(To read more on the multifamily market, click here.)

SAN DIEGO-Good news hit Downtown recently with the announcement of more affordable housing units being planned for development. Centre City Development Corp. board members approved a mixed-use, affordable housing project at 16th and Market.A development of Father Joe's Villages, with participation from JMI Realty/Lennar, will build 136 affordable multifamily units. The project will have price restrictions, making them available to households earning between $16,550 and $41,400.The project is also earmarked for 4,700 sf of retail space and 114 parking spaces. The project could just be the tip of the iceberg for affordable housing Downtown, according to CCDC president Nancy Graham could add up to 1,000 new affordable homes in the next several years. "CCDC realizes the important need for affordable housing in this city and is doing what it can to meet and exceed goals," Graham says.The Father Joe's development will satisfy a portion of the JMI Realty/Lennar Ballpark Village master plan, which was approved by the city council in October 2005 and mandates both on-site and off-site affordable housing."We hope to see more projects like this one in the future," Graham says. "Its design will serve as a model for building high-quality, high-density affordable housing projects that are indistinguishable from market-rate buildings."As for the project, it will include two- and three-bedroom apartments. Plans are for the project to break ground in May with a completion of fall 2007.

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