Community and Economic Development
|FOR IMMEDIATE RELEASE
Tuesday, June 21, 2005
Negotiations Underway for Proposed Mixed-Use Project in Crossroads Redevelopment Project Area
Council Approves Exclusive Negotiating Agreement with Developer for $120 Million Project
SAN DIEGO - The San Diego City Council, sitting as the Redevelopment Agency Board, today authorized an Exclusive Negotiating Agreement (ENA) for 120 days with CentrePoint, LLC for a proposed, $120 million mixed-use redevelopment project to be located on an 8.72-acre site located on the 6300 block of El Cajon Boulevard in the Crossroads Redevelopment Project Area.
The proposed project will house approximately 300 market-rate, for-sale townhouses, condominiums and residential flats, 6,500 square feet of live-work space and 620 off-street parking spaces. Open space and recreational facilities will be provided on-site for resident owners. The residential portion of the project includes a four-story building containing an estimated 188 residential condominium flats, 15 live-work units and 94 townhomes in the project footprint. Proposed parking options include an above grade parking structure that will hold 394 vehicles, two-car and tandem garages, and tuck-under and surface lots. The estimated total project value is approximately $120 million.
The Developer is evaluating the designation of 10% to 15% of the for-sale housing units as affordable for residents making from 80 to 120 percent of the Area Median Income. The developer will also be submitting an application for funding from the Redevelopment Agency Affordable Housing Program, which has provided nearly $32 million in subsidies for new affordable housing units within the last two years.
The ENA obligates the Redevelopment Agency to work with the developer to evaluate the project to determine what, if any, Agency financial assistance is needed to make the Project economically feasible. With approval of the ENA, Agency staff will negotiate the terms of a Disposition and Development Agreement (DDA) with the developer and submit to the Agency for consideration.
"The CentrePoint project marks the first major project to be proposed in the Crossroads Redevelopment Project Area and would serve as an excellent first step in revitalizing an area in San Diego that truly needs it," said Debra Fischle-Faulk, deputy executive director of the Redevelopment Agency. "We look forward to continuing our work with the developer and the community to ensure that this proposed project, as well as future projects, enhances the neighborhood and stimulates additional revitalization."
The 1,031-acre Crossroads Redevelopment Project Area was adopted by the City Council in 2003 in an effort to revitalize the properties along El Cajon Boulevard, University Avenue, Streamview Drive and College Avenue and the residential neighborhoods of Chollas Creek and Fox Canyon, and develop the Resource Based Parkland at Chollas. Redevelopment is designed to address and revitalize the physical conditions that exist along these corridors and have a positive impact on adjoining single-family neighborhoods.
For more information about the Crossroads Redevelopment Project Area please contact the City's Community and Economic Development Department at (619) 533-4233 or visit the City's web site at www.sandiego.gov/redevelopment-agency.
# # #
The City of San Diego Redevelopment Agency eliminates blight from designated areas, as well as achieves the goals of development, reconstruction and rehabilitation of residential, commercial, industrial, and retail districts. Redevelopment is one of the most effective ways to breathe new life into deteriorated areas plagued by social, physical, environmental or economic conditions that act as a barrier to new investment by private enterprise. The City of San Diego Redevelopment Agency manages 17 project areas encompassing more than 8,900 acres throughout San Diego. The Agency consists of three divisions: the City Redevelopment Division (housed in the City of San Diego Community and Economic Development Department), the Centre City Development Corporation and the Southeastern Economic Development Corporation. The San Diego City Council serves as the Agency Board.