Downtown Affordable Project Secures Financing, Breaks Ground
- Mar 27, 2015
A $79.3 million affordable housing project in downtown San Diego is moving forward. Wakeland Housing and Development Corp. recently closed on a $52 million construction loan from U.S. Bank, edging the Atmosphere affordable housing development closer to reality. The 205-unit project broke ground on March 24th in downtown San Diego, and is slated for a February 2017 completion.
Taking shape on the site of several previously proposed projects, the 12-story development will provide 51 units for formerly homeless individuals, who will also receive access to on-site learning services, professional workforce training and literacy workshops. The Atmosphere will also provide ground-floor commercial space designated for a retail store or café.
Units at Atmosphere will be available to residents earning between 30 and 60 percent of the area median income. Floor plans will include studios, one-, two- and three-bedroom units, with monthly rents ranging between $394 and $1,191. Contracting duties will be handled by Suffolk Construction of Boston, while Joseph Wong Design Associates is the architect.
During construction, the financing will be partly replaced with a $44 million tax credit equity investment through its community development subsidiary, U.S. Bancorp Community Development Corp. The full financing package also includes funds provided by the San Diego Housing Commission, Civic San Diego—the successor to the city’s redevelopment agency–and the Mental Health Services Act program of the California Housing Finance Agency.