Mission Valley's Civita To Include Two Affordable Neighborhoods
Mission Valley's Civita, a mixed-use development slated for groundbreaking this spring and opening in mid-2020, will have 103 affordable apartments for seniors and 203 affordable apartments for families. The project will include 37K SF of ground-floor retail and seven floors of apartment homes, Sudberry Properties President Colton Sudberry said in a statement. These additional apartments will bring the total number of affordable units in Civita to 456, whereas other apartment developments in Civita will rent at market rate.
Sudberry Properties will own and manage the retail portion of the project at the intersection of Civita Boulevard and Via Alta. The affordable units are being developed by Chelsea Investment Corp., a real estate company focused on the financing and development of affordable housing that also developed and manages Civita’s first affordable community for seniors, Versa.
“We are delighted to team up with Chelsea Investment Corp. on this project,” Sudberry said in the statement. “They are an esteemed leader in affordable housing and have developed more than 9,000 affordable housing units at a cost of almost $2B. Given that affordable and workforce housing is one of the most pressing needs in San Diego, we’re honored to make Civita part of the solution."
Siena Apartments for seniors, designed for seniors with 30% or less of the area median income, will include one- and two-bedroom floor plans that start at $500 a month. Stylus Apartments for families will include two- and three-bedroom floor plans and are designed for families with 50% to 60% or less of AMI. They are estimated to start at $965/month. Affordable housing rents are set by the state.