ENCINITAS — The City of Encinitas received a $20 million loan on May 26 to help finance the third phase of the long-awaited Leucadia Streetscape project along a 2.5-mile stretch of North Coast Highway 101, according to a recent release.
The loan, approved by California Infrastructure and Economic Development Bank, or IBank, will help finance Segment C of Leucadia Streetscape in northern Leucadia extending from Jupiter Street to La Costa Avenue, which is expected to begin construction in November.
The additional funds will support the construction of wider sidewalks, more parking areas, new stormwater systems, new roundabouts, more street lighting and new bike lanes.
The entire project will take approximately three years and cost $65 million, according to IBank.
“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 said in a statement. “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.”
The City of Encinitas is financing the first two phases with reserves and SANDAG’s TransNet funds generated by a half-cent sales tax in San Diego.
The first and current phase of construction for Leucadia Streetscape began in mid-January 2021 and focuses on installing roadway improvements between Basil Street and Marcheta Street, including new parking spots, new bike lanes, wider sidewalks and restoration of Leucadia’s historic tree canopy.
Construction is also underway on a new roundabout near Portal Street.
The Leucadia Streetscape project is expected to create 217 jobs during construction. Upon completion, the improved sections of North Coast Highway 101 are intended to support safer pedestrian travel through new bike lanes and wider sidewalks, allow more beach access across the train tracks and preserve historical Encinitas through reforestation.