The Chinese Consolidated Benevolent Association (CCBA) is sponsoring a low income senior citizens housing project on two vacant lots on the 400 block of Third Avenue, south of Market Street, San Diego. The project concept has been on the drawing board since 1990. In 1995, David Mi of MICH Corporation, a private developer, entered into a joint venture partnership with CCBA to make this project a reality.
David Mi brings a wealth of experience in developing these types of projects. The MICH Corporation has completed over 40 condominium or apartment projects in the greater Los Angeles area, many single family units, including estate homes, and several major commercial property developments.
As envisioned, the CCBA Senior Garden Apartments is a 45 unit low-rent housing project for low income senior citizens, regardless of race. Rents will range from $370 for the three studio apartments and $394 to $482 for the other 42, one bedroom units. There will be a minimum number of seven parking spaces, a central courtyard, and a large community room in this four story complex. Bus transportation, food, entertainment, and shopping are nearly. The total project cost estimate is about $3.8 million.
The Centre City Development Corporation (CCDC), a redevelopment agency of the City of San Diego, will provide financial assistance in a low interest (3%) loan in the amount of about $878,000. CCDC is also providing the land, valued at about $600,000, on a long term lease arrangement at one dollar per year for 55 years, to help meet the needs of the community for affordable housing.
To help finance the project, the California Housing Finance Agency has agreed to provide $1,750,000 in bond proceeds at an interest rate of 6.75% to be paid-off in 40 years. Related California Corporate Partners IV, L.P., a Delaware limited partnership, will provide tax credit investment proceeds in the amount of $1,200,000 to the project to be written-off over a period of 15 years. Cathay Bank of California will provide the construction loan.
Your editor, Robin Low, has been the chair person of this project for all these years. The CCBA Housing Project Committee members include, Tim Yeun, Daniel Chang, Albert Wong, Gorman Fong, Caroline Lee, and Quinn Jung.
The MICH Development team includes: David Mi, President; Richard Tsang, Designer; Susan Murtishaw, Project Manager; and Ryan Katsuyama, Project Analyst.
The CCDC team includes: Dennis Campbell, Project Development Manager; Janice Weinrick, Assistant Vice President; Peter Hall, President & Chief Operating Officer; Pam Hamilton, Senior Vice President; Frank Alessi, Chief Financial Officer; David Allsbrook, Contracting & Acquisitions Manager; Walter Rask, Architecture & Planning Manager; and Donna Alm, Marketing & Communications Director.
September 29, 1997 - The Team at Escrow Closing
On September 30, 1997, escrow closed on all the loan, lease, and guarantor agreements between the seven parties. Construction will commence in mid-October 1997. Total construction time will take about ten months.
Second Update:Due to contractor/subcontractor disputes and other legal problems, the project was delayed. Construction re-commenced in December of 1998. The project is now scheduled to be finished in late September or early October of 1999.
The new developer partner is Related Capital Company. Sun Country Builders of Vista, CA is the new general contractor.
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