It’s not San Diego’s tallest apartment building. But global developer Greystar bills its 20-story property at 525 Olive St. as the region’s “highest residential address,” with its elevated location in the Bankers Hill neighborhood overlooking downtown, San Diego Bay and the nearby historic Balboa Park.
Completed in August 2022, the $100.2 million development known as 525 Olive has 204 apartments and spans nearly 300,000 square feet. Its on-site amenities include an indoor-outdoor fitness studio, pet spa, community park and rooftop lounge with a swimming pool and clubroom.
The project received a 2023 CoStar Impact Award, as judged by a panel of local real estate professionals, for multifamily development of the year. What may set it apart most is the developer’s arrangements with the neighboring St. Paul’s Episcopal Cathedral, which cleared the way for the project.
Greystar acquired the approximately half-acre parcel from St. Paul’s in 2019 as part of an agreement that allowed the church to occupy 10,000 square feet of the apartment building’s first floor for various functions. The church also received access to 8,000 square feet on the property’s bottom level along with spaces in an underground parking garage that Greystar built for the apartments.
The project’s architect was Joseph Wong Design Associates, with interior design by Jules Wilson Design Studio. Greystar officials said the apartment building’s contemporary elements were designed to complement those of the neighboring church, which was built in a neo-gothic style in 1951.
For instance, the apartment building’s rooftop has an accent wall designed by Wong that is intended to echo the church’s iconic windows and archways.
About the Project: The 20-story, 204-unit apartment building known as 525 Olive opened in August 2022 in San Diego’s Bankers Hill neighborhood. It was developed by Charleston, South Carolina-based Greystar.
What the Judges Said: “The location here is epic,” said Christopher Sohaey, managing principal at investment firm MMC Real Estate Holdings. The development is “a significant re-use of the block” owned by the church, said Amy McNamara, principal at brokerage Urban Property Group. She said the building’s retail offerings include a “new-generation market/deli for upscale urban environments perfectly positioned for the neighborhood.”
They Made It Happen: The apartment development was spearheaded by Greystar’s Tenoka Hudson, Raul Tamez, Stephen Flint and Brad Graham.