The college district chose real estate development firm The Michaels Organization, which manages the Pacific Beacon at Naval Base San Diego, to build and manage the project
The San Diego Community College District has entered negotiations with the developer managing the military housing community at Naval Base San Diego to shepherd its vision of building affordable student housing at City College.
“This is a landmark decision,” Trustee Bernie Rhinerson said of the board’s unanimous vote. “I see this as one of the more important votes that I will cast because we have never thought about being in housing. But as the cost of housing and homelessness has impacted our students more and more, it’s become a statewide issue, a regional issue and it’s an issue for our students.
To cover the funding gap between $75 million and $280 million, the district plans to negotiate with The Michaels Organization to do its own private revenue bond funding on a tax-exempt basis, said Joel Peterson, vice chancellor of Operations, Enterprise Services, and Facilities at the San Diego district.
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