The California State University Board of Trustees has approved the first affordable housing project for San Diego State University’s Mission Valley redevelopment plan.
The board also approved SDSU Mission Valley’s first residential and retail project on Wednesday.
The planned housing will consist of a seven-story building with 186 family units intended for households with incomes averaging 50 percent of the area median. It will also feature a child care center, community rooms, and electric vehicle charging stations.
The affordable housing project will be managed by the Carlsbad-based Chelsea Investment Corporation.
“We promised the public that affordable housing would be one of the first priorities on the site, and we are following through on that commitment,” said SDSU President Adela de la Torre in a statement.
“I am also particularly excited that this development is being designed to achieve LEED Gold certification for sustainability and with a commitment to public art.”
The residential and retail center will offer 621 apartments, retail space, and a grocery store. The Board of Trustees also approved the terms of a 99-year ground lease with AvalonBay Communities, will be responsible for financing, constructing, operating and maintaining the project. SDSU/CSU will serve as landlord and receive ground lease payments from AvalonBay.
Construction is anticipated to begin in March 2025, with occupancy expected in June 2027.
Both the affordable housing and residential and retail projects mark another step forward for the development of the former stadium site. SDSU also expects to complete a 34-acre river park near the end of this year.
“This project embodies the vision that we have for the residential and retail at SDSU Mission Valley and we believe it will set a positive precedent for all future development projects to come,” de la Torre said.