Property: 525 Olive
Developer: Greystar (co-developed with St. Paul’s Cathedral)
Location: San Diego
Unit Size: 204 units
Cost: $100.2 million
Rent: High $2,000s to $13,000s
After two years of construction, Greystar’s $100.2 million 525 Olive project opened this spring on the west edge of San Diego’s Balboa Park. The 20-story tower is the highest residential structure in the city by building height plus land elevation, said Raul Tamez, director of development for Greystar, in a press release.
Architect Joseph Wong Design Associates and interior designer Jules Wilson Design Studio took inspiration from 525 Olive’s next door neighbor, St. Paul’s Episcopal Cathedral — a neo-Gothic structure built in 1951 — for some of the design elements in the modern-style building. For instance, the rooftop deck features Gothic arches on the facade around the clubhouse, and clean lines and neutral color palettes define the interior aesthetic.
The tower is built on property sold to Greystar in 2019, replacing a former St. Paul’s office building. As part of the development agreement, the church occupies 18,500 square feet of office and meeting space at 525 Olive, as well as space in the parking garage. The construction plan included upgrades to the public courtyard that the two structures share. St. Paul’s is a co-owner and co-developer of the project; Greystar is the exclusive manager of the residential spaces.
525 Olive offers 204 units from studios to three-bedrooms, ranging from 533 to 1,625 square feet in size. Eighteen of the units are designated as affordable. Seventy-nine units are listed as available, with monthly rents starting at $2,980, according to the property website. Penthouse unit prices range from the $8,000s to the $13,000s, according to the press release.
All units feature wide wood-style plank flooring, Fisher & Paykel smart appliances and private patios or balconies. The 12 penthouses offer an upgraded refrigerator and wine chiller, as well as other high-level finishes.
Each unit is also equipped with smart home features, including a Wi-Fi enabled washer and dryer, LG thermostats, keyless entry, smart shades and smart dimmer switches.
Besides the rooftop deck, amenity space include a clubhouse with a kitchen and TVs, a social lounge and a pool area, a fitness center; a work lounge and conference rooms, multiple courtyards and a dog run.