Encinitas Gets $20 Million Loan For Leucadia Streetscape Project

ENCINITAS, CA — The city of Encinitas secured a $20 million loan from the California Infrastructure and Economic Development Bank to preserve and revitalize a section of the North Coast Highway 101 Corridor.

The Leucadia Streetscape project is estimated to cost a total of more than $65 million, according to a news release from IBank. The bank’s loan will cover the construction of roundabouts, wider sidewalks, buffered bike lanes, increased parking options, additional lighting and new stormwater infrastructure for Segment C, a designated area at the north end of Coast Highway. Section C runs through the Leucadia community and is already lined with shops and cafes.

The city plans to fund Sections A and B through funds from its reserves. The project is expected to take about three years to complete. The City Council voted in May 2021 to submit a financing proposal to the bank rather than seek voter approval for a bond measure, according to a report in the Encinitas Advocate. The entire Streetscape project was scheduled to start just before the start of the coronavirus pandemic. As the pandemic struck, the Council voted to break up the project into three different phases due to concerns about cost at such an uncertain time.

“This is a transformative mobility and community enhancement project that has been in the works for over a decade,” explained City of Encinitas Mayor Catherine Blakespear. “The city will finally be able to see the Streetscape vision become a reality.”

“This project will improve safety not only for drivers, but also create safe, walkable, bikeable communities, allowing more people get out of their cars and helping the environment,” said IBank Executive Director Scott Wu. “IBank is happy to finance an infrastructure project that will directly benefit the people of Encinitas for years to come — and also increase access to a number of small businesses, which are so vital to the economy and community.”