A 20-story residential tower overlooking San Diego’s Balboa Park will open its doors in the spring of 2022, after its developer, Greystar, recently broke ground on the project. Located at 525 Olive Street, the property will offer 204 residential units and a variety of luxury amenities.
Referred to as 525 Olive, the property will total 300,000 square feet and will contain a mix of studio, one-, two- and three-bedroom units. Prices for the units have yet to be announced. However, rental rates in San Diego average $2,443 per month, according to RentCafe. Additionally, the property will reserve 18 units for affordable housing.
The property will also contain various tenant amenities, including a 10,000 square-foot lobby, a state-of-the-art fitness center, pool and spa, a work lounge with Zoom conference rooms and various outdoor courtyards with seating.
The property was designed by architecture firm Joseph Wong Design Associates, with elements that are intended to reflect the natural setting. With a modern glass exterior, the building also directly mirrors the trees, sky and nearby San Diego Bay. Modern interior designs by Jules Wilson also are intended to further elevate the feeling of a “personal refuge in the sky,” the property’s website states.
“525 Olive is rising above Balboa Park and will be the highest residential address in the city, with unparalleled views spanning every horizon. These stunning perspectives are matched by equally impressive interiors and amenities, with bespoke design and curated spaces by architect Joseph Wong and the renowned studio of Jules Wilson. All of this, in a parkside setting that gives you doorstep access to Balboa Park with downtown San Diego just a few blocks away,” the website continues.
Located in the Bankers Hill neighborhood, the property overlooks Balboa Park, which features 15 museums and the San Diego Zoo. The property is also adjacent to St. Paul’s Cathedral, a historic church that was constructed in 1951.
Greystar acquired the adjacent property from the church in 2019 for an undisclosed amount. Once completed, the property will share a site with St. Paul’s Cathedral and will include approximately 17,000 square feet of office and meeting space for the cathedral’s use. In addition, a five-level parking structure with room for 348 vehicles parking spaces will have 70 spaces designated for the cathedral.
Founded in 1993, Greystar is a global real estate investment, development and management firm, with a multifamily portfolio spanning 155 U.S. markets. Currently, the company owns and operates more than 719,000 units and student beds across the nation.
Neither Greystar nor Joseph Wong Design Associates responded in time to comment on this story.
