SAN DIEGO (August 11, 2022) – Greystar, a global leader in the investment, development, and management of high-quality rental housing properties, has announced the completion and grand opening of 525 Olive, a luxury apartment community in Bankers Hill that offers panoramic views of Balboa Park, downtown San Diego and the bay.
At nearly 300,000 square feet, the $100.2 million project was developed by Greystar in conjunction with St. Paul’s Episcopal Cathedral, which occupies 10,000 square feet on 525 Olive’s first floor, 8,500 square feet on the bottom level and use of the underground parking garage.
According to Raul Tamez, director of development for Greystar, interest in the property has skyrocketed since pre-leasing began in February. “We are now 40% leased at 525 Olive, and frequently hear from residents how much they appreciate the community’s luxury amenities, attention to detail and the way it feels like it could fit right in among the boutique residential buildings that line New York City’s Central Park.”
At 20 stories in its elevated Bankers Hill location, 525 Olive is now the highest residential address in San Diego and offers easy access to the city’s urban playground, Balboa Park. Residents also benefit from living in one of San Diego’s most walkable and bikeable neighborhoods, with close proximity to dozens of nearby shops and restaurants, and other vibrant areas such as Downtown, Little Italy, Hillcrest and Mission Hills.
“I extend a warm welcome to the new residents of this remarkable property,” said Councilmember Stephen Whitburn who represents the city’s vibrant central neighborhoods. “525 Olive takes apartment-living to new heights, and I applaud Greystar for giving more people the opportunity to make their home in this sought-after section of San Diego.”
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 rooftop, for example, features an accent wall designed by architect Joseph Wong meant to mirror the church’s iconic windows and archways.
The project’s interior design firm, Jules Wilson Design Studio, included bold modern accents, organic touches and an understated color palette. Art was selected for the luxury community that is sophisticated and upscale but with an organic look and feel, resulting in a relaxed, urban retreat-like atmosphere. This theme is carried throughout the building – from the ground floor lobby area to the community’s leasing office, mail area, multiple courtyards and the outdoor dog run.
525 Olive’s 204 total residences include studio, one-, two-, three-bedroom floor plans, plus penthouse suites, with homes spanning 533 to 1,625 square feet and designed to condominium standards. The interiors offer floor-to-ceiling glass windows, maximizing the sweeping city and park views.
525 Olive also provides 18 affordable units including one and two bedrooms and studios – all for occupants at or below 50% of the area median income.
All homes are outfitted with private patios or balconies and state-of-the-art touches, such as auto shades, WiFi enabled LG thermostats, keyless entry doors and more. Kitchens are equipped with Fisher & Paykel appliances, sturdy quartz countertops and stylish herringbone tile backsplash. Twelve penthouse residences span the top two floors with upgraded finishes, more expansive floor plans and unobstructed city views.
The five-level underground parking garage spans 148,000 square feet with 348 parking spaces including 70 spaces dedicated for both cathedral attendees and future residents.
Amenity spaces include the Level 20 SkyClub, a retreat that spans the entire top floor and includes a kitchen and TVs, the Park Lounge social area with bars and the Sun Club with a rooftop swimming pool and lounge. Other amenities include an indoor/outdoor fitness studio, courtyards with outdoor seating, a dog run and pet spa and “Zoom Rooms” complete with Logitech video conferencing bars and park and cathedral views. Residents also have access to concierge services, 24-hour package reception, reservable bikes as well as a 15,000 square foot community park. Atmos Air, a state-of-the-art system, pumps fresh, purified air throughout the building common areas.
Greystar Construction Group served as the builder for the project, with architecture by Joseph Wong Design Associates and interior design by the Jules Wilson Design Studio.
Rents start at $2,440 per month.
About Greystar
Greystar is a leading, fully integrated real estate company offering expertise in investment management, development, and property management of rental housing globally. Headquartered in Charleston, South Carolina, Greystar manages and operates over $221 billion of real estate in 224 markets globally with offices throughout North America, Europe, South America, and the Asia-Pacific region. Greystar is the largest operator of apartments in the United States, manages over 768,000 units/beds, and has a robust institutional investment management platform with more than $58.2 billion of assets under management, including over $24 billion of development assets. Greystar was founded by Bob Faith in 1993 with the intent to become a provider of world-class service in the rental residential real estate business.
