San Diego Business Journal

Affirmed Housing has acquired a Cortez Hill parking lot for nearly $3.8 million with plans to use it as the site for an affordable housing project.

Pending approval by Civic San Diego, Affordable Housing will build a seven-story apartment building on the 10,000 square-foot lot at Front and Beach streets. Victor Krebs of Colliers International represented the seller, Central Auto Parks LLC. Affirmed Housing represented itself.

“Affirmed Housing will deliver much needed affordable housing in a good location near all the employment, shopping and transit options in downtown,” said Krebs, senior vice president at Colliers International.

“The property has been owned by the same family since the 1960s, so the sale was a unique opportunity for Affirmed Housing to transform a vacant parcel into affordable housing,” Krebs said.

The project would have 78 studio apartments of 300 square feet to 350 square feet.

“We do envision it as being a veteran’s project, but we’re working on the particulars of the project,” said Jimmy Silverwood, vice president of acquisitions and development for Affirmed Housing.

“Chosen for its proximity to public transit and amenities, the new building will be designed by award-winning architect Carrier Johnson + Culture, and serves to enhance the local community,” Silverwood said.

If all goes well, construction of the $37 million project could begin in December 2020, Silverwood said.

On-site social services would tentatively be provided by PATH.