CARLSBAD, CA, APRIL 26, 2023—The City of Carlsbad and BRIDGE Housing joined public- and private-sector partners today to celebrate the groundbreaking of 1380 Laurel Tree Lane: 70 affordable family apartment homes. This property is the third in the city to be developed by BRIDGE, a nationally recognized nonprofit developer, owner, and manager of affordable housing.
Consisting of a mix of one-, two- and three-bedroom apartments, the development will serve family households earning between 30-60% of Area Median Income (AMI) for San Diego County, currently $31,250 to $52,050 for a household of two. Planned amenities include a management office, service areas, community room with kitchen, common laundry rooms and an outdoor courtyard area.
Located in an amenity-rich neighborhood near retail, employment opportunities and schools, the future affordable homes at 1380 Laurel Tree Lane will be designed to achieve Green Point Rated Gold certification as well as meeting the City of Carlsbad’s Climate Action Plan (CAP) measures.
“Kids who grew up in Carlsbad can’t afford to stay, and many businesses can’t find workers locally,” said City of Carlsbad Mayor Keith Blackburn. “This project is a great example of the city, the county, nonprofits and developers working together to solve the very challenging problem of affordable housing.”
“Today’s celebration shows the power of our collective will to address the housing crisis,” said Ken Lombard, President and CEO of BRIDGE Housing. “Quality affordable housing options make communities better for everyone, and we’re excited to team up with our partners to create beautiful new apartments that 70 families will soon call home.”
“We’re building affordable homes in the right places–with access to jobs, public transportation, and the attractions and natural beauty San Diego County is known for–so that families in our region have the opportunity to thrive,” said Board of Supervisors Vice Chair Terra Lawson-Remer. “Today is the latest example of our commitment to ensuring everyone in our community has a safe, stable place to call home.”
Financial partners for 1380 Laurel Tree Lane include the City of Carlsbad, County of San Diego, Wells Fargo Bank, Freddie Mac, Aviara L.P., California Tax Credit Allocation Committee, and California Debt Limit Allocation Committee. The project architect is KTGY and the general contractor is Wermers Multifamily Corporation.
For more information about BRIDGE, visit www.bridgehousing.com.
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Rendering of 1380 Laurel Tree Lane available for download, credit: KTGY