Entrada Completion Brings Mix of Apartments to Downtown

SAN DIEGO-Another 172 units of workforce housing have come online in Downtown’s East Village neighborhood, as the SRM Development entity known as Entrada LLC has received the certificate of occupancy for its recently completed apartment complex here. The project, known as Entrada, is comprised of 132 market-rate and 40 moderate-income units. “The development will have units restricted to people that earn 70% of median income and 100% of median income,” says Dale Royal, a senior project manager with the Centre City Development Corp., a nonprofit organization that serves on behalf of the San Diego Redevelopment Agency. “We feel that this is an important market because it really reflects a lot of the income levels of Downtown workers,” he tells GlobeSt.com. The project will especially cater to the 25- to 35-year-old demographic, as Jim Rivard, a partner in SRM Development and Entrada LLC, explains. He says this sector of Downtown’s employees, who are out of college and want to live here, are often unable to afford the area’s high rents. “They are priced out of this market, by and large, unless they want to spend half their income on living here,” Rivard tells GlobeSt.com. Entrada’s lower rents give them an affordable option to the luxury product that is currently dominating downtown’s multifamily scene, as Rivard points out, noting that the project has “been really well received in the community.” The Entrada complex houses a mix of studios, one-bedroom, two-bedroom and three-bedroom apartments that vary in size from 426 sf to 1,225 sf. Unit amenities include full-size washers, dryers and refrigerators; air conditioning; dishwashers; high-speed Internet and Direct TV availability; and electronic locks. The complex also features an underground parking garage, exercise facility, conference room, computer area, and rooftop deck. Pre-leasing has already begun, with the project’s grand opening set for this Thursday, May 27th, less than a year after construction on the development began. Entrada stands at 453 13th St. in Downtown’s East Village neighborhood. This location was one of the principal characteristics that attracted SRM Development when it decided to undertake the Entrada project a couple of years ago. At that time, the East Village neighborhood was just beginning to evolve, but the developer looked at San Diego’s Petco Park project and envisioned a future here similar to San Francisco and its famed SBC Park. “We really believed that was going to occur down here because San Diego just has such a high level of unmet demand for any type of housing-–be it market-rate or affordable,” Rivard says. Due to its affordable housing component, the Entrada project was partially financed by the city’s redevelopment agency. The agency provided Entrada LLC with a $3.5-million, 55-year loan structured as subordinate financing, according to Royal of the CCDC, who is confident that “the loan will be repaid with interest within 20 to 25 years.” The balance of the construction financing was secured from US Bank.