San Francisco-based Forge Development Partners (Forge) has joined with Realty Mogul in a joint venture which has acquired a building at 1460 India St. in San Diego. Plans are to redevelop the property into a high-rise providing some 265 rental units of workforce housing.
The property was purchased from the Asaro family who have called Little Italy home since the 1940s. The family sold the property to Forge because of the jv’s commitment to preserve the working-class legacy of the neighborhood.
Forge anticipates construction to begin in fall 2020. When transformed, the building will include a mix of studio, one, two and three-bedroom units targeting the modern working family.
Richard Hannum, founder of Forge commented: “With the help of our partners, we will re-imagine what privately-financed workforce housing can provide to the community – housing that meets the needs of today’s working families while keeping rental costs low.”
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