A city-owned site in downtown San Diego that had previously been designated for a Ritz-Carlton hotel is now planned to become a 100% affordable multifamily campus.

San Diego's Economic Development Department is entering into exclusive negotiations with Carlsbad, CA-based Chelsea Investment Corp. to redevelop a publicly owned block at Seventh Avenue and Market Street for lower-income housing.

According to a project proposal released last week, all of the 402 units in the development will be reserved to households earning from 30% to 80% of area median income in San Diego County, which is $119,500 for a family of four, according to a report in the San Diego Union-Tribune.

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