Why Build “The Pearl” in Solana Beach When Buying Existing Resale Housing Would Save Taxpayers Money?
My little slice of Heaven, Solana Beach, is developing A $6 million, ten-unit, low-income housing complex:
The three-level building would have a 1,300 square-foot market on the ground floor, and 10 housing rental units above. The site is now a parking lot with 31 spots, used heavily for beach access and for the junior lifeguard program. A lot with some underground parking with 54 spots is proposed.
“The Pearl” will be a mixed-use development, with a small market and ten housing units which can house up to 44 people. Ginger Hitzke is the Temecula-based developer. Her work history includes various “public/private developments”, as a Vice President with the Affirmed Housing Group and now, as a lead developer with Community Collective.
Residents packed the City Council chambers, many complaining that The Pearl would increase traffic, loitering, reduce property values, and wouldn’t mesh with the surrounding blufftop condominiums that line Sierra Avenue.
“The city just seems too desperate to fund the building of 10 units to complete the settlement of a bungled lawsuit regarding the loss of 13 low-income units,” said Mark Tiddens, an area resident.
The Condominium Organization of South Sierra Avenue will vote by Sept. 2 on whether to formally oppose the project. Story poles indicating the outline of the building are now in place at the site, a public parking lot near a beach access.
The morality of redistribution of wealth schemes, and the efficacy of Keynesian stimulii notwithstanding, wouldn’t it just be easier to buy ten listed homes for sale? I searched for Solana Beach homes for sale, under $600,000, and found 24 active listings. To purchase existing listings meets the ideals of “integrating low-income residents” throughout the community, would be easier to manage, and can be accomplished quickly.
The City could make a public announcement that it intends to purchase ten homes for less than $550,000, offer a 4% co-brokerage fee, and suggest that it will give preference to short sales or foreclosure situations, My guess is it would be flooded with offers to sell.
Solana Beach is stuck with the State’s mandate so we might as well get it completed as inexpensively, and as quickly as possible.15 comments