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5/21/19
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Greystar acquired a prime development site totaling 0.59 acres in downtown San Diego, at the southwest corner of 6th Ave and Olive St. The property was sold by St. Paul’s Episcopal Cathedral.
Greystar will develop a new 204-unit high-rise apartment community on the property, with 18 of the residential units designated affordable for very low-income residents. In addition, they will supply the seller with improved office space on the ground floor of the new project along with 70 designated parking stalls to support the cathedral’s ministry. The project has been approved by the San Diego City Council and will begin construction in June.
The project’s location is walkable to employment centers plus amenities and is also bike-friendly and conveniently serviced by public transportation. The 20-story project is also situated at the edge of and will overlook the 1200-acre Balboa Park, the nation’s second largest urban cultural park featuring 15 museums, performing arts venues, gardens, and the San Diego Zoo.
The apartment community was designed by Joseph Wong Design Associates (JWDA). The award-winning designer has delivered some of San Diego’s most significant buildings and helped improve the skyline. For over thirty years, JWDA has planned and designed major buildings throughout California and in most major cities in Asia.
The seller was represented in the transaction by Tim Winslow, Jason Kimmel and Kevin Nolen of Cushman & Wakefield. St. Paul’s Episcopal Cathedral has been represented since 2002 by developer Tom Delaney of Springline Associates, Inc.
“Bankers Hill is a vivacious neighborhood home to some of San Diego’s finest and most iconic restaurants,” noted Winslow. “New housing projects are changing the landscape in the surrounding blocks with new condo buildings planned for 6th Ave and Palm St, 5th Ave and Nutmeg St, and 5th Ave and Maple St. This residential growth aims to create increased convenience and connectivity within this desirable community, all the while helping to fulfill an ongoing need for housing.”
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