NEWS RELEASE
Media Contact: Myrna Marston, MPR+Strategic Communications, 619-733-9291
myrna@marstonmpr.com
Chelsea Investment Corporation is Joined by Bakersfield Mayor Karen Goh at a Groundbreaking Ceremony
for $25.9M, 71-Unit Affordable Housing Project for Farmworkers
Funding Provided by U.S Department of Agriculture, the City of Bakersfield, City Community Capital, and Canduer Group
Bakersfield, CA – May 19, 2022 – Chelsea Investment Corporation and Bakersfield Mayor Karen Goh joined with civic and community members to celebrate the groundbreaking of Sagewood, a $25.9M, 71-unit affordable housing community, located at the corner of Stine and Berkshire. Sagewood, is earmarked specifically for Bakersfield-area farmworkers. Bakersfield’s economy relies on agriculture, with the city being the largest employer of agricultural jobs in Kern County. The Sagewood community will provide affordable housing for farmworkers and their families.
“Four of the top 15 major agricultural employers in Kern County are located in Bakersfield,” said Mayor Karen Goh. “One of the most basic human needs is a place to call home, especially for our city’s farmworkers. Our farmworkers are a big part of the fabric of our community, and they deserve affordable apartment homes they can be proud of.”
The U.S. Department of Agriculture (USDA) provided a $3M loan for permanent financing of the project. The USDA will also provide rental assistance tied to each unit for farmworkers and their families.
“The heart and soul of our company is not just building affordable housing, but changing lives,” said Jim Schmid, founder, and CEO of Chelsea Investment Corporation. “It has been gratifying to work with Bakersfield’s government leaders. We are here today because of that leadership which will go a long way to help improve the lives of so many farmworkers and their families.”
Sagewood will consist of five two-story residential buildings with 18 one-bedroom apartments, 36 two-bedroom apartments, and 18 three-bedroom apartments. The project also includes a community building, which is a 1,960 square-foot, single-story building with a kitchen, community room, computer lab, property management offices, and laundry facilities.
On-site services, provided by Chelsea’s non-profit partner, Pacific Southwest Community Development Corporation (PSCDC), 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. PSCDC also offers an on-site after-school program during the school year for school-age children. This program includes tutoring, mentoring, arts and crafts and other educational enrichment activities. All services are on-site and free of charge to the residents.
Construction will be performed by Emmerson Construction, Inc., an affiliate of Chelsea Investment Corporation. The architect is The McKinley Associates. The project is expected to be completed in June 2023.
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, and homeless veterans. With a total project capitalization cost of over $3 billion, Chelsea’s expertise includes urban infill, mixed-use, suburban inclusionary, acquisition rehab and rural properties. The company 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 www.chelseainvestco.com.