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525 Olive, Highest Residential Building in SD, Celebrates Grand Opening in Bankers Hill

Business525 Olive, Highest Residential Building in SD, Celebrates Grand Opening in Bankers Hill

525 Olive Luxury apartment building, 525 Olive in Bankers Hill. Courtesy Greystar

Developers and city officials Thursday celebrated the opening of 525 Olive, a $100.2 million luxury apartment building with panoramic views of Balboa Park, downtown and the bay.

At 20 stories in its elevated Bankers Hill location, the complex is the highest residential building in San Diego with rents starting at $2,440 per month, according to the Charleston, South Carolina-based real estate developer Greystar.

The nearly 300,000-square-foot project was developed in conjunction with St. Paul’s Episcopal Cathedral, which occupies 10,000 square feet on the first floor, 8,500 square feet on the bottom level and uses 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.

The building’s 204 residences, now 40% leased, include studio, one-, two-, three-bedroom floor plans, and penthouse suites, with homes spanning 533 to 1,625 square feet. The complex also provides 18 affordable units for occupants at or below 50% of the area median income, according to Greystar.

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, a dog run and pet spa, access to concierge services and reservable bikes.

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