A large-scale apartment redevelopment that could redraw the landscape on West Point Loma Boulevard will be presented to Ocean Beach Planning Board in December.
Proposed is a multi-family redo of Mariner’s Cove Apartments at 4392 W. Point Loma Blvd. The project will add 272 more units to the existing 31-acre, 500-unit, two-story apartment complex.
“The Mariner’s Cove project will be appearing on the Dec. 2 agenda,” said Andrea Schlageter, OBPB chair. “I am getting a lot of community interest in the project and I expect a robust discussion around Mariner’s Cove. I want to make sure it gets the time and attention it deserves.”
The Mariner’s Cove expansion project was presented to the Midway-Pacific Highway Community Planning Group about six months ago.
Patti Shwayder, senior vice president for the apartment project’s developer, Apartment Investment and Management Co., said project planning is advancing but has changed little from its original concept.
Noting Aimco has owned the 31-acre property since 2002, Shwayder spoke of the need for updating the apartment complex.
“We love the location but it’s ’80s construction,” she pointed out. “We looked at what we could do with the property. It has been well maintained, but it needs some work. At first, we looked at just rehabbing it. But the infrastructure was old and it required a huge amount of investment. So we thought we would think broader. It is 31 acres, so thinking what we could do, led us to do a whole new master plan.”
Shwayder said Aimco has a ground lease for the property with the San Diego Housing Commission.
“We were looking to extend the ground lease,” she said. “So we started looking seven years ago at the conditions for extending the ground lease. But the housing commission required us to put millions of dollars into the property, which did not make it the new modern community that we desired. Being such a large site, we thought it was primed for additional apartments. And given we have buy-right (to increase) density, we decided to add an additional 272 apartments.”
The Aimco vice president noted the new units proposed to be added to Mariner’s Cove will not be converted to condominiums, as their company handles apartments only. Aimco owns some 40 San Diego apartment communities.
Shwayder said a significant portion of Mariner’s Cove will be set aside for affordable housing, but added the majority of the housing project will target “workforce housing.”
“It’s not going to be high-end,” she said of the housing market being targeted. “We have 100 existing affordable units, and 200 affordable units in the new development, which is geared toward workforce housing, the missing middle.”
Shwayder described workforce housing as applying to occupations such as “teachers, firefighters, police, those folks who make a good income, but don’t qualify for affordable units,” she said. “They are also priced out of more expensive areas in San Diego. The idea is to have a very robust mix of housing. In the main, it’s workforce missing-middle housing.”
If all goes well with planning for Mariner’s Cove expansion, Shwayder said, “We will probably begin construction in summer of 2022, anticipating completion in mid-2025, though that might be a little aggressive.”
Aimco has said the Mariner’s Cove apartment redo is being accomplished with private investor funds, not taxpayer support. For more information about Aimco, visit aimco.com.