Greystar GP II, LLC
6th and Olive, San Diego, CA 92101
The buyer was Greystar GP II, LLC, which acquired the site totaling 0.59 acres for nearly $8.2 million. Greystar will supply the seller with 14,209 square feet of 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 low-income residents. The project has been approved by the San Diego City Council.
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.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.