The Beverly Hills-based developer has signed a long-term ground lease on a 32-acre parcel owned by and adjacent to California State University – Channel Islands. The firm will construct a residential community comprised of 310 market-rate apartments, 109 for-sale townhouses and 170 income-restricted senior apartments, as well as amenities that will also serve the university.
The project has a 2024 completion date.
Kennedy Wilson will develop the wholly owned apartments while its affordable housing joint venture Vintage Housing will employ affordable housing tax credits and other financing sources to create the senior units. The townhouses will be built and sold by Comstock Homes in a joint venture.
“We are thrilled to see the site’s redevelopment process begin, and to move ahead on a public-private partnership that will also generate a significant revenue stream to benefit our campus’ future growth for years to come, as well as provide housing options for our faculty, staff and other community members,” said CSUCI Interim President Richard Yao in a statement.
“Developing this new community is an important step in our larger partnership with CSUCI and will meaningfully contribute to a region that is short on supply of high-quality apartments and homes for faculty, staff and local residents,” added Kennedy Wilson Managing Director Nick Bridges in a statement. “Many people are rethinking how and where they want to live, and we continue to see a trend of residents moving from city centers toward communities that have access to the outdoors, are commutable to major employment centers and are relatively affordable.”
The project represents the continuation of a seven-year public-private partnership between Kennedy Wilson and CSUCI that in 2016 saw Kennedy Wilson acquire a 386-unit apartment community and 15,000 square feet of retail from CSUCI in the University Glen development adjacent to campus. Kennedy Wilson has invested $8 million in upgrades to these units and has also earmarked $1.5 million toward the future construction of an early childhood education center on the CSUCI campus.