A study prepared by the University of San Diego’s Burnham Moores School of Real Estate suggests that vacant city-owned land could be developed to provide much-needed housing.
The study, prepared for the San Diego Chapter of Lambda Alpha International, a land use professional organization, identified 190 underused parcels and analyzed how one 10-acre site could be redeveloped as townhomes and apartments.
“This study shows how San Diego can ease its housing shortage without expending any of its own funds,” said Perry Dealy, president of the San Diego chapter of the organization. “It’s a win-win for the city, the buyers and the renters.”
The study showed how a 10-acre maintenance yard at 20th at B streets could be developed into 100 for-sale townhomes and 200 rental apartments.
Assuming the city contributed the land an no cost, it would later reap $30 million from the appreciation and eventual sale of the properties after a 10-year period. In addition, the city would collect its standard development fees and property taxes.
The idea of developing underused government property as housing has been gaining currency in San Diego. Last year, the Metropolitan Transit System agreed to allow development of its unused parking lots.
“Re-purposing the existing use of city-owned land to workforce housing is beneficial to City of San Diego residents by providing affordable much-needed supply in closer proximity to employment and is beneficial to the city by maximizing value of city land and generating revenue which can be utilized to provide additional housing,” the Lambda Alpha International study concluded.
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