JAMES J. SCHMID

Chelsea Investment Corporation

Jim is a native of New Ulm, Minnesota. After receiving a law degree from the University of Minnesota in 1973 and an advanced degree in tax law from Boston University in 1976, Jim Schmid worked across all sectors of the real estate development industry and ultimately settled in San Diego, California. After stints at McKellar Development in La Jolla and Doug Manchester’s Torrey Enterprises, he launched an entrepreneurial career in 1984 and formed Chelsea Properties to develop market rate apartments and office buildings. The company was named after Jim and Lynn Schmid’s infant daughter and, accordingly, the first development was Chelsea Garden Apartments, located in El Cajon. In 1986, the company was incorporated as Chelsea Investment Corporation and has specialized in financing and developing affordable housing projects since 1992.

In 1992, having determined that complex new legislation regarding affordable housing finance could sustain a company that focused exclusively on developing such units, Jim narrowed his focus to the affordable sector. It was not hard to recognize the needs of underserved communities such as fixed-income seniors, veterans, people experiencing homelessness, farm workers, and other low-income populations.

The company was an early developer in Southern California’s Imperial Valley, where poverty and unemployment are at some of the highest levels in the nation. Chelsea Investment’s first 100% affordable community was Hatfield Homes, 48 single family homes for low-income families in Brawley. Since then, Chelsea has delivered over 1,800 affordable apartments in 26 communities in Imperial County, including more than 400 apartments for farmworker households. Chelsea’s project Villa Primavera was Imperial County’s first community to set aside apartments for people with developmental disabilities.

In 1994, Chelsea expanded into Arizona with its first historic renovation: the Hotel San Carlos located in Yuma, and in 2001, entered the New Mexico market.

Along the way, Chelsea affiliates Emmerson Construction, CIC Management, and Border Communities Capital Company were formed to solidify Chelsea as both a turnkey developer and a committed long-term owner with integrated construction, asset management, and community development capabilities. To date, Chelsea has developed more than 130 quality communities throughout the West Coast and is the largest developer of affordable housing in San Diego.

In 2023, Chelsea was named the Building Industry Association’s Builder of the Year for the third time, while providing a huge share of San Diego’s new construction starts for disadvantaged populations. In 2023, Chelsea was ranked 14th in the Top 50 Affordable Housing Developers in the nation. Chelsea continues to be a family-owned company with a development portfolio of 147 communities totaling over 15,000 apartments, valued in excess of $3 billion. The company has become a trusted partner of organizations and agencies like Father Joe’s Villages, the San Diego Housing Commission, and Serving Seniors as well as distinguished builders such as Shea Homes, McMillin, Lennar, and Tri Pointe Homes (formerly Pardee in San Diego).

A respected authority in all aspects of real estate development and management, Jim is a former lecturer for the MSRE degree program at University of San Diego, Past Chairman of the San Diego Building Industry Association, and sought-after panelist and speaker. He is a passionate advocate for the creation and preservation of safe, accessible, and affordable housing; his service to the industry has recently been acknowledged by his induction into the Building Industry Association of San Diego Hall of Fame as well as the San Diego Housing Federation’s Lifetime Achievement award.

In addition to growing the Chelsea family of companies to 100+ employees and a development portfolio of $3 billion, Jim is an attorney with an advanced degree in tax law. As Chairman, he is involved in strategic management of Chelsea and its affiliates.

Jim’s eldest son, Charles Schmid was recently named Chief Executive Officer and Jim Schmid’s leadership role continues as Chelsea’s Founder/Chairman. At the same time, a Chelsea Advisory Board was formed and comprised of six esteemed business professionals, to help guide the company into the future.