City and Housing Commission loans pave the way for construction on the 5-story, 60-unit Rose Creek Village project to start in February.
Rose Creek Village is an affordable housing project that will take the place of a former sushi restaurant at 2662 Garnet Avenue in Pacific Beach. The 5-story project includes 60 units, 59 of which will be deed restricted for extremely low- and very low-income households. The project, which is receiving a density bonus for its affordable units, is around 60 feet tall, meaning it is double what is allowed within San Diego’s Coastal Height Limit Overlay Zone.
The actions complete the Rose Creek project’s financing puzzle. They make possible a five-story, roughly 60-foot-tall building on a 0.04-acre lot, where 59 of the 60 units will be deed restricted for very low-income and extremely low-income and families. The project includes 18 units for homeless veterans, a community room, nine parking spaces and private offices for supportive services.
The local coastal law is distinct from the California Coastal Act of 1976, which protects at the state-level land up and down the coast of California. Tuesday, council members were asked to approve a $4 million loan with a 55-year term and a 3 percent interest rate — not to weigh in on the merits of the project itself. The state’s opinion letter means the project can be approved at a staff level.as one of several affordable housing projects to receive funding in the third wave of the city’s Bridge to Home program.
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