Wells Fargo & Co. has provided $26 million in financing for Village Lindo Paseo, a planned 287-unit student housing complex at San Diego State University.
An April 9 statement from the San Diego regional office of Wells Fargo said the project, being developed by locally based Village Lindo Paseo LP and set for completion in 2013, is expected to create approximately 500 construction jobs and 20 permanent positions when the building is operational.
The green facility is being built to eventually obtain Silver certification under the U.S. Green Building Council’s Leadership in Energy and Environmental Design, or LEED, program. The facility will generate all on-site electricity through solar roof panels and fuel cell technology, estimated to save $26,000 annually in energy costs.
Construction on the $40 million project began this year. The privately owned facility will house 384 students in 97 double-occupancy suites with shared bathrooms; and 190 single-occupant, private bathroom suites, the statement said.
Lindo Paseo LP includes Erich Aragon, owner of locally based Strategy Builders and its predecessor company, Midwest General Contracting, who is serving as general contractor on the student housing project.
Also in the partnership are Dale Walker, former director of SDSU’s golf program, and Paul Denyer, who is retired from the hospitality industry, the statement said.