Location:

At 505 13th Street, San Diego, California.

Project Description:

Parkside will be a 77 unit project, consisting of the following mix: 25 studios, 18 one bedroom, 29 two bedroom and 5 three bedroom units, most containing balconies. The six-story structure will contain approximately 2,300 square feet of indoor common area space with community center, laundry room, and a 2,950 square foot paved and landscaped outdoor deck with seating and dining features. A two level, 77 space, parking garage will be located below grade. Apartments will be available to those earning below 60% of the area median income.

A rooftop photovoltaic panel system will provide electricity to the community and common areas. A spectacular five story art project, “Parkside Shade Tree”, will decorate the Island Avenue street corner, using shadows, daylight, and nighttime lighting to create a visual representation of a majestic tree surrounded by animals. The building and artwork incorporate a green motif to reflect on the project’s elevated environmental standards.

Background and Status:

Parkside will be built on land purchased from Transformation Ministries / East Village Community Church, which will retain a ground level parcel on the site. The apartment project will be built adjacent to and over the Church owned parcel. That parcel and that owned by Parkside Terrace, L.P. will be owned, fee simple, by the respective organizations.

The site work, demolition, excavation and grading began at the end of April of 2008 with a construction schedule of 20 months.

Property Management:

Financing Sources:

Financing for the project is provided by:$11.8M in tax credits by Red Capital; $17.1M tax exempt construction loan from Wells Fargo; a permanent loan of $4.8M from CCRC and a $13.8 M loan from the Centre City Development Corporation.

Resident Services:

On-site Resident Services will be provided.