COMM22 Debuts Affordable Communities Victoria, Paseo in San Diego
- May 18, 2015
The San Diego affordable housing market is further expanding, as BRIDGE Housing recently held a grand opening ceremony for two communities at its COMM22 affordable community. The ribbons were cut for the Paseo and the Victoria on May 8 during an event held at 2325 Commercial St., just days after BRIDGE Housing inaugurated another San Diego community.
Located in the Logan Heights neighborhood, COMM22 is a master-planned project co-developed by non-profits BRIDGE Housing and MAAC, in partnership with the San Diego Unified School District. The mixed-use development is located on a four-acre site previously occupied by an SDUSD maintenance facility. Apart from the two newly opened affordable communities, the project will feature enhanced plaza areas, a day-care facility, community-serving commercial and retail, office space, market-rate lofts and for-sale townhomes.
Paseo at COMM22 totals 130 apartments designed for families, with units at the property intended for households earning 30 to 60 percent of the area median income. Rents are set to range between $421 and $1,098, based on unit size, family size and household income. Victoria at COMM22 is a slightly smaller complex that offers a total of 70 units intended for seniors. The property is directed toward households earning around 30 to 50 percent of the AMI (less than $31,600 for a two-person household). Rents at Victoria range between $250 and $823.
COMM22 received $85 million in financing for the infrastructure; family and senior housing phases came from a number of sources, among them the city of San Diego/Civic San Diego, the San Diego Housing Commission, the U.S. Department of Housing and Urban Development, a HOME Investment Partnerships Grant, the voter-approved Proposition 1C TOD and Infill Infrastructure Grant and Loan Programs and Bank of America. According to Ari Beliak, vice president of community development banking for Bank of America, the institution has provided “more than $53 million in various funding to help make this important vision a reality for San Diego.”
Victoria and Paseo are part of phase one of the new project, which is the area’s first in 15 years.
Images courtesy of bridgehousing.com