Greystar is approaching the completion of 525 Olive, a 204-unit luxury community in San Diego, developed in conjunction with St. Paul’s Episcopal Cathedral. The developer plans to wrap up the $100.2 million development in April, with rents starting at $2,440 per month.
The firm has secured $85.7 million in financing prior to construction, funded by Capital One, according to Yardi Matrix data. Greystar Construction Group is the contractor, in partnership with Joseph Wong Design Associates as architect and Jules Wilson Design Studio working on interior design.
Greystar’s San Diego pearl
The 20-story building at 525 Olive St. is located on 0.6 acres and comprises studio, one-, two- and three-bedroom apartments, as well as penthouse suites, ranging from 533 to 1,625 square feet, with wood flooring, private patios, keyless entry doors and quartz countertops. Eighteen of the 204 units will be affordable.
Community amenities feature a rooftop, lounge area with a food bar, rooftop pool, fitness studio, courtyards with outdoor seating, a dog run and pet spa with grooming services and a work lounge with conference rooms. As part of the partnership with St. Paul’s Episcopal Cathedral, the church will occupy 10,000 square feet on the first floor, 8,500 square feet on the bottom level and a part of the underground parking garage.
Located within the Bankers Hill neighborhood, the property is across from Balboa Park, within a mile of the the San Diego Zoo, San Diego Museum of Art and the Japanese Friendship Garden. The luxury community is close to various retail and entertainment options, less than 1.5 miles from downtown San Diego, Little Italy and the Hillcrest neighborhood.
Greystar Director of Development Raul Tamez mentioned, in prepared remarks, that the community is the city’s approach to New York’s Central Park living, offering city, park and bay views.
Greystar is an active player in the San Diego market, owning roughly 1,700 units in the area. Last month, the firm sold EV Lofts, a 208-unit community in downtown San Diego to Griffis Residential.