With the downturn in the housing market, a planned luxury condo tower in Downtown San Diego has been reworked into an affordable housing development.
"Thanks to the nearly flat-lined downtown real estate market, what was supposed to be a luxury condominium tower is morphing into a landmark low-income apartment project.
Goodbye KB Homes, the national developer who got approval in April 2006 for a ritzy 184-unit condo design on B Street between 10th and 11th avenues.
Enter a San Diego firm planning to tweak that blueprint into 226 apartments for families who earn less than $42,000 a year. The tower, which will be the tallest affordable-housing project in the county, is called Ten Fifty B and is expected to be built by early 2010.
Downtown's redevelopment agency loves the project, enough to lend the developer $34 million. It will be the agency's largest-ever investment in an affordable-housing complex."