San Diego real estate
525 Olive, as seen from Balboa Park. Photo credit: Staff photo

Pre-leasing is underway at 525 Olive,­ a $100.2 million apartment project in Bankers Hill developed in conjunction with St. Paul’s Episcopal Cathedral.

The nearly 300,000 square-foot complex, across from Balboa Park, is slated for completion in April, the same month move-ins are expected to begin in the 204 new units.

Rents in the 20-story luxury building, developed by the Charleston, South Carolina-based firm, Greystar, will start at $2,440 per month.

“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,” said Tamez, director of development for Greystar.

The developer has a growing footprint in San Diego, and is also pre-leasing at MöDE, a new 111-unit multi-family community on 7th and Robinson avenues in Hillcrest.

Greystar acquired the half-acre plus parcel for 525 Olive from St. Paul’s three years ago. As part of the transaction, the church will occupy 10,000 square feet on the first floor and 8,500 square feet on the bottom level, along with sharing access to the underground parking garage. 

The residences include studio, one-, two-, three-bedroom floor plans, plus 12 penthouse suites. Homes range from 533 to 1,625 square feet.

The units are outfitted with wide wood plank-style flooring, private patios or balconies and floor-to-ceiling glass windows to maximize city and park views.

Elements of the building also were designed to complement the neighboring church, a neo-gothic structure built in 1951, as well as the nearby park and the neighborhood. The ground floor lobby area will include a soon-to-be-named retail venue.

Amenities include the Level 20 SkyClub, a rooftop retreat on the entire top floor, the Park Lounge social area with a food bar, the Sun Club with a rooftop swimming pool and lounge, an indoor/outdoor fitness studio, courtyards with outdoor seating, a dog run and pet spa and a 15,000 square-foot community park.

The builder, Greystar Construction Group, joined with architect Joseph Wong Design Associates and interior designer Jules Wilson Design Studio in completing the project.