SAN DIEGO (CNS) – The San Diego City Council Tuesday approved a 60-year lease with a developer to renovate the long-empty 101 Ash Street building into hundreds of affordable housing units.
The mixed-use project by MRK Partners and cREate Development will convert the existing 21-story office building into 247 income- and rent- restricted units and 3 unrestricted manager’s units, as well as 25,000 square feet of retail space and 4,000 square feet of commercial space intended for a childcare center. The units will consist of studio, one-, two- and three- bedroom apartments for families earning between 30% and 80% of the Area Median Income. Rents would be capped at 30% of income.
“I am determined that we make smart decisions going forward,” said Councilman Stephen Whitburn, who represents downtown San Diego. “The worst thing we could do is let this building sit there, costing the taxpayers $2.5 million a year.”…