SAN DIEGO—Chelsea Investment Corp. has completed the grand opening of Alpha Square, a transit-oriented mixed-use complex offering 201 affordable rental apartments at 550 14th Street in the heart of San Diego's East Village. Serving the homeless and low-income population, Alpha Square will be home to some 30 veterans of military service.

In the development pipeline since 2008, the $47.6 million complex replaces a dilapidated single-room occupancy hotel, The Metro, located a few blocks away. Formerly homeless and low-income residents moving to Alpha Square will find studio apartments more than twice of the size of their rooms at The Metro, and amenities including private bathrooms, cooktops, air conditioning, telephone service and internet access. Built on a 20,000-square-foot lot, the six-story building includes one level of subterranean parking.

Alpha Square was developed by Chelsea and Alpha Project for the Homeless in partnership with the San Diego Housing Commission and the City of San Diego. With case management and supportive services provided in-house, Alpha Square features a computer lab, multipurpose room, laundry facilities, commercial kitchen for resident meals, a community courtyard and a landscaped rooftop deck and terrace. The street level has space for income-producing microenterprises intended to provide training and employment opportunities for Alpha Square residents.