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In downtown San Diego, several planned residential condo developments have been stalled, shifted to hotel plans or cancelled outright in light of the existing units sitting on the market and mounting foreclosures.
Several of Chula Vista’s ZIP codes are among the worst for foreclosures in San Diego County. A deluge of new homes swept through the eastern part of Chula Vista during the real estate boom, increasing its housing stock by several thousand in the last few years. But many came on the market right as it was peaking, and scores of homeowners who put nothing down now owe more than they can sell for.
The situation has Chula Vista government officials scrambling to adjust the city’s budget. Property tax and sales tax revenues won’t be nearly what they were in the housing boom. The city’s finance director, Maria Kachadoorian: “It’s pretty bleak.”
And now this, from today’s Union-Tribune:
Too few shoppers are visiting Chula Vista’s Third Avenue shops, says the city’s redevelopment director, Eric Crockett. But he has an idea.
The city’s solution: redevelop some city-owned parking lots into brand-new condos.
Residents of those homes would be “built-in customers” for Third Avenue stores, said Eric Crockett, the city’s redevelopment director.
“We’re hoping to redevelop our underutilized assets and put feet on the street, creating some of the density that will help the businesses thrive,” Crockett said.
The Chula Vista Redevelopment Corp. struck agreements with developers CityMark Communities and Voyage, both of which have worked on downtown San Diego projects, to redevelop two of the city’s four parking lots into an undetermined number of condo units, the U-T reported.