Secoya on Fifth. Courtesy of Brown Marketing
San Diego’s Middlemarch Fund, created to finance construction for the “missing middle” — buyers who earn too much to qualify for government subsidies but not enough to pay market-rate rents — has invested in the $30 million Secoya on Fifth project, an eight-story mixed-income building on Bankers Hill that will have more than 100 apartments.
Co-developer the Murfey Co. expects construction to be completed in late 2022. Bishop Ventures is the other developer behind the project.
The project includes almost 2,800 square feet of retail space, but no parking for the residential units.
According to one news report, the rental rates for the studio apartments are expected to start around $1,495 per month —affordable for a “low-income” single person earning 70% of the county’s median income, or $59,400 per year. Most of the apartments in the building will be…