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Greystar Buys Bankers Hill Site, Plans 20-Story MF Tower
Greystar acquired a 0.59-acre site at 6th Avenue and Olive Street in San Diego’s Bankers Hill from St. Paul’s Episcopal Cathedral, with plans to develop a 20-story apartment project. The new 204-unit high rise includes 18 residential units designated affordable for very low-income residents. The project has received San Diego City Council approval, and will begin construction in June.
Greystar’s affiliated entity, 6th and Olive, LLC, will supply the seller with improved office space and 70 designated parking stalls. By building vertically instead of sprawling horizontally over the site it shares with the church, Greystar says that will also leave space for a 10,000-square-foot public courtyard. The park-like setting will also provide a special community gathering space for celebrations.
The church entity, Nutmeg & Olive, LLC, was represented by Cushman & Wakefield’s Tim Winslow, Jason Kimmel and Kevin Nolen. The church has been represented since 2002 by developer Tom Delaney of Springline Associates, Inc.
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