Construction has finally begun this week on a $275 million East Village housing complex. Temporarily called the "flagship", developer Holland Partner Group has started work on a 426 unit apartment building, a 53,000 square-foot office building and classrooms for UCSD. Renovated historical homes in the area will likely be converted to restaurants and outdoor amphitheaters. The completion is set for 2021.
San Diego's Mayor Kevin Faulconer plans on creating a flagship project as a win-win for the entire city. He welcomes additional housings at all income levels and feels that the addition of UCSD with their programs and activities could create a better downtown environment. This is one of the most creative places in the US for entrepreneurs and innovators, so he feels that there is no better place for UCSD to shine.
The four-story office classroom building will not only serve campus students and faculty but can reach out to the neighborhoods to prepare students for college. The University will be tutoring incoming students in area libraries throughout the summer. This will also be a great place for transportation since the San Diego trolley passes by the Park and Market site and will extend into the campus once complete.
In addition to the University there were also be art galleries, performances, and a place for visitors, which will include restaurants, Wine and music festivals. UCSD will pay developers over $36 million in nonstate funds for its new buildings. Once complete, the new residential building, designed by carrier Johnson, will include 101 studio apartments, 152 one bedroom apartments, 127 two bedroom apartments, and 46 three bedroom apartments in their 360 foot high housing tower. 85 of these units will be affordable units to households earning less than half the regional average income and possibly to low earning graduate students. There will be a 30 third-floor swimming pool, spa and other amenities.
Developers will also turn local historical homes into multiplex apartment buildings and when complete there will be a 3200 ft.² amphitheater and other public spaces, which will allow venues for various events and festivals.
Everyone thinks that this is going to be a great change and will bring more jobs back into downtown.
If you'd like more information on this new housing complex or would like to stay up-to-date, contact our office today or browse our website for more details