities (IDD). The IDD units will include roll-in showers, grab bars, reversible shower seats, vinyl corner guards and other features specific to the needs of this population. Each San Diego Regional Center client will be provided with a specialized, individual plan that will cater to their specific needs, including advocacy for services, transportation, supported living services, professional training, and supported employment.
“It brings our team great pride to witness how supportive services for these special clients bring a higher quality of life and helps them better connect with the overall community,” said Mark Klaus, Executive Director of SDRC.
Below is a breakdown of unit mix, project team, and financing sources by development:
TAORMINA FAMILY APARTMENTS
Unit Mix:
136 Total units
63 1-Bedroom units
38 2-Bedroom units
35 3-Bedroom units
Project Team:
AGP – Chelsea Investment Corporation
MGP – Southern California Housing Collaboration
Service provider – Serving Seniors
General contractor – Emmerson Construction, Inc.
Architect – The McKinley Associates, Inc.
Landscape Architect – GMP Landscape Architecture
Civil Engineer – Fuscoe Engineering, Inc.
Financing Sources:
County of San Diego – Land Acquisition Value Contribution
County of San Diego – Innovative Housing Trust Fund (IHTF)
County of San Diego – American Rescue Plan Act (ARPA)
Department of Development Services – CRDP
San Diego Housing Commission – 8 Project Based Vouchers
California – 4% Tax Credits
$85.1M Total Development Cost
MODICA FAMILY APARTMENTS
Unit Mix:
94 Total units
42 1-Bedroom units
27 2-Bedroom units
25 3-Bedroom units
Project Team:
AGP – Chelsea Investment Corporation
MGP – Southern California Housing Collaboration
Service provider – Serving Seniors
General contractor – Emmerson Construction, Inc.
Architect – The McKinley Associates, Inc.
Landscape architect – GMP Landscape Architecture
Civil Engineer – Fuscoe Engineering, Inc.
Financing Sources:
County of San Diego – Land Acquisition Value Contribution
San Diego Housing Commission – Capital Funding
Department of Developmental Services – CRDP
California 4% Tax Credits
$59.5M Total Development Cost
About Chelsea Investment Corporation
Since 1984, Chelsea has invested over $3 billion to develop over 15,000 units of affordable housing for populations including low-income seniors and families, farmworkers, individuals at risk for homelessness, and homeless veterans. Chelsea Investment Corporation was named by Affordable Housing Finance Magazine as the top California-based affordable housing developer in 2021. Chelsea’s expertise includes urban infill, mixed-use, suburban inclusionary, renovation, and rural properties. The company is the first in California to deliver affordable apartments set aside for households with a family member who has a developmental disability, such as autism, epilepsy, Down syndrome, or cerebral palsy. Chelsea is a fully integrated affordable housing developer and offers turnkey finance, development, general contracting, and property/asset management services. For more information visit: Chelsea Investment Corporation (chelseainvestco.com)
About San Diego Regional Center
The San Diego Regional Center (SDRC) is one of 21 regional centers throughout California that provide support and services to persons with developmental disabilities. It is a valuable resource for residents of San Diego and Imperial counties who have intellectual disabilities, cerebral palsy, epilepsy, autism, or other disabling conditions requiring similar treatment. The goal of SDRC is to enhance the quality of individuals’ daily living experiences by offering activities that are meaningful to them, based on each person’s unique needs. Its services are intended to maximize their independence, full potential, and quality of life. For more information visit: https://www.sdrc.org/
