It was a hot October morning on Louisiana Street in North Park.
Under the sun, dozens of people gathered around a construction site, smiling, talking and waiting for the ceremonial shovels to hit the dirt. They had come to celebrate a major housing milestone, and the next chapter for a small piece of this neighborhood.
Soon, the dirt and rebar behind them will give way to 38 affordable homes for working San Diegans.
The groundbreaking marked the launch of new $100 million financing partnership between San Diego Foundation and Bear Creek Fund Advisors, designed to help move affordable housing projects from plans to construction faster.
Louisiana Street is the first of four planned developments, known as the State Streets portfolio, that will create 257 affordable homes in North Park and Normal Heights.
Supporting San Diego’s Workforce
Among those celebrating was David Iwashita, co-founder of Naturally Affordable Housing, the developer behind the Louisiana Street project.
For David, the moment carried a personal connection to the people these homes are intended to serve.
His father survived a Japanese American internment camp during World War II. As his family rebuilt their lives after the war, David recalled the people who helped them along the way—from teachers who taught his father English to librarians who helped his family access knowledge and communicate.
“Because of them and the opportunities that they helped create, a generation later, I have the privilege of standing here to help create opportunities that will give back to the ones that serve,” David said, with his parents there in the crowd to hear it.
The new five-story development on Louisiana Street will include studio apartments that will remain affordable over the long term for San Diegans earning up to 80% of the area median income (approximately $98,000 annually for a single person in 2026). Among those the homes are designed to serve are teachers, healthcare workers, first responders, and service workers: the same kinds of people David credits with helping his own family.
Making Room in San Diego
The need extends beyond one North Park construction site. For San Diego Foundation, Louisiana Street is an early step in a much larger effort.
“Our goal at San Diego Foundation is to build 1,000 households a year over 10 years,” said SDF Board Chair Mel Katz at the groundbreaking.
For many San Diegans, rising housing costs can make it difficult to remain in the communities where they have built their lives. Mayor Todd Gloria reflected on what that can mean for longtime residents.
“The rising cost of housing means that fewer and fewer of them can call this special place their home,” he said.
Louisiana Street builds on City of San Diego initiatives such as Complete Communities, which has helped make projects like this one possible. Designed without on-site parking, the development is located near public transit, shops, grocery stores and other everyday needs.
For workers, having an affordable home near where they work can mean less time commuting and more time with family and community. It can also help local employers attract and retain the people they rely on.
Meeting the region’s housing needs will require different approaches and partners. It also means finding new ways to move affordable housing from plans to construction more efficiently.
Innovation in Affordable Housing
Building affordable housing can take years, even after a project is planned and approved. One challenge is financing: traditional affordable housing financing often relies on lengthy, competitive funding cycles before construction can begin.
The $100 million partnership between San Diego Foundation and Bear Creek Fund Advisors creates another path. Bear Creek will provide construction financing for affordable housing projects, giving developments like Louisiana Street a more flexible way to move from plans to construction.
“This is really what an effective public-private partnership can accomplish,” Jonathan said. “By combining the resources and capabilities of city government, local developers, nonprofit organizations, and private capital, this team is able to deliver more high-quality affordable housing and fast.”
For now, Louisiana Street remains a construction site. By 2028, the first residents are expected to move in—turning the plans, partnerships and financing into homes for the people who help San Diego thrive.
Learn More About San Diego Foundation’s Affordable Housing Efforts
