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Old 04-17-2014, 06:34 PM
 
10 posts, read 9,156 times
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Hi I am looking to buy a condo downtown and was doing research on the civicsd.com site for the neighborhood and discovered that there is supposed to be an affordable apartment project going up soon, maybe early 2015 for ground breaking.

News article about the project

CivicSD page about the project

What do you guys think? Is this something to be concerned about or not? I am concerned that while the rendering of the building in the news article looks like a nice building, because of its very nature will bring down the value of my condo. And should I ever decide to rent out my unit, will I need to compete with this building next door that is offering a discount to market rent?

From the article:
41 of the 202 affordable units will be set aside for formerly homeless and special-needs residents. Civic San Diego aims to designate at least 15 percent of its projects for the formerly homeless, Graham said.

Thoughts? Comments?
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Old 04-17-2014, 07:51 PM
 
Location: Where they serve real ale.
7,242 posts, read 7,914,602 times
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"Affordable" in San Diego is a very loose term and more than likely you'll get a lot of young working professionals who pay $300k+ for tiny one and two bedroom high rise apartments. If you're afraid low income people will be able to buy them then you're mistaken.
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Old 04-17-2014, 08:48 PM
 
Location: Hookerville, formerly in Tweakerville
15,130 posts, read 32,355,658 times
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They're not condos. This is what the article says:

41 of the 202 affordable units will be set aside for formerly homeless and special-needs residents. Civic San Diego aims to designate at least 15 percent of its projects for the formerly homeless.
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Old 04-18-2014, 10:34 AM
 
321 posts, read 541,642 times
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Cedar Gateway, built after I left Cortez Hill, is a block away from the new project you mentioned, and it's 100% affordable/special-needs

ROEM | Cedar Gateway | Family Apartments in San Diego, CA | Overview

It doesn't seem to have affected rent or purchase prices at the Mills condos across the street in 3 yrs.
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