News Release
Media Contact: Myrna Marston, MPR+Strategic Communications, 619-733-9291
myrna@marstonmpr.com
Chelsea Investment Corporation Welcomes California State Treasurer Fiona Ma and San Diego Mayor Todd Gloria for the Grand Opening of Saint Teresa of Calcutta Villa a 14-Story, 407-Unit Affordable Housing Development in the City of San Diego. 270 Units Set Aside for Permanent Supportive Housing and 80 Units Set Aside for Veterans.
San Diego, CA – February 10, 2022: In partnership with Father Joe’s Villages, Chelsea Investment Corporation was joined with California State Treasurer Fiona Ma, San Diego Mayor Todd Gloria, and Chair of the San Diego Board of Supervisor Nathan Fletcher for the grand opening of Saint Teresa of Calcutta Villa, a joint effort that will house homeless citizens and neighbors on the brink of homelessness, including seniors, veterans, people with disabilities and families in need of transitioning out of homelessness.
In November of 2021, Mayor Todd Gloria committed to continuing his efforts to end homelessness in San Diego when he accepted on behalf of the city $27.5 million from the state’s Homelessness Housing, Assistance and Prevention (HHAP) grant program. “Saint Teresa of Calcutta Villa is a prime example of what our city must do to get our unsheltered population into homes that will not only provide shelter, but supportive services that will lay the groundwork for a productive, safe life,” said Mayor Gloria. “I would call getting nearly 500 people and families off the streets of San Diego a solid step in the right direction,” he said. “That could not have happened without the determination of public, private and non-profit sectors who were committed to coming together to positively change lives.”
Deacon Jim Vargas, elected officials and donors cut the ribbon to introduce Saint Teresa of Calcutta Villa to the community. A 407-unit affordable housing community by Father Joe’s Villages and Chelsea Investment Corporation, Saint Teresa of Calcutta Villa is move-in ready for more than 500 San Diegans who are transitioning out of homelessness, with units that will also serve veterans, senior citizens, people with disabilities and families. Designed by Joseph Wong Design Associates and constructed by Level 10 Construction, the community was built with the belief that all citizens should have access to a safe and comfortable home.
“The Saint Teresa of Calcutta Villa housing community is exactly what California needs to tackle homelessness,” said California State Treasurer Ma. “I congratulate all the partners involved, the members and staff of the California Tax Credit Allocation Committee, one of the entities which I chair, for their collaboration on this project to create permanent homes for veterans, families, seniors and individuals with disabilities in the San Diego area.”
Each apartment in the Villa community includes simple but tasteful cabinetry and counters, kitchens, and private bathrooms. In front of Saint Teresa of Calcutta Villa is the Father Joe Carroll Memorial Promenade in honor of the late Father Joe Carroll who passed away in 2021.
The $186 million two-tower project broke ground on January 21, 2020. Unlike many permanent supportive housing projects that require residents to travel for access to services, residents of Saint Teresa of Calcutta Villa will benefit from case management and supportive services within the community itself, as well as supplemental services within walking distance at the Father Joe’s Village campus. Wide-ranging social services to be offered include mental and physical health care, substance abuse services, employment and on-the-job placement and training, education assistance, and financial counseling.
Chelsea Investment Corporation has built over 12,000 affordable homes and invested over $3 billion resulting in changing over 40,000 lives.
“Our partnership with Father Joe’s Villages and the City of San Diego represents the cornerstone of who we are as a company,” said Jim Schmid, founder, and CEO of Chelsea Investment Corporation. “Affordable housing is the strongest foothold toward economic stability. Our team is not only proud to be a part of the affordable housing solution in San Diego, but we are also proud to be a part of changing people’s lives.”
About Chelsea Investment Corporation
Since 1984, Chelsea has developed over 12,000 units of affordable housing for populations including low-income seniors and families, farmworkers, individuals at risk for homelessness, and homeless veterans. With a total project capitalization cost of over $3 billion, 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 people with 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 Father Joe’s Villages
As San Diego’s largest homeless services provider, Father Joe’s Villages ensures that each person can rediscover hope and leave homelessness behind. To address the complex needs of people who are homeless, the organization provides housing for more than 2,500 people each night, along with health care, substance use disorder treatment, job training, therapeutic childcare and more. This mission is made possible only through the efforts of compassionate staff, volunteer work, car donation, and generous public and private charitable contributions. For more information, please visit: my.neighbor.org.