Ten Fifty B – Hahahahahaha

[Alex_angel]

So last week while driving down 10th avenue downtown I was amazed by the size of some of the condos that are still going up. It made me think who would actually still buy an apartment, err I mean condo for $300k and up in downtown. Well in today’s paper there is a story about how KB Homes started to build this mammoth condo complex and dumped the project part way through. An inner city development company purchased it at a discount rate and are now turning this “luxury condo” building into a low income housing complex. They are building about 225 apartments that they are going to rent out to low income households. They are calling it Ten Fifty B The funny part is that there is some law downtown that states a building needs to have one parking space per two apartments so these guys are building 225 apartments but are only going to have 130 parking spaces. hahahahahahaha. What a crock. So how do they think people get around San Diego? With out great public transportation system? Hahahahah. What is funny is across the street there is still a new “luxury” condo going up that is priced from $300k to $1 million. LOL. Yeah I want to buy a $1 million dollar apartment right across the street from the new downtown crack house complex, err I mean affordable house complex.

If this is not the ultimate sign of a collapse in the downtown area then I don’t know what is.

[Bugs]

The city might give them a break on parking requirements in exchange for the affordable housing units. It’s possible that the project was designed and approved for affordable housing to begin with. Only the names have changed.

Another possibility is that the other parking spaces are being leased from an offsite parking provider. It could even be one of the other condo projects nearby.

I think the interim rental route might end up being the preferred solution for those projects that can stay out of foreclosure. Of course, if you get a lot of rental projects in the area, especially those that involve affordable housing, it kind of takes the shine off the glossy downtown urban lifestyle these developers have been trying to sell.

I never doubted that there would be some people who would gravitate towards living in the downtown area, but I never thought it would be enough people to economically justify all those units these developers were dumping on the market. Aside from the artificial stimulus provided by the specuvestors between 2003-2005 the real numbers of homeowners down there has been underwhelming.

I don’t think most people will move downtown unless those units are a lot cheaper than units of comparable size/quality located in the burbs. As for me, if I was going to live in a high-rise I’d gravitate more towards Mission Valley. Take the trolley when I want to go drinking. Mission Valley is lots quieter and the bum factor is almost zero.

[JerseyGrl]

http://www.signonsandiego.com/news/metro/20070924-9999-1m24switch.html

[Bugs]

Well, so much for there being any provisions for the parking deficit.

Maybe the next big play downtown is speculating in parking spaces.

[Alex_angel]

rent is going to be $400-1000. KB was going to build luxury units, it was never the intent to rent low income apts. The downtown downturn is going to be rough.

[4plexowner]

And we still have lame-ass organizations trying to tell us that there will be 70,000 people living downtown by 2020

MAYBE IN CARDBOARD BOXES!!!!

It sure as hell isn’t going to happen in $300K+ condos

~

Excuse my rant: the Center City Corp is lying to the taxpayers of San Diego so they can justify spending our tax dollars on over-building downtown housing (lots of pork being passed around to properly connected people)

rant off …

[Wickedheart]

Hey Bugs

I live right up the hill from Mission Valley. You are dead wrong on the bum factor. Mission Valley is bum paradise. There are at least as many bums as downtown maybe more. They live in the river bed and in the brush all alongside Mission Center Road past Hazard Center. Some of the bums even hang out at the Starbucks by Ralphs.

[Anonymous]

Let’s see……….ONE parking space per TWO apartments. So 225 apartments…130 spaces…

225 divided by two…I come up with 112…113??? SOoooo 130 spaces is actually more than what was required. Right?

Or did you mean to say TWO parking spaces per ONE apartment?

Anyways, I take offense to your degrading of low-income people and housing. Times are tough and not all low income people are crack heads. People DO pay good money to live downtown and if you don’t like it, you should live somewhere else. Lots of other places to choose from like Lakeside maybe? lol. Part of the charm of living downtown is the diversity…the big city feel.

Get your math right..

[recordsclerk]

It was six years ago, get over it.

[spdrun]

Way to resurrect a necro-thread 🙂

I don’t see what’s so horrible about downtown. Good view of the waterfront and marina, close to the airport if you’re someone who needs to fly out frequently (takeoffs happen the other direction), lots of pretty 1920s/30s buildings.

Coming from NYC, I didn’t get a super-diverse vibe from downtown. More of a business district and less busy after hours. North Park and the areas around it feel much more diverse to me.

[barnaby33]

Who resurrects these things?
Josh

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