Greystar Acquires Prime Property in San Diego’s Bankers Hill for New 20-Story Apartment Project at 6th & Olive

SAN DIEGO, Calif., May 16, 2019 – Cushman & Wakefield announced today the firm, in conjunction with Springline Associates, has advised the Seller in the sale of a prime piece of land located at the SWC 6th Avenue and Olive Street in San Diego, California. The buyer was Greystar (6th and Olive, LLC), which acquired the site totaling 0.59 acres. Greystar will supply the seller with improved office space and 70 designated parking stalls to support the cathedral’s ministry along with developing a new 204-unit high rise apartment community on the property, with 18 of the residential units designated affordable for very low-income residents. The project has been approved by the San Diego City Council and will begin construction in June.

The seller was St. Paul’s Episcopal Cathedral (Nutmeg & Olive, LLC), which was represented in the transaction by local land team Tim Winslow, Jason Kimmel and Kevin Nolen of Cushman & Wakefield’s San Diego office. St. Paul’s Episcopal Cathedral has been represented since 2002 by developer Tom Delaney of Springline Associates, Inc.

Delaney said, “The Cathedral is very pleased to have concluded this sale to Greystar and for the support we received throughout the entitlement process from the community, Planning Commission, and City Council. We look forward to construction of the project and to St. Paul’s new office space, which will support the Cathedral’s ministry for years to come.”

Greystar’s new 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.

Winslow said, “The desirable location for this new project is walkable to employment centers plus amenities and is also bike-friendly and conveniently serviced by public transportation. The 20-story project is also beautifully located 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.”

Winslow added, “Bankers Hill is a vivacious neighborhood home to some of San Diego’s finest and most iconic restaurants. 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.”

“San Diego is in the midst of a severe housing crisis, and Bankers Hill is an ideal location for additional housing,” said Omar Rawi, Senior Director for Greystar and Project Manager for the 6th and Olive project said in a public statement. “Our new development will look to help meet the city’s goals of new projects along public transportation corridors that are maximizing the number of housing units on their sites and including income-restricted affordable units onsite rather than paying ‘in-lieu’ fees.”

Rawi noted, “We gave a considerable amount of thought and care into the design and site planning of the 6th & Olive project, with an emphasis on how to make its height work in the context of its surroundings.”

By building vertically instead of sprawling horizontally over the site it shares with St. Paul’s Cathedral, Greystar says that will also leave space for a 10,000-sf courtyard accessible to the public on a daily basis. The park-like setting will also provide a special community gathering space for celebrations.

Rawi concluded, “Greystar and St. Paul’s commitment to the community has guided us to a project that does its part to address the housing crisis and supports the cathedral’s ministry and service to the community.”

 

About Cushman & Wakefield
Cushman & Wakefield (NYSE: CWK) is a leading global real estate services firm that delivers exceptional value for real estate occupiers and owners. Cushman & Wakefield is among the largest real estate services firms with approximately 51,000 employees in 400 offices and 70 countries. In 2018, the firm had revenue of $8.2 billion across core services of property, facilities and project management, leasing, capital markets, valuation and other services. To learn more, visit www.cushmanwakefield.com or follow @CushWake on Twitter.

2019-05-16T13:15:54-04:00May 16th, 2019|In the News|