Privately held Forge Development Partners, based in San Francisco, recently announced the purchase of 1460 India Street in San Diego’s Little Italy neighborhood. They intend to build a 265-unit, high-rise apartment community on the site that will be targeted at the city’s economically squeezed workforce. The site was purchased from the Asaro family whose roots in Little Italy stretch back to the 1940s.
Joint venture equity for the acquisition was provided through a partnership between Forge and RealtyMogul, which added an element of crowdfunding to the local flavor of the project.
“We are thrilled to be partnering with Forge in this investment to give individual investors the chance to invest in the construction and management of a Class A high-rise multifamily apartment building in the heart of San Diego—an opportunity they traditionally would not have,” said RealtyMogul CEO Jilliene Helman.
The privately funded project was eased into existence thanks to initiatives championed by San Diego mayor Kevin Faulconer. Permitting and zoning tweaks are designed to make it easier to reduce construction costs and encourage more development that benefits middle-income workers.
“We’ve adopted several housing reforms to make it easier, faster, and cheaper to build in San Diego,” said Faulconer. “Now we’re starting to see builders take advantage of those new opportunities with projects like this and lowering costs with our revamped parking standards and streamlined permitting process.”
The building will include a mix of studio, one-, two-, and three-bedroom units with upscale kitchens, bathrooms, and open living areas. An abstract sculptural frieze, called “Sogno D’Argento” by local artist John Asaro, will adorn the building while paying homage to Little Italy’s past.
“I wanted to honor the history of Little Italy,” said Asaro. “As I was designing the frieze, I was inspired by the neighborhood fishermen, the tuna and porpoises who often swam together, and the churned-up water and waves—all interacting together. The bent abstract shapes of the frieze represent this interaction.” The artful collaboration between the development team and the city is a good sign for an area struggling through a housing crunch.
“We are pleased that the forward thinking of the Mayor’s Office has created an environment where projects like 1460 India Street can flourish,” said Forge founder Richard Hannum. “With the help of our partners, we will reimagine what privately financed workforce housing can provide to the community—housing that meets the needs of today’s working families while keeping rental costs low.” Construction on the new addition to the neighborhood is expected to start in the fall.
