San Francisco-based BRIDGE Housing has started construction of two affordable housing projects – Kettner Crossing in Little Italy and a Carlsbad complex known simply by its address, 1380 Laurel Tree Lane.
Combined, the projects will have 134 apartments.
The $50 million Kettner Crossing at 1590 Kettner Blvd. will have 64 apartments for tenants aged 55 and over with annual household incomes of 30% to 60% of the area median income, currently $31,250 to $62,460 for a two-person household, and $27,300 to $54,660 for a one-person household.
Kettner Crossing will have six studio apartments of 481 square feet to 485 square feet, 55 one-bedroom apartments of 533 square feet to 654 square feet, and two two-bedroom apartments of 867 square feet.
Monthly rents at Kettner Crossing will range from $683 to $1,756, depending on income and the size of the apartments. Serving Seniors will provide social services to Kettner Crossing tenants.
The project was designed to meet a Green Point Silver rating for its energy efficiency and sustainability.
“Kettner Crossing is intended to create a synergistic feeling of place, providing much-needed housing next to transit, integrating a mix of uses into a vibrant historic community, and activating an underutilized parcel,” said Ken Lombard, president and CEO of BRIDGE Housing.
Due for completion in late 2024, construction of the eight-story Kettner Crossing is especially challenging because the site is a sliver of land donated by San Diego County adjacent to a county parking garage.
“It’s super tiny,” said Sierra Atilano, executive vice president of BRIDGE Housing. “It’s kind of a wedge shape.”
Each of the projects is being built in connection with developers, who provided some of the funding to fulfill requirements that they provide affordable housing as a condition of building market rate projects nearby.
“1380 Laurel Tree Lane and Kettner Crossing are designed to be indistinguishable for market rate developments in their neighborhoods,” Atilano said, adding that “design equity is a key principle” in BRIDGE projects.
Meant to accommodate families with annual incomes of 30% to 60% of the area median income, the $31.9 million, four-story 1380 Laurel Tree Lane will have 70 apartments in a mix of one-bedroom, two-bedroom, and three-bedroom apartments.
Monthly rents at 1380 Lauren Tree Lane will range from $718 to $1,931.
The project is designed to meet a Green Point gold rating.
AVRP Studios, based in East Village, is the architect on Kettner Crossing, and R.D. Olson Construction, based in Irvine, is the general contractor.
Financing partners on Kettner Crossing are the City of San Diego, San Diego County, Wells Fargo Bank, the San Diego Foundation, and the California Tax Allocation Committee.
KTGY, based in Irvine, is the architect on 1380 Laurel Tree Lane, with Wermers Multifamily Corp., based in University City, as the general contractor.
Financing partners for 1380 Laurel Tree Lane are the City of Carlsbad, San Diego County, Wells Fargo Bank, Freddie Mac, Aviara, L.P., the California Tax Allocation Committee, and the California Debt Limit Allocation.
Atilano said that rising interest rates and rising construction costs put Kettner Crossing in jeopardy, but the County of San Diego saved the project with an infusion of $3.8 million from its Innovative Housing Trust Fund, in addition to an initial contribution of $4 million.
Headquarters: San Francisco
CEO: Ken Lombard
Business: Developer and manager of affordable housing
Notable: Bridge Housing was formed in 1983 from an anonymous grant to the San Francisco Foundation to lead the way in finding solutions to the worsening shortage of affordable housing