The San Diego City Council will consider Monday whether to convert a 21-story downtown office building into affordable housing after cost estimates jumped almost $30 million.
The project is now expected to cost $267.6 million.
In addition, taxpayers have questions about the fact that one of the development companies is owned by the city’s acting planning commission chair.
The transaction documents for the 101 Ash St. proposal were released Monday. They included the 60-year Ground Lease Disposition Agreement, updated budget numbers and two property appraisals that arrive at different conclusions.
The collection of documents have raised questions regarding the financial stability and ethicality of the project.
The housing development project was previously pitched to San Diego’s Land Use and Housing Committee on July 2 as costing $250 million, with the development team asking for $82,541,000 in low-income housing tax credits and $32,173,00 in historic tax credits to help fund the project. The committee approved of the project, sending the proposal for approval by the city council later in the month.
The housing development project has since grown to cost $267.6 million. The development team is asking for $87,838,000 in low-income housing tax credits and $36,142,00 in historic tax credits to help fund the project, according to the project’s Economic Opportunity Report.
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Author: Ray Hilbrich
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