Press

A 100-unit apartment complex with no off-street parking is the first to make use of San Diego’s new “Complete Communities” program, which city officials hope will spur developers to build more projects that combine affordable and market-rate housing.

Secoya, currently under construction at the corner of 5th Avenue and Redwood Street in Bankers Hill, is a joint venture between local development firms Murfey Company and Bishop Ventures. Most of the units will be studios with some one- and two-bedroom apartments.

Bishop Ventures CEO Gilman Bishop said the roughly 10,000 square foot lot is about the size of two single-family home lots. Under normal rules, a project on that lot would be limited to 25 units. Up to 50 units would be allowed under the city’s more modest affordable housing incentive program.

But the Complete Communities program, approved last November by the San Diego City Council, allows a developer to completely sidestep regulations on the number of units allowed per acre. Instead, the city regulates the building’s size based on the square footage of floor space, which means the builder can pack as many units into the design as will fit.

“It incentivizes developers to build smaller units so they get more units within that same envelope,” Bishop said. “What you end up with is a lot of smaller units that are naturally affordable.”

In exchange, the developer must agree to set aside a significantly higher portion of the homes as affordable housing than under the city’s other incentive programs. Bishop said seven units will be affordable for very low income households and another four will be affordable for moderate income households.

Ryan Wynn, director of development at Murfey Company, said even the apartments without restricted rents will be more affordable than the average for Bankers Hill. The studios are expected to start around $1,495 per month — considered affordable for a “low-income” single person earning roughly 70% of the county’s median income, or $59,400 per year.

RELATED: San Diego Tweaks 8-Year Housing Plan To Satisfy State Requirements

In addition to their small size, the apartments will also come with no off-street parking. While that may turn off some potential tenants, Wynn said the neighborhood’s walkability, proximity to Balboa Park and the addition of protected bike lanes connecting to Hillcrest and downtown could still attract both young professionals and empty nesters.

“We feel like the demographics are pretty wide ranging of people that don’t necessarily need a car,” Wynn said.

Mayor Todd Gloria praised the development and said it was in line with his goals of growing the housing supply in areas that are less car dependent.

“One of my top priorities is to increase production of homes, close to transit stations and job centers, for low- and middle-income families and individuals — so, it’s fantastic to see the first development under our Complete Communities program break ground,” Gloria said. “I’m looking forward to unveiling a package of initiatives in the coming weeks aimed at doing more to expand affordable housing options.”

 

This article  originally appeared on KPBS

You have decided to create the space you always wanted and want to build your dream home – or complete a major renovation. The next step is maneuvering the construction loan process.

While a mortgage involves the lender and the borrower, the construction loan includes a third party – the builder.

Like all home loans, interest rates depend on multiple factors. Lenders qualify you based on credit score, debt-to-income ratio and the percentage to be financed. Generally, interest rates for a construction loan are higher than mortgage rates.

Additionally, many loans require the lender to make payments directly to the contractor. These payments are made in installments as construction deadlines are met. After construction is complete, the loans are either converted to permanent mortgages or paid in full.

A variety of home construction loans are available. Below is a brief overview of the most common ones.

Home remodel loans

The amount you can finance to renovate your existing home depends on the appraisal value of the property after the improvements are made. Your contractor and the renovation plans need to be approved by your lender. The funds are submitted directly to the contractor.

In general, a construction loan offers a longer repayment period and a lower interest rate than a home equity line of credit or a personal loan.

Renovation construction loans

Also known as a 203(k) loan, the renovation construction loan adds in the cost of major renovations to the mortgage instead of being financed after closing. The loan is based on the home’s value after repairs and renovations. These loans make sense if you are buying a fixer-upper but do not have the cash required for renovations.

New construction loan

When you are building a home from the ground up, there are no improvements to secure the loan, so expect the lender to thoroughly review your finances, the architectural plans and your builder. The lender will pay home construction loans to the builder in installments, which is called a draw. Each draw coincides with a key phase of the project, such as pouring the foundation, framing and finishing work.

An inspection is typically required before each draw is released to the builder, and the amount of that payment is based on the work completed, as noted in the inspection report.

Construction-to-permanent loans

This one-time loan funds the construction, then the borrowed amount is converted to a permanent mortgage after the building is complete. Also known as a single-close construction loan, the interest rate is locked in at closing. Borrowers make interest-only payments while the home is under construction. Because the interest rate for these loans can be high, shop around.

Construction-only loans

A construction-only loan, or two-close construction loan, is a short-term loan that must be paid off when construction is completed. The interest rate is higher than a traditional loan, and there will be a second set of loan fees when you apply for a traditional mortgage. Construction-only loans are an option if you have large cash reserves or want to shop for a permanent lender while building.

Owner-Builder Loans

The owner-builder loan is for borrowers who want to act their own contractor. However, the borrower must demonstrate through experience and licensing that they have the expertise to supervise and manage the construction.

Murfey Company is a leader in residential and nonresidential development in San Diego and Southern California that is committed to excellence and helping clients navigate the building process. Murfey Company also has extensive expertise in negotiating and securing construction loans and can be a tremendous resource in getting projects financed. For more information, visit www.murfeycompany.com.

 

This article originally appeared in The La Jolla Light

Existing homes are selling incredibly fast in San Diego County and throughout Southern California, and the same holds true for single-home residential construction.

Simply said, single-home construction in SoCal is booming. Because of the high demand, the region is on track to build 9,500 to 10,000 homes this year.

Construction experts report that single-family home building in San Diego County increased during the first nine months of the year, up 11.3 percent from the previous year with 2,516 permits. Just behind San Diego County is Riverside County, which experienced a 7.3 increase in single-family building permits during the same period.

Data for San Diego County, provided by the Construction Industry Research Board, shows that 3,831 permits were pulled in the first 9 months of 2020, and 1,094 permits were pulled in unincorporated San Diego County. It was followed by Chula Vista with 489, Vista with 345 and Carlsbad with 340. Communities with the fewest housing permits were Solana Beach with 10, Del Mar with 11 and La Mesa with 13.

On a state level, California has seen a slight slowdown in single-family residential construction. The California Association of Realtors is forecasting just a 3.8 percent increase in building permits in 2021. The state’s single-family home creation fell to 6.3 percent, below its 6.9 percent average during the previous five years. Nationally, 11 states performed worse than California, and single-family permits rose 14 percent elsewhere in the U.S.

The state’s strict pandemic business regulations, the high cost of housing and the cost of new construction as well as a shortage of construction workers have affected the state’s rate of new construction. Stay-at-home mandates created a wait-and-see approach from some builders, who decided to delay construction plans, too.

However, in Southern California communities, residential construction has been thriving. The city of San Diego’s success in part is related to the proactive programs created to move some of the construction approval processes online. These steps helped to maintain safety while allowing the construction momentum to continue.

The bottom line is – all of this is very good news for San Diego.

Murfey Company, a leader in residential and nonresidential development in San Diego and Southern California, is dedicated to building housing as a developer of its own projects as well as a third-party builder for developers who seek are seeking a construction company to team up with. For more information, visit www.murfeycompany.com.

This article originally appeared in The La Jolla Light

The COVID19 pandemic has affected many different industries – and the adverse effects have been swift and dramatic for some businesses.

Because of the stock market’s volatility in response to the economic effects related the pandemic, investors have debated if the housing and construction industries will react similarly.

Although economic reports can be unsettling, I want you to know that the Southern California construction industry is strong and healthy.

Overall, there are positives for the construction and building industries during this tumultuous time.

In California, the construction materials industry is considered an essential business. Fortunately, the state’s construction industry is permitted to continue its operations.

Another positive is that mortgage rates are historically low. Even if rates climb, these rates are some of the lowest that Americans have experienced in their lifetime.

When considering these incredibly low interest rates and the notable shortage of homes for sale, the potential for industry growth is highly likely. Some industry experts and economists predict that even though the market might decline in the short term, pent-up demand will lead to a rapid rise in home sales, construction and building.

Financial analysts also speculate that the construction industry will be one of the last industries to lay off workers due to the shortage of skilled workers that has existed in recent years.

Like all industries, construction firms are taking proactive measures to help protect their workers, clients and ongoing projects.

Professional associations, such as the Building Industry Association (BIA), the National Association of Homebuilders (NAHB), and the Associated General Contractors of America (AGC), are working closely with federal, state and local officials to ensure the safety of all workers, maintain supply chains and strengthen the industry.

During this unprecedented time, Murfey Company is busy these days despite the California Shelter in Place Order. Most of our projects are moving forward with little delay. We are focused on upcoming projects and exciting new opportunities, and we continue to be optimistic.

Murfey Company continues to work with clients and to move forward with preconstruction services and consultations, current projects and design planning. Our team is available to answer questions and assist clients with meeting their goals.

Although the future will be challenging for builders, there is hope on the horizon.

For more information about Murfey Company go to www.murfeycompany.com.

 

This article originally appeared in The La Jolla Light

There are roughly 3,500 new apartments opening in San Diego County in 2020, with many outside of downtown.
3-day full body routine (beginners) – all bodybuilding levitra diabetic patients home – where can i buy arimidex bodybuilding – where to buy in malaysia – britain decays urbex.
Target dates for when complexes will open are often in flux because of weather, labor issues and other external factors. Information on new developments was compiled by The San Diego Union-Tribune with additional information coming from developers and real estate tracker CoStar. The majority of projects have not announced final rent prices.

The Collins

 

This La Jolla building, already opened, includes 15 apartments and is fully leased. Rents started at $1,995 for a one-bedroom unit (average 650 square feet) and $2,595 for a two-bedroom apartment (average 1,000 square feet). Features of The Collins, at 6902 La Jolla Blvd., include ocean views in half of the apartments , a short walk to the beach and a grocery store on the first floor. All units include modern appliances, including Samsung fridges, microwaves and dishwashers. Apartments also come with a washer and dryer. The project was developed by Murfey Co.
Pharma cash donations target ‘vulnerable’ lawmakers as industry tries to defend itself winstrol venta home – methenolone acetate injectable, cheap cypionex order legal anabolic steroid fast delivery – webb county lulac
 

Kansas Modern

 

This complex at 4073 Albatross St. is set to open early this year with 13 apartments spread out over three floors. Amenities will include an outdoor courtyard, private terraces and detached walk-up floorplans. The average apartment size is 881 square feet.

 

Cielo

 

This Little Italy development at 915 W. Grape St. will have 70 apartments across eight floors. The project, from Ibex Limited, has an average unit size of 831 square feet and is anticipated to open in the summer. There will be 1,500-square-feet of retail on the ground floor.

 

3954 Kansas St.

 

This North Park development from R & V Management is expected to open early this year. It will have 18 apartments across five floors.

 

Jefferson Pacific Beach

 

This Pacific Beach development, now open, has 172 apartments with an average unit size of 962 square feet. Amenities at the JPI project, at 4275 Mission Bay Dr., include a saltwater pool, club room, dog wash area, Wi-Fi in common areas, gym, bike lockers and a surfboard repair station. The average asking rent for a studio is $2,573 a month; one-bedroom, $3,000; two-bedroom, $4,333; and $5,976 for three-bedroom.

 

State and Oak

 

This Carlsbad Development on the 3000 block of State Street will have 24 apartments over four floors.

 

Urbana

 

The Urbana complex in Chula Vista will have 135 apartments and is set to open in April. The average unit size will be 886 square feet. Amenities will include a rooftop sun deck, clubroom and business center. MountainWest Real Estate is developing the project, which is on the 300 block of H Street.

 

1836 Columbia St.

 

This Little Italy complex will have 18 apartments and open around April.

 

100 Main St.

 

This Vista complex will have 126 apartments spread out over five floors. The average unit size at the complex, developed by StreetLights Residential, is 1,162 square feet.

 

Park + Market

 

Downtown’s biggest project this year, with 426 apartments over 34 floors, is projected to open sometime around July. The East Village project, from Brookfield Residential Oliver McMillan Holdings, will be at 601 11^th Ave.

 

Purl

 

This Mission Valley project is in the Civita development and will have 435 apartments. Amenities at the project will include two swimming pools, outdoor theater and terrace, music lounge and practice studio. Anticipated opening for the Sudberry Properties project is the summer.

 

One Paseo

 

This massive development in Carmel Valley will release another 146 apartments early this year. The project at 3200 Paseo Village Way has studios that start at $2,350 a month; $2,800 for a one-bedroom; $3,450 for a two-bedroom; and $5,100 for a three-bedroom. Among its many amenities are a gym, clubhouse, large mail center, mall nearby, office space nearby.

 

This article originally appeared in The La Jolla Light

New two-story building for 26 residences, 2 retail spots, 23 parking spaces

The La Jolla Community Planning Association (LJCPA) on Dec. 5, 2019 voted to approve (10-3-1) property developer David Bourne’s project at 801 Pearl St. where a 76 Unocal gas station sat since 1964. This approval overrules the La Jolla Development Permit Review (DPR) committee’s non-approval vote on Nov. 19. The DPR did not recommend the project “because the intensification of density above the base zoning density is not appropriate to the level of affordable housing provided and does not provide the desired benefit to the community plan.”

Bourne purchased the .48-acre property earlier this year from Mark Conger, and seeks a Coastal Development Permit to demolish the service station and construct a 20,595-square-foot mixed-use building. The proposed two-story project will have 26 residential units, including two affordable housing units, two retail units on the ground floor, and an on-grade lot with 23 parking spaces.

Before showing a presentation explaining the project, Bourne said he came to understand the neighborhood and its potential concerns in the past 12 months since initiating the process to purchase the property. He expressly stated: “For the record, there is absolutely no intention, whatsoever, of doing short-term rentals.” The project will be a traditionally operated apartment project with standard leases under local management.

Information in the presentation — created by the Murfey Company overseeing the design and construction of the mixed-use building bounded by Pearl Street, Eads Avenue and Bishops Lane — noted the project complies with regulations under the City of San Diego Municipal Code pursuant to the La Jolla Planned District Overlay (LJPD-4) including height limit, setbacks, density and parking. The proposed building height is less than the required 30-foot limit, has an 18-foot setback on the south (which is three feet more than required), and has reduced commercial space of 3,300 square feet rather than the 5,400 square feet under Conger’s plan approved by the CPA in October 2015.

Bourne’s proposal offers 26 residential units with less square footage than the previously approved plan with 12 units.

Bourne commented that to comply with State regulations to include affordable housing units and have increased density, each unit will average 600 square feet, with a maximum of 800 square feet. The lot would be shared by residential and commercial tenants and totals 23 parking spaces, two more than required by code regulations. Four curb cuts will be removed allowing additional street parking on Eads Avenue.

A traffic analysis by Chen Ryan Associates estimates the number of average daily vehicle trips under the proposed plan will be half that of gas station activity.

The concerns

After LJCPA chair Tony Crisafi asked the public for comments on the project, seven audience members voiced their opinions. Two supported the project calling it an attractive building to revitalize Pearl Street; the others spoke against it or expressed concerns including proximity to the adjacent residential building on the south, setting a precedent for density, lack of elevator access, no environmental review, and increased traffic.

Trustee Brian Will advised that his vote at the DPR meeting was reflected by an abstention because he was not able to vote as committee chair, but: “I am in favor of this project.” He summarized the DPR meeting on Nov. 19 stating: “There was no discussion or no objection to the physical form of this building; the bulk of the conversation was about density and this notion of walk-ability. We live in an environment that is built and dependent on cars and we all want something different. We have to have development that encourages walking.”

Opined trustee Jim Fitzgerald: “This project is a quantum improvement over what is there now. The issue is, is it a perfect project? No. I am concerned about density overall. This is a location where, if you are going to add density in La Jolla, I can’t think of a much better place to add it than to put it on the one street where our one bus line runs.”

Although his concerns included only one entrance and exit to the parking lot and no elevator access to second floor, Fitzgerald supported the project.

Trustee David Little commented: “This project sets a very bad precedent for La Jolla. Our business district, and indeed all along La Jolla Boulevard, will be turned into an overly dense bedroom community.”

Trustee Greg Jackson offered: “When I look at the project as designed before us, my general sense is it strikes a reasonable balance on a lot of the trade-offs between things I think are likely to be problems (parking, elevator) and things I think La Jolla needs in terms of having more people who live closer to The Village to re-energize the area. I don’t think we’re going to see something better than this.”

Concerns about the project expressed by trustee Mike Costello included an abrupt transition in scale to the adjacent building, insufficient parking, only two affordable housing units, and lack of hazardous waste analysis. Based on these considerations, Costello, who also sits on the DPR committee, made a motion to deny the project.

Trustees voted 4-10-1 with the motion not passing.

Upon LJCPA approval, the next step is a positive recommendation from City staff, followed by administrative approval from the hearing officer to be able to begin the application process for the building permit. Once required compliance is met, Bourne anticipates construction to start in mid-2020 with about 14 months to complete.

Also at LJCPA

More beach area parking: LJCPA voted 10-3-2 to accept La Jolla Traffic & Transportation Board’s recommendation to eliminate red curbs on the east side of La Jolla Farms Road. This will facilitate 11 additional parking spaces for benefit of beach access.

— La Jolla Community Planning Association next meets 6 p.m. Thursday, Jan. 9, 2020 (second Thursday instead of usual first Thursday for January only) at the La Jolla Recreation Center, 615 Prospect St., La Jolla. lajollacpa.org

This article originally appeared in The La Jolla Light

Although there is continued speculation regarding a recession, many experts believe various negative factors will contribute to a domestic economic slowdown, which includes non-residential construction.

The trade war with Asia and a weakening export industry, economic weakness in Europe and Asia and a decline in employment growth will leave its footprint on the economy.

The growth of the non-residential construction in 2020 is expected to be slow at about 2 to 3 percent increase over 2019. The industrial, educational, public safety and office sectors all are primed for growth. The highest growth is expected with institutional building at 2.9 percent. Commercial building construction will see only one-half of a percent of growth.

The overall commercial construction market has received increased spending due to growth in e-commerce, gas prices and interest rates. Corporate relocations and the lack of vacancies in major metropolitan areas could result in growth for the office building market.

The trade war in China will affect California in particular. The Port of Long Beach already has reported a 5 percent drop in trade with Asia. Due to this decrease, job growth in Southern California has slowed. The Inland Empire is affected considerably, because the area houses a high number of warehouse and logistics units.

On a positive note, construction in the leisure market is predicted to be strong. A high percentage of Americans are traveling as unemployment is historically low and incomes have increased.

In spite of significant increases in construction costs for both materials and labor, new hospitality construction is very strong in the state. Owners are choosing to build new in lieu of updating or renovating older structures.

In Southern California, hotel construction in Los Angeles is booming. This development partly is due to aggressive tax incentives that the city is offering for downtown development.

Traditionally, San Diego’s hospitality market is robust all year long. In fact, hospitality construction in San Diego County has been very strong this past year – even though the city has not offering extra tax incentives.

In 2019, there were 19 hotels under construction in San Diego for a total of 2,310 rooms. Accounting for more than half of the rooms is the Manchester Pacific Gateway project – located in the city’s port district. This premier development is anticipated to open in 2021. This project will offer a two-hotel tower convention center with 1,090 rooms and one boutique luxury hotel with 260 rooms in addition to Class A office space, lifestyle and luxury retail shopping, dining and entertainment accounts.

Although the market is not saturated with rooms, the market will slow a bit in 2020. Experts predict that the addition of the Manchester Pacific’s room will play a role in this slowdown as a high percentage of rooms enter the market.

Murfey Company is a leader in real estate development and construction in all markets including non-residential, commercial and hospitality. To learn more, visit www.murfeycompany.com.

 

This article originally appeared in The La Jolla Light