Keystone is the fiscally responsible redevelopment choice, offering a large, predictable income stream for San Diego Unified over the life of the project. Keystone offers $3.9 billion more in district funding over the closest competitor, Affirmed, and substantially more than Monarch.

Together, Keystone and San Diego Unified will turn the outdated Education Center into a lasting public asset.

Keystone’s unit mix provides 313 more family-sized homes than the competing plan, accommodating an estimated 489 more children.

Overall, Keystone provides living space for some 822 new students. The resulting increase in student enrollment generates an additional $8 million annually in ADA funding. This added annual revenue will support the school workforce, school families and the District's operating budget.

• Competing proposals' reliance on Low-Income Housing Tax Credits (LIHTC) introduces a competitive and unpredictable finance structure that can delay or derail those projects entirely.

• Keystone’s use of a diversified private equity and P3 capital stack means the project is ready to proceed without waiting for uncertain, competitive tax-credit allocations.

• This financing structure provides a clear, low-risk path to immediate and long-term value for the District.

Keystone is the only proposal that delivers 1,500 income-restricted homes without using Low-Income Housing Tax Credits (LIHTC) or demanding capital from the Housing Commission.

This smart, equity-focused financing ensures public subsidies are reserved for communities where it is harder to attract private equity investment.

The Affirmed plan depends on over $220M in limited, competitive, low-income subsidies, putting at risk other projects in historically disadvantaged communities where financing is more challenging.

The Monarch plan is also dependent on the use of scarce LIHTC grants.

Keystone is 100% financed by a construction loan, private equity, and the future rental income from the workforce housing units. The project is explicitly structured to avoid draining scarce classroom dollars, general fund resources, or relying on competitive housing subsidies. This approach ensures the creation of 1,500 homes is paid for by rent - not by cutting into District operating funds.

Keystone is a long-term ground lease, not a land sale, ensuring the District permanently retains ownership of the 13.48-acre property while achieving all its critical housing goals in one move. This approach aligns with best practices for leveraging public land to create long-lasting, rent-restricted workforce homes. The long-term lease structure minimizes entitlement and litigation risk, ensuring project success.

The Keystone ground lease is structured for long-term value, with valuation and revenue projections shaped by Kosmont’s leading public-finance team to ensure a predictable income stream. This approach aligns with CSBA/CityLab guidance by pairing sophisticated private equity and institutional capital with public tools. By utilizing a long-term lease, the District maintains permanent ownership while converting a non-revenue site into a lasting source of value.

The seasoned Keystone development team leverages deep experience from multi-billion-dollar P3 and campus projects, including UC Merced 2020 and Seaport San Diego, minimizing execution and litigation risk. The diversified capital stack, including private equity and EB-5 funding, aligns with the CSBA-backed playbook for smart, successful public-private partnerships. This financial stability avoids the unpredictable complexity and delays often associated with subsidy-dependent projects.