Making it in San Diego: Apartment boom downtown could bring relief to housing crisis

10,000 new apartments will open in next few years
Posted at 7:01 AM, May 24, 2018
and last updated 2018-05-24 15:03:55-04

A wave of construction will bring thousands of new apartments to downtown in the next few years. As those complexes start to open, they could bring relief to San Diego's housing crisis.

This July, Park 12 will be the biggest to open, adding 718 units to the downtown area. The complex features three buildings, including a 37 story tower. Jerry Brand, with developer Greystar, says they wanted to go big in downtown because they see the area going through tremendous growth.

"Last year, San Diego had the largest employment growth in CA as a city. It was about 30,000 jobs, and that doesn't include the military," Brand says. "That creates housing demand, so we're seeing continued demand in the future."

Other developers agree. According to Civic San Diego's 2017 Downtown Development Report, there were 1,014 new apartments completed in downtown in 2017. That's the third most since 2001. The report shows another 10,561 apartments either under construction, waiting to be built, or waiting for approval.

Little Italy is one of the fastest growing areas. Projects like Luma, AV 8, Amo and Vici will add nearly 600 apartments to the area by the start of 2019.

"This is the most dynamic neighborhood in San Diego," says Rich Gustafson, the President of CityMark Development. They're putting the finishing touches on AV8, which will have 133 units.

"The demand is there," he says. "San Diego, in general, is slow in providing the housing supply, but we're doing the best that we can in Little Italy."

It's not just apartments. Across Downtown, Civic San Diego says there are 1,213 condominiums either under construction or in the planning stages. When they open, they'll be the first new condos completed downtown since 2009.

The website has a map showing all of the development going on downtown.

To see the full report from Civic San Diego, click here. 


UPDATE: This article was corrected from an earlier version that stated Park 12 will have four buildings. It will have three.