The $102M affordable apartment community will be financed by Citi Community Capital, Raymond James Tax Credit Fund, and the Chula Vista Housing Authority
CHULA VISTA, CA – November 3, 2021 – Chula Vista Mayor Mary Casillas Salas, and Chula Vista City Councilmember Jill Galvez joined Chelsea Investment Corporation, Meridian Development, financing partners and development team members to celebrate the groundbreaking of Columba affordable apartments in Millenia today. Located at the northeast corner of Optima Street and Solstice Avenue, Columba will feature 200 rent-restricted apartments for low-income families with incomes between 30 percent and 60 percent of the San Diego County Area Median Income (AMI). Apartments are projected to open by year-end 2023, according to Jim Schmid, CEO of Chelsea Investment Corporation, the project developer.
Financing partners for the $102M project include Raymond James Tax Credit Fund, Citi Community Capital, and the Chula Vista Housing Authority.
“One of the most basic human needs is a place to call home. Over the past months the pandemic has exemplified the need for affordable homes as the price of housing in California continues to rise,” said Chula Vista Mayor Mary Casillas Salas. “Chelsea Investment Corporation has been a great community supporter through their continued efforts to provide high quality affordable housing for families in Chula Vista. The Columba 200-family affordable units in Millenia will be a great asset to the city to help meet the demand for affordable housing.”
Columba will feature two residential buildings of four and five stories, and a two-story parking structure. Apartments will range from 585 to 1,027 square feet with one to three bedrooms. Columba is the third affordable apartment community by Chelsea in Millenia, a 210-acre urban village being developed by Meridian Development for Stratford Land.
“Affordable housing is a critical component of master plans like Millenia. What we see, particularly in San Diego County, is an extreme shortage of affordable housing, especially in the rental market,” said Jim Schmid. “Affordable housing is the strongest foothold toward economic stability. We are not only proud to be a part of the affordable housing solution, but we are also proud to be a part of changing people’s lives.”
Columba was designed by Joseph Wong Design Associates (JWDA) of San Diego in a modern design aesthetic in keeping with the overall design of Millenia. The stepped building facades create an attractive, varied roofline and streetscape elements contribute to the pedestrian-friendly atmosphere of the community. The exterior of the buildings will feature siding, stucco, metal panel and ceramic tile accents.
Interior amenities will include two community rooms, computer lab/lounge, and laundry facilities.
Outside, residents will have access to two private landscaped courtyards, totaling more than 35,000 square feet, which feature two tot lots, a bocce ball court, eight barbecues with shaded picnic areas, open grass areas, and a community garden.
On-site services will be provided by Chelsea’s non-profit partner, Pacific Southwest Community Development Corporation (PSCDC), include adult education and skill-building classes, such as computer literacy, English as a Second Language (ESL), art, job counseling, financial literacy, health, and wellness. PSCDC also offers an on-site after-school program during the school year for school age children. This program includes tutoring, mentoring, arts and crafts and other educational enrichment activities. All services are on-site and free of charge to the residents.
Columba architectural rendering: Millenia II Renderings 7-28-21
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, acquisition rehab 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 www.chelseainvestco.com.
Millenia, which is about 80 percent complete, is a fully entitled, 210-acre, urban village being developed by Meridian Development for Stratford Land as the urban hub of South San Diego County. Designated a SANDAG Smart Growth Urban Center, Millenia is planned for 3,000 multifamily residences, 2 million square feet of Class A office space, 1.5 million square feet of retail, hospitality, civic and mixed-use projects, and six urban parks, woven together with a system of tree-lined promenades, bikeways, and plazas. The walkable, transit-friendly community embodies sustainability and green-living, boasting ambitious plans for water conservation, air quality and energy efficiency. Millenia is located just east of SR 125 and just south of the Otay Ranch Town Center mall in the award-winning Otay Ranch master plan in eastern Chula Vista.It is adjacent to a planned university site. MilleniaSD.com
Myrna Marston MPR+Strategic Communications 619-733-9291 [email protected]