San Diego’s Economic Development Department has pulled out of talks with Carlsbad, CA-based Chelsea Investment Corp. to redevelop a city-owned block at Seventh Avenue and Market Street into a 100% affordable multifamily campus.
Economic Development Director Christina Bibler notified Chelsea in a letter last month of the city’s decision to terminate all negotiations with the developer on the project, which was announced last May and envisioned 402 units of low-income housing on the East Village site.
Bibler characterized the decision to pull out of the project as “a mutual agreement” that the project as conceived would not be financially possible, the San Diego Union-Tribune reported.
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