Housing Development Partners (HDP) has purchased the historic New Palace Hotel in Bankers Hill for $5.8M and plans $16.4M in renovations to reposition the property to a 79-unit senior, affordable housing project.
LISC San Diego, a community development support organization, provided financing for the acquisition and will finance renovations. Officials at HDP, an affiliate of the San Diego Housing Commission, said conversion of the property at 1814 Fifth Ave will take about 18 months, according to the San Diego Business Journal. The structure is currently a single-room-occupancy senior complex, but plans call for renovating units to studio apartments for seniors age 62 and older who are at risk of becoming homeless.
HDP is partnering with Serving Seniors to provide medical and daily living support services, such as nutrition and transportation assistance, to occupants. Constructed in 1913, the New Place Hotel was are rebuilt in 1991, after a fire destroyed the building two years earlier. [SDBJ]
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