News Release
Media Contact: Myrna Marston, MPR+Strategic Communications, 619-733-9291
myrna@marstonmpr.com
Chelsea Investment Corporation Welcomes El Centro Mayor Tomas Oliva to the Grand Opening of Girasol
The Two-Story, 56-Unit Affordable Apartment Community on West Adams Avenue Will Include Recreation Amenities, a Tot Lot, Bocce Ball and Barbeque Area
El Centro, CA – February 17, 2022: El Centro Mayor Tomas Oliva joined Chelsea Investment Corporation, (and Councilmember XX, and County Board Supervisor XX) for the grand opening of Girasol, a two-story 56-unit affordable housing community which includes 10 units set aside specifically for residents with developmental disabilities. Located at 1725 West Adams Avenue in El Centro, Girasol is the third affordable housing community in the City of El Centro developed by Chelsea Investment Corporation. Chelsea previously completed the affordable housing developments of Countryside, a 73-unit community, and Las Brisas, a 72-unit family community.
“One of the most basic human rights is a place to call home. Over the past months the pandemic has exemplified the need for affordable options as the cost of housing in California continues to rise and becomes out of reach for many,” said El Centro Mayor Tomas Oliva. “Chelsea Investment Corporation has been a great community partner through their continued efforts to provide high quality affordable housing for families, including individuals with developmental disabilities, in El Centro.”
Girasol, a two-story walk-up, showcases 56 total units: eight 1-bedroom units, 32 two-bedroom units; 16 3-bedroom units, including one manager unit. Girasol has 114 parking spaces -56 covered, and 58 open. Amenities include central heating and air conditioning, window coverings, vinyl flooring, electric stove and oven, dishwasher, garbage disposal, and refrigerator.
Girasol building amenities include computer lab, lounge, laundry facilities, leasing offices, and community room. Recreational amenities include a tot lot, bocce ball and barbecue area. The project architect was Hedenkamp Architecture and Planning, and construction was performed by Emmerson Construction, Inc.
“Our partnership with the City of El Centro and its leaders represents the cornerstone of who Chelsea is as a company,” said Jim Schmid, founder, and CEO of Chelsea Investment Corporation. “Affordable housing is the strongest foothold toward economic stability. Our team is not only proud to be a part of the affordable housing solution in El Centro, but we are also proud to be a part of changing people’s lives.”
Funding for Girasol was made possible through financial partnerships with Banner Bank, which provided construction and permanent loans, The Richman Group provided the Tax Equity Investment, tax-exempt bonds were issued by California Debt Limit Allocation Committee, the Imperial Valley Housing Authority, and the Foundation for Developmental Disabilities also provided funding. Chelsea’s non-profit partner is Southern California Housing Collaborative and San Diego Regional Center to ensure that the ten units that are set aside for households who have a family member with a developmental disability, such as autism, epilepsy, Down Syndrome, or cerebral palsy, are fully occupied.
Chelsea Investment Corporation’s partnership with the Foundation for Developmental Disabilities ensured that ten Girasol units could be set aside for the developmentally disabled. “Our mission is to provide funding that will support individuals and their families who, even with disabilities, can truly be a part of the communities in which they live,” said Sitara Sethi, CEO of FDD.
On-site services at Girasol will be provided by Pacific Southwest Community Development Corporation, a leading provider of services in Imperial County. Services include adult education and skill-building classes, such as computer literacy, English as a Second Language (ESL), art, job counseling, financial literacy, health, and wellness. All services are on-site and free of charge to the residents.
It is the commitment of Chelsea Investment Corporation to give back to the communities it serves and announced that it has presented a financial donation to Autism Support of Imperial County – a great fit because of the units set aside for residents or family of residents with developmental disabilities. “We are excited to see how Girasol is already helping our community, and how Chelsea Investment Corporation is providing great affordable housing for those of whom are most in need,” said James Gonzalez, President of Autism Support of Imperial County. “We do not have words that can explain the generosity from Chelsea to our organization.”
About Chelsea Investment Corporation
Since 1984, Chelsea has developed over 12,000 units of affordable housing for populations including low-income seniors and families, farmworkers, individuals at risk for homelessness, homeless veterans, and households that have one or more family members with developmental disabilities. Chelsea Investment Corporation is the first in California to deliver affordable apartments set aside for people with a developmental disability, such as autism, epilepsy, Down Syndrome, or cerebral palsy. Chelsea is a fully integrated affordable housing developer and offers turnkey finance, development, general contracting, and property/asset management services. For more information visit: Chelsea Investment Corporation (chelseainvestco.com)