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Affordable Housing Trust Fund Gains Federal Support

Affordable Housing Trust Fund Gains Federal Support

Plaza Sorrento Shopping Center in Mira Mesa Is Sold for $18 million

REAL ESTATE

by Mandy Jackson, Staff Writer

Rep. Susan Davis, along with others from the House of Representatives and religious leaders from throughout the country, is urging the House to pass legislation creating a National Affordable Housing Trust Fund.

The bill, HR 2349, could provide more than $26 billion over the next seven years for the construction of apartments and houses for low- and middle-income families, and for rental housing subsidies for low-income people.

The bill has a formula for determining how states would receive grants from the trust fund, taking into account market conditions such as low apartment vacancy rates, high numbers of low-income residents and the percentage of residents that use more than 50 percent of their income for housing payments.

In San Diego County, the vacancy rate at the end of 2001 was 2.5 percent, according to Marcus & Millichap, a real estate investment brokerage based in Encino.

In a statement from her office in Washington, D.C., Davis, D-San Diego, said, “The federal government does have a role to play and can make a difference in improving the quality and quantity of housing in San Diego.”

The trust fund bill has 174 co-sponsors in the House and endorsement from more than 2,000 organizations representing business, union, environmental, banking and affordable housing interests.

The bill still has a long way to go in Congress. It was first introduced in June to the House committee on financial services, which referred it to the subcommittee on housing and community opportunity.

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Mira Mesa Sale: Donahue Schriber Realty Group LP bought the Plaza Sorrento Shopping Center in Mira Mesa for $18 million.

Bally Total Fitness anchors the 97,916-square-foot neighborhood shopping center. Donahue Schriber purchased the property on 8.8 acres at Mira Mesa Boulevard and Camino Santa Fe from Plaza Sorrento LLC, with Christopher Coseo as the managing member.

Phil Wise and Richard Lebert of Colliers International in San Diego represented the seller. Frank Kosi in the Irvine office of Sperry Van Ness represented the buyer.

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HQ Completed: Construction of interior tenant improvements for the 36,000-square-foot headquarters facility of Metabolife International Inc. on Copley Drive in San Diego is complete. San Diego-based Howard Sneed Interior Architecture designed the interior. Bearing Construction was the contractor.

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Local Contract: The San Diego office of CB Richard Ellis, a Los Angeles-based commercial real estate services company, has signed a multi-year agreement for Bethesda, Md.-based CoStar Group’s full suite of commercial real estate information services, such as an online database of office and industrial buildings.

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Campout Kickoff: A handful of buyers began lining up on April 17 to buy homes in the third phase of Poet’s Square in Fallbrook by San Marcos-based Rilington Communities, which opened up sales on April 20. Despite rain one night, four groups of buyers waited at the building site, with three committing to homes in the housing development where each home design is named after a famous poet.

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Forecast Event: UCSD’s Extension is hosting The Real Real Estate Forecast from 8 to 10 a.m. on May 17 at the DoubleTree Hotel at Hazard Center in Mission Valley. Registration is $49 until May 11, and $59 after that.

Speakers include Alan Nevin and Russ Valone of MarketPoint Realty Advisors, Gary London of the London Group Realty Advisors, Jay Diskin of IPC Commercial Real Estate, and Robert Rauch of Rauch & Associates.

For information, call (858) 534-3400.

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Construction Notes: San Diego-based Roel Construction Co. completed tenant improvements for Titan Corp. at 3033 Science Park Road in San Diego. Douglas E. Barnhart Inc. completed construction on a refurbishment project at Seacrest Village Retirement Communities in Encinitas. Wermers Corp. of San Diego is nearly finished with construction on Hollywood Palms, a 94-unit affordable housing project owned by Fox Hollow LP on Home Avenue in San Diego, and has begun framing Torrey Del Mar, a 112-unit affordable housing project in San Diego. Construction is complete and San Francisco-based BRE Properties has opened Pinnacle at Otay Ranch, a 364-unit apartment community.

Send residential and commercial real estate news to Jackson via fax at (858) 571-3628 or via e-mail at mjackson@sdbj.com. Call her at (858) 277-6359, Ext. 114.

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