CIC Summer 2023 E-Newsletter

Dear Chelsea Friends:

Throughout the first several months of 2023, Chelsea Investment Corporation has continued its commitment to provide affordable housing communities for low-income families, veterans, seniors, and people with developmental disabilities. We acknowledge with gratitude the many alliances and partnerships with local and state government agencies, non-profit service providers, lenders and investors that allow us to not only provide affordable housing, but to change lives for the better.

We are happy to share with you some of Chelsea’s success stories for the first half of 2023, which would not have been possible without our valued partners.

CHELSEA PARTNER SPOTLIGHT

Chelsea Investment Corporation has decades-long partnerships that help us do what we do best: building affordable apartment communities throughout the southwestern United States for people with the greatest need -- low-income seniors and families, veterans, and people with disabilities who find great comfort in gaining access to apartment homes that accommodate their unique needs. In this issue we proudly shine a spotlight on Serving Seniors.

Chelsea treasures its partnership with Serving Seniors. Under Paul Downey’s leadership as CEO, the organization has helped hundreds of senior citizens who reside in Chelsea affordable housing communities. This outstanding organization provides nutritional services, medical referrals, computer literacy classes, and social programs on-site and free of charge. “Older adult homelessness is almost always due to economic causes, including the high cost of housing,” said Paul Downey. “It is our obligation to find ways to provide practical housing options and encourage communities to work together to solve older adult homelessness.”

Serving Seniors helps seniors in poverty live healthy and fulfilling lives. The organization was established in 1970 under the umbrella of Catholic Charities as a nutrition site providing lunches to disadvantaged seniors. As Cedar Community Center, the organization earned its 501(c)(3) designation in 1973 and changed its name to Senior Community Centers in 1983. It subsequently rebranded as Serving Seniors in 2014. Chelsea has partnered with Serving Seniors on several of its projects, including City Heights Square, Market Square Manor, Schmale Family Senior Residence, Harris Family Senior Residence and Messina Senior Apartments.

Chelsea Investment Corporation Named 17th in List of

Top 50 Affordable Housing Developers

Affordable Housing Finance Magazine listed Chelsea as 17th in its 2022 list of the fifty top affordable housing developers in the country, up three notches from 2021, after having broken ground on 877 affordable housing units and completed 823 units for occupancy. Read the link below for the complete list of Top 50 Affordable Housing Developers:

Summer Groundbreaking Events and Topping Out Ceremonies

This summer has been very busy for the Chelsea team as it celebrated groundbreaking events for three important projects located in the cities of Coachella, El Centro and San Diego. We also held a Topping Out ceremony for Weingart Tower in Los Angeles. Elected officials, city administrators, civic and community leaders also joined the festivities. Highlights of the events are outlined below, along with links to media coverage.

Tripoli - City of Coachella

In the City of Coachella, Chelsea was joined by Mayor Steven Hernandez, County Supervisor V. Manuel Perez, and Councilmembers Delgado, Figueroa, and Virgen, as well as Chelsea’s non-profit partner Pacific Southwest Community Development Corporation to celebrate the groundbreaking for Tripoli.  This is a $63M, 108-unit affordable housing community for low-income families. Tripoli is scheduled to be completed in December 2024, with full occupancy expected shortly after the grand opening. Tripoli is located within the City of Coachella’s Pueblo Viejo Master Plan and is a sister property to an adjacent affordable apartment community, Pueblo Viejo Villas, which was recently completed by Chelsea.

Coachella Mayor Steven Hernandez said of the development, “We are excited to continue forward with the next step in our Pueblo Viejo Revitalization Plan through the Tripoli development. We are ready to get moving on the next wave of affordable housing that has been in such high demand, as well as the continued beautification of Coachella’s downtown area.”

Chelsea was pleased to present a $2,000 charitable donation to the non-profit organization, Raices Cultura, at the groundbreaking event. Raices Cultura is committed to the empowerment of youth and adult residents through artistic self-expression and cultural inclusivity.

Click on the links below to view media coverage of the Tripoli groundbreaking event:

NBC Palm Springs
Coachella to Host Groundbreaking Event for $63M Affordable Housing Community
NBC Palm Springs
Groundbreaking For Tripoli, Affordable Family Apartments In Coachella 
KESQ (YouTube)
Officials break ground on 108-unit affordable apartment complex in Coachella
Hey SoCal
Coachella hosts groundbreaking for $63M affordable housing community
My News LA
Coachella to Host Groundbreaking Event for $63M Affordable Housing Community
Our Community Now
Officials break ground on 108-unit affordable apartment complex in Coachella
Uken Report
Affordable Family Apartments Set for Coachella
Patch
Groundbreaking Set For $63M Coachella Affordable Housing Project | Palm Desert
El Informador del Valle
Download PDF

Jacaranda Gardens - City of El Centro

California State Treasurer Fiona Ma, El Centro Mayor Martha Cardenas-Singh, and El Centro City Councilmembers joined Chelsea to celebrate the groundbreaking of Jacaranda Gardens, a $63M, 96-unit affordable family apartment Community in the City of El Centro. The project land area is approximately three acres and will include five three-story residential buildings and one single-story community building.

Mayor Cardenes-Singh said of the development, “One of the most basic human rights is a place to call home, and as the cost of housing in California continues to rise, finding suitable housing becomes out of reach for many. Chelsea Investment Corporation has been a great community partner through their continued efforts to provide high quality affordable housing for families in El Centro.”

Jacaranda Gardens is the fourth affordable housing project to be developed by Chelsea in El Centro. Most recently, in February 2022, Chelsea hosted the grand opening of Girasol, a two-story, 56-unit affordable housing community on West Adams Avenue.

At the Jacaranda Gardens groundbreaking ceremony, Chelsea was honored to present a $1,500 charitable donation to Friends of El Centro, which provides enrichment programs for students attending El Centro schools.

Click on the links below to view the media coverage of the Jacaranda Gardens groundbreaking event:

KYMA
New affordable apartments come to the Valley
The Desert Review
El Centro Celebrates Groundbreaking Ceremony for Jacaranda Gardens

Mt. Etna – Messina/Modica/Taormina – City of San Diego

On June 29, 2023, Chelsea Investment Corporation, Serving Seniors, Southern California Housing Collaborative, California State Treasurer Fiona Ma, San Diego County Board Chairwoman Nora Vargas, San Diego Mayor Todd Gloria, and Councilmember Jennifer Campbell joined to celebrate the groundbreaking for three affordable housing developments in San Diego’s Clairemont community.

The three affordable housing developments total 309 units, with a $187.5M investment in the community. The three housing communities are: Messina Senior Apartments, a 79-unit development; Taormina Family Apartments, a 136-unit development with 34 units set aside for individuals with intellectual or developmental disabilities; and Modica Family apartments, a 94-unit development with 24 units set aside for individuals with intellectual or developmental disabilities. All three affordable housing developments will be 5-story buildings. The county-owned site was awarded to Chelsea through an RFP process.

California State Treasurer Fiona Ma said, “California is known as the place of golden opportunity; however, the unaffordability of housing creates barriers between our residents and their dreams. I am proud of the work we are doing with CTCAC and CDLAC, removing these barriers and opening the doors of opportunity for Californians.”

At the groundbreaking event, Chelsea was honored to present charitable donations to the Center for Community Solutions, Clairemont Town Council, and Senior Gleaners totaling $4,500.00 in support of the valuable services each organization provides to the people of Clairemont.

Click on the links below to view the media coverage the event at Mt. Etna received:

San Diego Union Tribune
Clairemont Intergenerational Affordable Housing Projects Break Ground
San Diego Business Journal
$188M Campus Project Coming to Clairemont
San Diego County News Center
County Breaks Ground on Three Affordable Housing Developments in Clairemont
10News.com
Construction begins on affordable housing project in Clairemont
Fox 5 San Diego
Three New Affordable Housing Complexes to be Built in San Diego

Weingart Tower Topping Out Ceremony – Los Angeles

On June 30th, Chelsea and its affiliate Emmerson Construction, along with Swinerton and Weingart CenterAssociation celebrated in traditional fashion with a Topping Out ceremony for Weingart Tower, a 278-unit, 19-story permanent supportive housing high-rise located in the Skid Row neighborhood in the heart of Los Angeles. Weingart Tower is a collaboration between Chelsea Investment Corporation and Weingart Center Association, a Los Angeles-based 501(c) (3) nonprofit agency that provides supportive services to homeless individuals.

The Topping Out celebration was headlined by Senator Kevin Murray (ret.), CEO of Weingart Center Association, Congressman Jimmy Gomez, Mercedes Marquez, Chief of Staff to LA Mayor Karen Bass, and Cynthia McClain-Hill, President of LA Department of Water and Power.

Remington Villas – City of Calexico

On July 19th, Assemblyman Eduardo Garcia (D-Coachella), presented a $2.7M ceremonial check to Chelsea for Remington Villas, a 60-unit large-family and farmworker affordable housing development in Calexico, CA. Also in attendance were Calexico Mayor Ral Urena, Calexico Councilmember Javier Moreno, and Juan Arroyo, EVP, Pacific Southwest Community Development Corporation.

Assemblyman Garcia said, “Everyone deserves a safe place to live, and we must continue pursuing investments to address urgent housing disparities while preparing for the growth of our region. This year, we have plans to focus legislation to increase investments and accessibility of key housing programs, increasing our district’s eligibility for state investments, and ensuring that we prioritize resources for underserved populations such as our farmworkers, students, and tribal communities.”

City and Midway Rising Announce New Major Partner for

Sports Arena Redevelopment

On June 12th, the City of San Diego and the Midway Rising team announced that the owner of the Los Angeles Rams and Denver Nuggets, Stan Kroenke, will be the majority investor for the massive redevelopment of San Diego’s Sports Arena site and surrounding area. As previously announced, Chelsea was chosen to be the developer of the affordable housing component, and the Midway Rising team includes master developer Zephyr and sporting arena management group Legends.

At the time of the announcement, Mayor Todd Gloria said, “This is a major milestone in the process of reclaiming this space for the people and the Midway community. This is more evidence that the City of San Diego is a city on the rise. There’s no question that we are a city worthy of investment.” Jason Gannon of the Kroenke Group said, “We believe in Midway Rising’s vision of a new arena district that excites, captivates and attracts both new and old visitors alike.”

Chelsea will continue to be an integral part of the Midway Rising team as it works on the preliminary permitting needed prior to completion of a final design.

We’re Hiring

We are leading the way, and we never lose sight of the talented people who power our success. After all, their ideas, drive, and expertise enable us to develop, finance and build affordable housing that makes the world a better place. With our family of companies, you can make more possible every day. 

Project Coordinator - ECI

Superintendent – ECI (Las Cruces, NM)

Assistant Superintendent ECI (Las Cruces, NM)

Senior Development Manager CIC

Development Manager CIC

Development Associate – CIC

Development Analyst – CIC

Development Coordinator - CIC

Please view descriptions of the above current openings HERE and join our team.