Ledcor Development Helps Bring Over 200 New Apartment Units to San Diego

SAN DIEGO--(BUSINESS WIRE)--Ledcor Development LP (“Ledcor”) is excited to announce the groundbreaking of the $107 million ALARA apartment project alongside its project development partners, Qualico US (“Qualico”) and Tokyu Land US Corporation (“Tokyu Land”), and construction lender Comerica Bank (“Comerica”).

This marks the official start for the 8-story, 213-unit residential project located at the southwest corner of C Street and 30th Street in the Golden Hill neighborhood of San Diego.

“We’re thrilled to be breaking ground on this transformative project alongside our project partners,” said John Santry, Senior Vice President at Ledcor. “ALARA will deliver modern, high-quality homes to Golden Hill, addressing a critical need in a community eager for new housing.”

“We are pleased to provide financing capital for this Golden Hill project with our partners, Ledcor and Qualico, and see this project come to life,” said Yoshimi Tadashi, President at Tokyu Land US Corporation. “We hope this is the first of many future investments with our new partners.”

The residential property was designed and permitted under the City of San Diego’s Complete Communities ordinance. Construction is expected to take two years with delivery of rental units in the first quarter of 2027.

About Ledcor Development LP

Ledcor Development LP creates unique environments inspired by passion, creativity, and a commitment to quality. Focused on the development of distinctive apartment, condominium, mixed-use, and resort projects, Ledcor is strongly rooted in our communities.

About Tokyu Land US Corporation

Tokyu Land US Corporation ("TLUS"), with offices in Los Angeles and New York, is a fully owned subsidiary of Tokyu Fudosan Holdings Corporation (TSE:3289, Nikkei 225 component), which has over $20 billion of assets under management. With discretionary capital available from its balance sheet and a flexible investment mandate, TLUS is capable of pursuing opportunities across capital structure and risk spectrum in multifamily and industrial sectors in most major markets in the US, with a focus on fundamental value creation.