![]() In February 2022, Father Joe’s Villages opened Saint Teresa of Calcutta Villa, a 407-project that cost $145 million, or $356,000 a room.Įarlier this month, the 95-unit affordable housing Amanecer Apartments in Linda Vista opened at cost of $51.1 million, or $538,000 a room. The 82-room hotel and its reconstruction cost $24.5 million, or $299,000 a room. The $383,000 per-unit cost of the three hotels being pursued by the Housing Commission is greater than the cost of the two hotels purchased in 2020 and other similar projects, but less than some affordable housing projects built from scratch.įather Joe’s Villages purchased a South Bay hotel that was converted to housing and opened in October 2020 as Benson’s Place. In October 2020, the San Diego City Council approved the Housing Commission’s plan to buy two extended-stay hotels.Ī 190-unit hotel on Hotel Circle South cost $67 million, or $353,000 a room, and the 142-room hotel in Kearny Mesa cost $39.5 million, or $278,000 a room. This is the second time the Housing Commission has pursued hotels with Project Homekey funds. “When you can find a way to pick up 412 rooms and begin housing people and close in October, you have to be thrilled about the opportunity,” said Commissioner Eugene “Mitch” Mitchell. “These programs are incredible when you see the cost at the door,” Commissioner Stefanie Benvenuto said, referring to the per-door cost. “This seems like a fantastic value proposition here,” Commissioner Ryan Clumpner said. The per-unit cost of the three properties would be about $380,000 for the Murphy Canyon Road hotel, $371,000 for the Mission Valley Road hotel and $395,000 for the Hotel Circle south hotel for an average price of $383,192.Ĭommissioners praised their staff for working on the proposal that could house hundreds of homeless people at a time when the area’s median home price is about $750,000. ![]() If all goes well, the anticipated close of escrow will be in October, Bohrer said. As part of the application process, the Housing Commission will begin due diligence on Thursday, which SDHC Vice President of Real Estate Finance and Acquisitions Buddy Bohrer told commissioners involves zoning conformance, pest control, inspections for potential environmental hazards and peer-review appraisals, among other steps.īohrer said the Housing Commission also will have to invest $750,000 to perform due diligence as part of the application process, which it would fund through its federal Moving to Work funds.Īpplications for Project Homekey funds will be submitted in May or June, and awards are expected in August or September.
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