SAN DIEGO -- Ledcor Development LP ("Ledcor") has officially broken ground on the $107 million ALARA apartment project, a milestone initiative set to bring more than 200 new residential units to the Golden Hill neighborhood of San Diego. Ledcor is developing this project in partnership with Qualico US ("Qualico") and Tokyu Land US Corporation ("Tokyu Land"), with construction financing provided by Comerica Bank ("Comerica").

The ALARA project, an eight-story residential building, will comprise 213 modern apartment units and is situated at the southwest corner of C Street and 30th Street. The development aims to enhance the neighborhood by increasing the availability of high-quality housing in a rapidly growing area of San Diego.

Project Significance and Vision

“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.”

Designed under the City of San Diego’s Complete Communities ordinance, the project supports the city’s efforts to encourage sustainable, transit-oriented development while enhancing urban livability. ALARA’s design will incorporate contemporary architecture, open spaces, and resident amenities that reflect the evolving lifestyle demands of city dwellers.

Strategic Collaboration and Investment

The development is the result of a strategic collaboration between Ledcor, Qualico, and Tokyu Land, companies with extensive experience in real estate investment and development. Tokyu Land US Corporation, a subsidiary of the Japanese real estate giant Tokyu Fudosan Holdings Corporation, sees this as a significant step in expanding its footprint in the U.S. market.

“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.”

Projected Timeline and Community Impact

Construction is expected to span approximately two years, with rental units slated for availability in the first quarter of 2027. The project will provide much-needed housing in an area experiencing increasing demand, contributing to the city's overall development goals while fostering a dynamic and diverse urban community.

The ALARA project reflects Ledcor’s ongoing commitment to delivering exceptional living spaces tailored to the needs of modern residents. With strong support from its partners, the project is positioned to become a cornerstone of Golden Hill’s revitalization.

About Ledcor Development LP

Ledcor Development LP specializes in creating distinctive residential, mixed-use, and resort properties inspired by innovation, craftsmanship, and a deep commitment to quality. With a focus on developing communities that enhance urban living, Ledcor continues to be a trusted leader in real estate development across North America.

About Tokyu Land US Corporation

Tokyu Land US Corporation ("TLUS"), headquartered in Los Angeles and New York, is a fully owned subsidiary of Tokyu Fudosan Holdings Corporation (TSE:3289, Nikkei 225 component). Managing over $20 billion in assets, TLUS has a flexible investment strategy that spans multiple sectors, including multifamily and industrial real estate, across key U.S. markets. The company remains dedicated to creating value-driven investments with a long-term perspective.

With construction now underway, the ALARA project is set to make a lasting impact on San Diego’s housing landscape, offering modern residences in a community-oriented setting.

Originally reported by John Santry in Business Wire.