Behind Bankers Hill's Luxury-Condo Renaissance

Termini: “Great things are happening in many parts of San Diego, but I think the renaissance in Bankers Hill is uniquely different because it’s being driven by a diverse group of national and international buyers who are recognizing the unparalleled lifestyle advantages available in the neighborhood.”

SAN DIEGO—People want to live in amenity-rich, walkable environments, and Bankers Hill’s Balboa Park is one of them, Zephyr ‘s co-CEO Brad Termini tells GlobeSt.com. As a result, the firm reports that the luxury-condo market is back in this submarket, as evidenced by developments currently under construction and recently completed there, including Zephyr’s the Park , a 14-story, 60-unit residential building with two retail spaces, slated for completion in 2017; ColRich ‘s Vue on 5^th , a seven-story, 45-unit luxury-condo project, with pricing for 40 single-level flats starting in the $700,000; Icon Properties ‘ 41 West , a 10-story building, featuring 41 two-bedroom condos, and a 3,000-square-foot retail space; and Alliance Residential ‘s Broadstone Balboa Park ,  a seven-story, 100-unit midrise building offering a mixture of historic bungalows, row houses, studios, one- and two-bedroom units and penthouse lofts. We sat down with Termini for an exclusive chat about the resurgence of luxury condominiums in this area adjacent to the core of Downtown San Diego.

The Park takes advantage of Bankers Hill’s amenity-rich, walkable urban environment.

GlobeSt.com: What is behind the luxury-condo development renaissance in Bankers Hill? Termini: People want to live in amenity-rich, walkable environments. Balboa Park is one of the greatest cultural amenities in the country, and it’s located in the heart of Bankers Hill. Where else can you walk out your door and experience award-winning restaurants , museums, art galleries and theater, while enjoying views of the Pacific Ocean and Downtown skyline from your luxury home? Banker Hill is truly unique on a national level, and our buyers are coming from all over the world with great appreciation for all it has to offer.

The Park’s penthouse terrace allows residents to enjoy the incredible San Diego weather in a vibrant Downtown community.

GlobeSt.com: Do you foresee a similar renaissance happening in other parts of San Diego? Termini: Great things are happening in many parts of San Diego, but I think the renaissance in Bankers Hill is uniquely different because it’s being driven by a diverse group of national and international buyers who are recognizing the unparalleled lifestyle advantages available in the neighborhood. GlobeSt.com: What impact will the luxury-condo renaissance here have on the apartment market? Termini: I believe there is room for everyone to flourish—both renters and condo owners. We’re seeing successful projects—both large and small—sprout up all over the neighborhood. I think the diversity of housing opportunities makes the community even more attractive and sustainable.

The view from the Park’s penthouse terrace includes gorgeous coastal scenery.

GlobeSt.com: What else should our readers know about luxury-condo development? Termini: It’s important to us that buyers understand our project, the Park , is not just another iteration of the usual “luxury” condo. The attention to detail in design and building material is unlike anything being built in San Diego. Additionally, the effort to incorporate the outdoors into each individual unit has never been achieved in San Diego vertical living. Each unit has large, private terraces that allow for a true indoor/outdoor living experience, which has never been created in a condo building locally. San Diego CRE is in a solid recovery phase with some creative trends leading the way.   Are You In The Know?  Join us  at RealShare SAN DIEGO on May 17 for impactful information from the leaders in San Diego CRE. Learn more .