schedule

Chelsea Investment Corporation and the County of San Diego prepared and implemented a coordinated outreach program to engage the community and stakeholders in the redevelopment of the County’s former Crime Lab property at 5255 Mt. Etna Drive. This framework synchronized the engagement process with the development process, allowing for public input to inform each planning task. While Chelsea conducted the engagement process related to the design of the site, the County secured a Community Plan Amendment (CPA) and prepared an Environmental Impact Report (EIR) for the CPA.

MESSINA SENIOR APARTMENTS

Senior Project - 79 Units
SDHC ($3.95M) & 8 PBVs Awarded

Dec 23 – 9% Award
Jan 23 – ARPA Award
Jun 23 – Financial Close

TAORMINA FAMILY APARTMENTS

Family Project - 136 Units
IHTF ($4.0M) & ARPA ($2.21M) Awarded

Oct 22 – SDHC Apply
Nov 22 – 4% Award
Jan 23 – ARPA Award
Feb 23 – SDHC Award
Jun 23 – Financial Close

MODICA FAMILY APARTMENTS

Family Project - 94 Units
SDHC ($3.0M) & CRDP ($2.8M) Awarded

Nov 22 – 4% Award
Feb 23 – CRDP Award
Mar 23 – SDHC Board Approval
Jun 23 – Financial Close

TERRASINI SENIOR APARTMENTS

Senior Project - 95 Units

Oct 22 – SDHC Apply
Feb 23 – SDHC Award
TBD - TBD Gap Source
Apr 24 - 9% Apply
July 24 - 9% Award
Jan 25 - *Financial Close

* Tentative schedule

Three projects at the Mt. Etna Campus -136-unit Taormina Family Project, 94-unit Modica Family Project, and 79-unit Messina Senior Project, have recently received bond and tax credit funding. The Modica and Taormina Family Projects will commence construction in June 2023 with a completion date of approximately March 2026. The Messina Senior Project will commence construction in June 2023 with a completion date of approximately October 2024.