Project
Adaptive Reuse in Action
Convert ~250,000 sq ft tower (707 Broadway preferred configuration) into a vertical community of homes and healing.
$130
Million budget
40%
Philanthropy
35%
Impact/OZ investors
25%
Mission-aligned debt capital stack
Before = After: 707 Broadway’s Adaptive Reuse
The preferred site at 707 Broadway is an 18-story, 186,800 SF side-core tower that is ‘ideal for flexible conversion.’ Its efficient structure enables rapid transformation into a vertical community with 200 supportive housing units and three dedicated floors for wellness programs. This adaptive reuse approach is faster and more cost-effective than new construction, restoring value and dignity in downtown San Diego.
Financial Sustainability
Elysian Shores will own and operate the property as a 501(c)(3) nonprofit. Its operational model leverages CalAIM programs for Enhanced Care Management (ECM) and Housing Tenancy & Sustaining Services (HTSS), offering predictable revenue streams for ongoing services.
Residents’ rents are supported in part through tenant benefits like Supplemental Security Income (SSI/SSP), while targeted philanthropy fills any remaining gap, projected to be less than $1M/year after stabilization.
This diversified revenue base helps ensure program and financial stability.
By thoughtfully blending public funding, tenant resources, and philanthropic support, the project models a scalable pathway to lasting change for San Diego’s unhoused veterans and families.
Financial Foundation
Estimated budget: $130M. The capital stack is structured to maximize both mission and investment impact. $30M in first-loss philanthropic/impact equity absorbs risk and underwrites essential resident services, while $70M comes from senior debt (bank/CDFI) and $30M from grants/tax credit equity (e.g. NMTC).
Located in a Qualified Opportunity Zone (QOZ), this project also benefits from significant bonus depreciation and tax incentives via the One Big Beautiful Bill Act (2025) and streamlined zoning under AB 2011/SB 6. By-right residential use accelerates delivery of critical housing.
The capital structure and QOZ advantages position Elysian Shores for successful delivery and long-term social impact, blending mission-driven investment with strong financial alignment.
Budget
$130 million
Capital stack
40% philanthropy, 35% impact/OZ investors, 25% mission-aligned debt
Zoning
By-right residential via CA AB 2011 / SB 6
Operating model
Philanthropy + CalAIM (ECM/HTSS) + earned on-site services