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Residential tower at Westfield UTC mall opens

Posted at 5:53 PM, Jul 11, 2019
and last updated 2019-07-11 21:11:31-04

SAN DIEGO (KGTV) - A first-of-its-kind residential tower opened in San Diego this week.

The 300-unit Palisade UTC complex is located right on the Westfield UTC mall's property.

It offers an expansive pool, bar area, community room, open-air gym, and a lounge on the 23rd floor, with views to the coast.

"The goal was to have multiple spaces, again, that would be like staying at a four or five star resort," said Jerry Brand, executive director of developer Greystar.

The building will be among the most expensive in San Diego County.

Studios start at $2,750 a month, while two-bedroom units start at $4,300. The penthouse is advertised for $20,000 per month. It also includes 30 affordable units.

Analysts say luxury buildings like Palisade can play a role in easing all of the region's housing crunch.

"A substantial portion of the people moving into, like, the new projects downtown are actually vacating the older projects and moving up, so the luxury projects that are going up are really helping the housing situation," said Alan Nevin, director of economic research at Xpera Group.

Kimberly Brewer, senior vice president of development for Unibail-Rodamco-Westfield, said the project is part of the evolution of the shopping center.

The mall recently expanded to add more restaurants and a full office for CBRE, a commercial real estate firm.

"What we've done at UTC we're doing across the country and really creating a live, work, play environment," she said.

The buildings had its first move-in this week. So far, 50 of the units have been leased.

About half of the renters are retirees, while a handful are entrepreneurs.

Nevin said it could also attract young tech workers who make a lot of money but are still not ready to buy.