The Mixed-Income Housing Project San Diego Needs

Mixed income housing has been hailed as an answer to the affordability problems plaguing Southern California. The new Park 12 project from developer Greystar in San Diego is aiming to create a new style mixed-income community. Located in the East Village of Downtown San Diego, the project is a network of housing villages that appeal to different income levels and backgrounds. It is also packed with amenities, including 45,000 square feet of retail space.

“When we set out to build Park 12, our goal was to create a ‘city of villages,’ where residents of all ages, income levels and backgrounds could come together, and experience best-in-class service in apartments that exceed their expectations,” Jerry Brand, senior managing director of west coast development for Greystar, tells GlobeSt.com. “We’re seeing that vision come to life as we welcome residents to the community, and we’re excited to build on this energy as the amenities come online, more retail tenants are added to the community and the mid-rises are completed.”

The project includes 23 affordable housing units as well as market rate units that start at $1,705 per month. Greystar set out to create a condo-like property that is fully amenitized, and Brand says that is what sets them apart. “All of the apartment homes were designed to condominium standards and feature a class modern feel with unmatched views from private patios and balconies into Petco Park, San Diego Bay and Downtown,” he explains. “Park 12 also has an impressive array of amenities in 14 distinct common areas, which include two dog runs—one for small and one for big dogs; a dog washing station; two pools, sundeck and spa; indoor/outdoor fitness center; a clubhouse with kitchen; resident lounge; multiple rooftop terraces with outdoor seating, fire pits, outdoor kitchen and grilling areas; and a sports lounge/game room. Twenty-four-hour concierge services are also available.”

The interest in the project and leasing traction has proven out the model—as well as the demand for quality projects. It also shows that a mixed-income model can work. “We opened Park 12’s high rise building in July 2018, and since then, have absorbed over 25 residential units per month with rents at $3.85 per square foot,” says Brand.

On the commercial side, the developer has signed restaurants and fitness tenants to round out the amenities for the property and welcome the community to the project. “The leasing of our commercial ground-level retail space has also been strong, with first-in-market restaurant users, fitness and convenience tenants signing on,” explains Brand.

Greystar is currently meeting its leasing schedule, and expects strong absorption through early 2019. “We are meeting our business plan/goals and continue to experience strong absorption through the winter months,” says Brand. “We attribute this success to the quality of product, its location downtown with proximity to the water-floor-to-ceiling views of the ocean, Petco Park, Balboa Park and more.”