Navy Selects Lincoln/Clark for Second Phase of Housing Privatization in San Diego
Partnership raises more than $380 million
SAN DIEGO — The Department of the Navy, Clark Realty Capital and affiliates of Bethesda, Md., and Lincoln Property Company of Dallas recently formed a partnership to build, renovate, and manage 3,300 military housing units in San Diego. The partnership has raised more than $380 million that will be immediately invested to improve the quality of life for San Diego military families.
The development plan includes demolishing the 545-unit Gateway Village military housing area in Loma Portal and replacing it with 460 townhomes. The 50-year public-private venture with Lincoln/Clark PPV also calls for renovating 992 homes in the Murphy Canyon subdivision in Tierrasanta and 76 residences in the Admiral Hartman area of Pacific Beach. Including newly constructed and renovated homes, the joint venture will be managing a total portfolio of 3,302 homes.
The Lincoln/Clark partnership already has an agreement with the Navy to build 500 townhomes at the former Naval Training Center, now known as The Village at NTC, and to raze the 812-unit Cabrillo Heights housing area and replace it with 900 homes. The partnership also currently manages an additional 2,660 existing homes. The Village at NTC, winner of the Multifamily Executive "2002 Project of the Year," already has a waiting list several hundred people long.
"We're pleased that our developments have been well received by the sailors and we're looking forward to continuing our successful relationship with the Navy," said Joe Schafstall, development manager for Clark Realty Capital.
Demolition of the Gateway Village units will begin early next year. Construction is scheduled for completion in mid-2006.
Renovation will begin this fall at Murphy Canyon, and early next year at Admiral Hartman. Both projects are expected to be finished in early 2007.