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Chelsea Investment Corporation and PSCDC Celebrates Groundbreaking of Columba

The $102M affordable apartment community will be financed by Citi Community Capital, Raymond James Tax Credit Fund, and the Chula Vista Housing Authority.

CHULA VISTA, CA – November 3, 2021 – Chula Vista Mayor Mary Casillas Salas, Deputy Mayor John McCann, and others joined Chelsea Investment Corporation, Pacific Southwest CDC, Meridian Development, financing partners, and development team members to celebrate the groundbreaking of Columba affordable apartments in Millenia today. Located at the northeast corner of Optima Street and Solstice Avenue, Columba will feature 200 rent-restricted apartments for low-income families with incomes between 30 percent and 60 percent of the San Diego County Area Median Income (AMI). Apartments are projected to be open by year-end 2023, according to Jim Andersen, CFO of Chelsea Investment Corporation, the project developer.

Financing partners for the $102M project include Raymond James Tax Credit Fund, Citi Community Capital, and the Chula Vista Housing Authority.

“One of the most basic human needs is a place to call home. Over the past months the pandemic has exemplified the need for affordable homes as the price of housing in California continues to rise,” said Chula Vista Mayor Mary Casillas Salas. “Chelsea Investment Corporation has been a great community supporter through their continued efforts to provide high-quality affordable housing for families in Chula Vista. The Columba 200-family affordable units in Millenia will be a great asset to the city to help meet the demand for affordable housing.”

Columba will feature two residential buildings of four and five stories and a two-story parking structure. Apartments will range from 585 to 1,027 square feet with one to three bedrooms. Columba is the third affordable apartment community by Chelsea in Millenia, a 210-acre urban village being developed by Meridian Development for Stratford Land.

“Affordable housing is a critical component of master plans like Millenia. What we see, particularly in San Diego County, is an extreme shortage of affordable housing, especially in the rental market,” said Jim Schmid, CEO of Chelsea Investment Corporation. “Affordable housing is the strongest foothold toward economic stability. We are not only proud to be a part of the affordable housing solution, but we are also proud to be a part of changing people’s lives.”

Columba was designed by Joseph Wong Design Associates (JWDA) of San Diego in a modern design aesthetic in keeping with the overall design of Millenia. The stepped building facades create an attractive, varied roofline, and streetscape elements contribute to the pedestrian-friendly atmosphere of the community. The exterior of the buildings will feature siding, stucco, metal panel, and ceramic tile accents.

Interior amenities will include two community rooms, a computer lab/lounge, and laundry facilities.

Outside, residents will have access to two private landscaped courtyards, totaling more than 35,000 square feet, which feature two tot lots, a bocce ball court, eight barbecues with shaded picnic areas, open grass areas, and a community garden.

On-site services will be provided by Chelsea’s non-profit partner, Pacific Southwest Community Development Corporation (PSCDC), including adult education and skill-building classes, such as computer literacy, English as a Second Language (ESL), art, job counseling, financial literacy, health and wellness workshops, and a food distribution program. PSCDC also offers an on-site after-school program during the school year for school-age children. This program includes tutoring, mentoring, arts and crafts, and other educational enrichment activities. All services are on-site and free of charge to the residents.

“Our mission is not only to develop affordable housing but also to provide on-site educational and supportive services to our residents to help them achieve social and economic stability,” said Juan Arroyo, Executive Vice President of PSCDC.


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