Greystar Starts Pre-Leasing at New $100 Million 204-Unit 525 Olive Apartment Community in Bankers Hill Neighborhood of San Diego

Greystar Starts Pre-Leasing at New $100 Million 204-Unit 525 Olive Apartment Community in Bankers Hill Neighborhood of San Diego

SAN DIEGO, CA - Pre-leasing is underway at 525 Olive,­ a nearly 300,000-square-foot luxury apartment community in Bankers Hill being developed by global real estate leader Greystar ­in conjunction with St. Paul's Episcopal Cathedral. Offering panoramic views of San Diego's famed Balboa Park, the more than $100.2 million project is slated for completion in April 2022, with move-ins to begin in April.

According to Raul Tamez, director of development for Greystar, the 20-story luxury community is San Diego's answer to New York's Central Park living – providing easy access to the city's urban playground, Balboa Park, which features over 1,200 acres of natural outdoor space.

"With its elevated Bankers Hill location, 525 Olive is now the highest residential address in San Diego, offering sweeping city, bay and park views. This is an extraordinary opportunity to live in one of San Diego's most walkable and bikeable neighborhoods, offering close proximity to not only Balboa Park, but also dozens of nearby shops and restaurants, and other vibrant areas such as Downtown, Little Italy, Hillcrest and Mission Hills," Tamez said.

Greystar, a leading residential real estate manager and developer – acquired the .59-acre parcel of land from St. Paul's in 2019 and construction commenced shortly thereafter. As part of the transaction, the church will occupy 10,000 square feet on 525 Olive's first floor and 8,500 square feet on the bottom level as well as use of the underground parking garage. The 204 total residences will include studio, one-, two-, three-bedroom floor plans, plus penthouse suites, with homes spanning 533 to 1,625 square feet.

Designed to condominium standards, 525 Olive homes are outfitted with modern wide wood plank style flooring, private patios or balconies and state of the art touches, such as auto shades, WiFi enabled LG thermostats, keyless entry doors and much more. Kitchens are equipped with top-of-the-line Fisher & Paykel appliances, sturdy quartz countertops and stylish herringbone tile backsplash. Twelve penthouse residences span the top two floors and range from 1,280 to 1,625 square feet with upgraded finishes, more expansive floor plans and unobstructed city views. Furthering the homes' sophisticated motif, all interiors were artfully designed to reflect the building's lush setting, with clean lines and a neutral color palette connecting to the surrounding trees, sky and water, and floor-to-ceiling glass windows to maximize city and park panoramas. 

While 525 Olive is contemporary in style, elements of the building have been carefully designed to complement the neighboring church – a neo-gothic style structure built in 1951 – as well as the nearby park and the surrounding neighborhood. The striking ground floor lobby area – with bold modern accents, organic fine touches and an understated color palette – also encompasses a soon-to-be named retail venue, plus the community's leasing office, mail area, multiple courtyards and the outdoor dog run. Dramatic amenity spaces include the Level 20 SkyClub, a rooftop retreat that spans the entire top floor and includes a clubroom with kitchen and TVs, the Park Lounge social area with a food bar, and the Sun Club with a sparkling rooftop swimming pool and lounge. Rounding out the amenity line up: an expansive indoor/outdoor fitness studio, courtyards with plenty of outdoor seating, a dog run and pet spa with grooming services and work lounge with Zoom conference rooms. Residents also have access to concierge services, 24-hour package reception, reservable bikes as well as a 15,000 square foot community park. 

The builder for the project is Greystar Construction Group, with architecture by Joseph Wong Design Associates and interior design by the Jules Wilson Design Studio.

Source: Greystar Real Estate Partners

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