FOR IMMEDIATE RELEASE
Contact: Myrna Marston 619.733.9291
County Board Supervisor Monica Montgomery-Steppe, Mayor Todd Gloria, Councilmember Jennifer Campbell
Join Chelsea Investment Corporation for the Grand Opening of Terrasini,
a 95-Unit Affordable Housing Development for Seniors
Senior Residents will have a Steady and Stable Place to Call Home
March 18, 2026 – San Diego, CA – Chelsea Investment Corporation (Chelsea), County Supervisor Monica Montgomery-Steppe, San Diego Mayor Todd Gloria, and Councilmember Dr. Jennifer Campbell gathered to celebrate the grand opening of Terrasini, a 95-unit affordable housing development for individuals aged 62+.
Older adults are the fastest-growing population experiencing homelessness in San Diego, often due to job loss or serious illness. They struggle to afford rent on monthly incomes as low as $1,200 and often have to choose between food and medicine. Terrasini will change the quality of life for 95 San Diego seniors who struggle to find a safe and affordable place to call home.
Located at 5259 Mt. Etna Drive in the Clairemont area of San Diego, Terrasini Senior Apartments is part of an inter-generational mixed-use campus located at the intersection of Balboa Avenue and Genesee Avenue. The five-story, 95-unit development is centrally located and highly walkable to many nearby amenities, including a pharmacy, large grocers, a multitude of restaurants, small business retailers, medical facilities, and transit stops. On-campus amenities include a community room, computer lab, laundry facilities, outdoor courtyard, activities and enrichment rooms, and a senior center open to the public.
"Older adults in our region are facing impossible choices between paying rent, buying groceries, or affording the medication they need. Terrasini ensures our seniors can age with dignity in the communities they helped build. These 95 homes will help provide stability, connection, and the security every older adult deserves,” said County Board Supervisor Monica Montgomery Steppe.
Chelsea is the developer of Terrasini and has delivered over 7,600 affordable housing units in San Diego County. “Terrasini is the gold standard of what is at the heart of Chelsea – improving the lives of low-income seniors, veterans, and families,” said Charles Schmid, CEO of Chelsea Investment Corporation. “It is encouraging to experience layers of government working together to provide real solutions to the region’s affordable housing crisis. Under the leadership of both the county and the city, they are accomplishing just that.”
Chelsea’s non-profit partner, Serving Seniors, will provide a robust program of integrated supportive services including one-on-one case management, behavioral health services, health education, fitness and wellness classes, and planned social activities. All supportive services will be free of charge to residents.
“It would be hard to find a better partnership coming together to create such badly needed affordable housing, including the addition of a second senior housing complex,” said Melinda Forstey, President & CEO of Serving Seniors. “The Paul Downey Senior Residence has become a vibrant community, and we expect the same as residents move into the Terrasini complex. We look forward to welcoming them to the neighborhood soon.”
Terrasini is the final of four affordable housing developments totaling 404 units on the Mt. Etna campus. Over the past two years, Chelsea also developed the Paul Downey Senior Residence, a 79-unit affordable housing project for seniors, the 136-unit Taormina Family Apartments, and 94-unit Modica Family Apartments – all on the campus of Mt. Etna.
“Terrasini will change the quality of life for 95 San Diego seniors who will live in an inter-generational community on the campus at Mt. Etna, because community is much more than belonging to something; it’s about doing something together that makes belonging matter,” said Schmid. “Terrasini is a significant milestone, a victory, toward progress in providing affordable housing options that previously have been out of reach for so many, especially seniors.”
The media can access this link for additional photos and video:
https://bit.ly/TerrasiniGrandOpening-2026
About Chelsea Investment Corporation
Since 1984, Chelsea has invested over $3 billion to develop over 15,000 units of affordable housing for populations including low-income seniors and families, farmworkers, individuals at risk for homelessness, and homeless veterans. Chelsea Investment Corporation was named the largest California-based affordable housing developer in 2021, and the 14th largest affordable housing developer in the country in 2024. Chelsea’s expertise includes urban infill, mixed-use, suburban inclusionary, renovation, and rural properties. The company is the first in California to deliver affordable apartments set aside for households with family members who have an intellectual or developmental disability such as autism, epilepsy, Down syndrome, or cerebral palsy. Chelsea is a fully integrated affordable housing developer and offers turnkey finance, development, general contracting, and property/asset management services. For more information visit: Chelsea Investment Corporation (chelseainvestco.com)
About Serving Seniors
Founded in 1970, Serving Seniors is a nonprofit organization based in San Diego, California, dedicated to serving low-income adults aged 60 and over. Serving Seniors is a recognized leader in senior advocacy and has created an innovative model of comprehensive services including nutrition, housing, health and social services to older adults in need. It is the largest provider of meals to seniors in San Diego County, and among the only organizations in the U.S. providing a diverse range of services to at-risk older adults. The Better Business Bureau recently renewed its accreditation of Serving Seniors through 2028 as among its highest rated nonprofits, meeting all 20 of BBB’s 20 Standards for Charity Accountability.
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