FACILITIESAPPROVED

California State University-Chancellors Office Awards Facilities Contract to Chelsea Investment Corporation (July 2026)

The CSU Board of Trustees approved a 75-year ground lease with Chelsea Investment Corporation to develop Mission Valley Affordable Housing Project #2 at San Diego State University, a 76-unit income-restricted housing project with an estimated total development cost of about $48.5 million. The developer will finance, build, and operate the project using tax-exempt bonds and low-income housing tax credits, while paying SDSU impact and maintenance fees and sharing residual cash flow as ground rent.

Status
APPROVED
Document date
July 9, 2026
Contract type
FACILITIES
Vendor
Chelsea Investment Corporation
Agency
California State University-Chancellors Office · CA

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TerraCycle logo
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WithersRavenel logo
Derivita logo
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Veritone logo
TerraCycle logo
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Scope & details

The full contract record, as filed.

Contract amount
Approximately $48,545,000 total development cost (project financing, including $1.2 million residential impact fee and $688,000 common area maintenance prepayment)
Contract type
FACILITIES
Contract term
75-year ground lease; rental affordability restrictions for at least 55 years
Renewal
Ground lease term is 75 years with no options to extend or renew except by mutual agreement; affordability covenants on rental rates apply for at least 55 years. After public agency loans, including SDSU’s loan note, are repaid but no later than year 55, ground rent adjusts to 50% of residual cash flow or 10% of gross revenues, whichever is higher. At lease termination, ownership of improvements transfers to CSU.
Document type
AgendaPacket
Source document
The California State University Committee on Finance Agenda Packet 2026-07-22

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Frequently asked questions

Common questions about this contract, answered from the record.

Who was awarded the facilities contract by California State University-Chancellors Office?

Chelsea Investment Corporation was awarded this facilities contract by California State University-Chancellors Office, as recorded on July 9, 2026. The contract value is Approximately $48,545,000 total development cost (project financing, including $1.2 million residential impact fee and $688,000 common area maintenance prepayment).

How much is the Chelsea Investment Corporation contract with California State University-Chancellors Office worth?

The Chelsea Investment Corporation contract with California State University-Chancellors Office is valued at Approximately $48,545,000 total development cost (project financing, including $1.2 million residential impact fee and $688,000 common area maintenance prepayment), covering facilities work.

What type of contract is this?

This is a Facilities contract, documented as a agendapacket record, structured as a not-to-exceed (ceiling) agreement.

Where was this contract approved?

This contract appears in The California State University Committee on Finance Agenda Packet 2026-07-22 (AgendaPacket), dated July 9, 2026 from California State University-Chancellors Office. Civic IQ extracts contract records directly from agency meeting documents and solicitations.

What other contracts does Chelsea Investment Corporation hold?

Chelsea Investment Corporation may hold additional government contracts. View their full contract history, the agencies they serve, and total tracked spend on their Civic IQ vendor profile.

View Chelsea Investment Corporation's profile

What is California State University-Chancellors Office currently buying?

Explore California State University-Chancellors Office's vendors, signed contracts, and active RFPs on their Civic IQ agency profile.

View California State University-Chancellors Office's profile

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