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Thursday, Dec 1, 2022

Poway Commons Nearing Completion

Initial construction is wrapping up on a $110 million development in Poway that will include a mix of housing and retail space.
Poway Commons is being built in the historic Poway Town Center District by Meridian Communities in partnership with IHP Capital Partners as the equity lender and Chelsea Investment Corp. as the developer of affordable housing elements.
The project spans the north and south sides of Poway Road west of Tarascan Drive/Civic Center Drive.
Meridian is an affiliate of the company behind the master planned community of Millenia in Chula Vista and Chelsea Investment is an affordable housing developer based in Carlsbad.

Poway Commons will include 97 market rate townhomes and flats built by Meridian Communities and 44 affordable apartments for seniors built by Chelsea Investment.
The project also will include a public pocket park in front of the adjacent Poway Library and from 15,000 square feet to 30,000 square feet of commercial space, depending on market conditions coming out of the COVID-19 pandemic.
 The first of the market rate townhomes in the project are scheduled to go on sale in June, said Guy Asaro president and CEO of Meridian Development – the parent company of Meridian Communities.
 “We’re completing the ground development of the project. All the utilities are in the ground and the streets are paved,” Asaro said. “We are under construction of the models, and they’re expected to open in mid-June.”
Meridian Communities has divided Poway Commons into three neighborhoods with each named after Greek gods – Artemis, Janus and Metis.
Metis will have 13 three-story townhomes ranging from 1,330 square feet to 2,511 square feet priced from about $650,000 with the exception of a single townhome priced at $829,00 that has a street-level storefront workspace. The townhomes have two or three bedrooms.
Artemis will have 48 townhomes and penthouse flats with elevator access ranging from 1,850 square feet to 2,481 square feet priced from about $750,000.  The townhomes will have ceiling heights of up to 12 feet and have three to four bedrooms.
Janus will have 36 two-story row homes, ranging from 1,476 square feet to 1,605 square feet with three bedrooms and flex-space loft options. They’re priced in the low $700,000s.
Chelsea Investment’s senior housing development, Apollo, will include 35 one-bedroom apartments and nine two-bedroom apartments.
Apartments in Apollo will be designated for households earning from 40% to 60% of the area median income. Monthly rents are set by the state and will range from $829 to $1,511.

Strong Demand
Asaro said the market rate housing in Poway Commons is meant to be a community for middle-income families.
“We’re excited to give working families the option of living in an eminently walkable neighborhood in Poway, surrounded by excellent schools, convenient shopping, great recreation and high tech employment centers,” Asaro said.


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