Experienced development expert and entrepreneur Elliot Adler discusses San Diego’s housing crisis and how developers like himself are addressing it.
Local developers are building new apartment buildings at a record pace. In the first half of 2023, developers broke ground on over 3,000 new apartment units, according to a real estate information company. This is up from 2,000 units in the same period last year.
One of the largest apartment projects currently underway in San Diego is Riverwalk San Diego, a 200-acre development that will eventually include 4,300 rental units. The first phase of the project, which is expected to be completed in 2024, will include 930 units and 75,000 square feet of retail space.
Elliot Adler explains that another major project is Cortez Hill Apartments, an 87-unit affordable housing development in downtown San Diego. The project is being developed by Community HousingWorks with financing from the San Diego Housing Commission. Cortez Hill Apartments is expected to be completed in 2024.
The development of new apartment buildings is also good for the San Diego economy. According to a study by the National Apartment Association, the apartment industry supports over 17,000 jobs in San Diego and generates over $3 billion in economic activity each year.
It's no secret that San Diego has been experiencing a consistent uptick in property values. As we venture into 2024, Adler's analysis reaffirms this trajectory. Specific locales, like the affluent neighborhoods of La Jolla and Del Mar, continue to dominate the market. However, an exciting shift emerges when we focus on previously overlooked areas.
Neighborhoods, once on the periphery of property conversations, are now seeing significant appreciation, making them the new focal points for homebuyers and investors. When juxtaposed with other major Californian metropolises, San Diego's ascent, as Adler suggests, seems to strike a balance – impressive yet sustainable.
About Elliot Adler
Elliot Adler, a San Diego native, is a leading developer of apartment buildings and mixed-use developments in the local area. With a long track record of success in the real estate industry, he is committed to providing its residents with a nuanced perspective.
