San Diego Office Tower to Convert into 184 Affordable Apartments by 2029
A 19-story office tower located at 610 W. Ash St. in Little Italy, San Diego, is slated for conversion into 184 affordable apartments for low-income households. An affiliate of Vintage Housing acquired the building for $26 million on September 28, with plans to complete the transformation by summer 2029. The tower was nearly 60% vacant at the time of purchase. The proposed units will be deed-restricted for households earning between 30% and 80% of the area median income, comprising 34 studio units, 104 one-bedroom units, and 46 two-bedroom units. To finance the $104.2 million conversion, Vintage Housing has applied for $26.9 million in new tax-exempt bonds, $25 million in recycled tax-exempt bonds, and $4.6 million in annual federal low-income housing tax credits. This project is part of a broader trend in downtown San Diego to convert underutilized office spaces into residential units, addressing the city's high office vacancy rate, which stands at approximately 25% downtown.
