The Bankers Hill Apartment Pipeline: Mid-2026
Nine active projects, three recent deliveries, and the policy behind all of it.
By Nick Hernandez ·
Bankers Hill in San Diego has 9 apartment projects under construction right now, including several major high-rise and mid-rise developments. Another 3 were delivered in 2025. By 2028, close to 1,600 new units will have come online.
The skyline won’t look the same.
The pipeline
Almost every active project sits within a six-block radius of Balboa Park. Three of them are high-rises: Park Summit (21 stories), 6th & Palm (20), and Broderick (17).
The scale is important, but timing matters too. This new supply is hitting at a point when the upper-end rental market is already competitive. Most buildings in lease-up or preleasing are offering multi-week rent specials, noted with each below.
Recently delivered or now leasing
Asano on Fourth at 2100 4th Ave opened in May 2025. Tim Foley’s company developed the 56-unit building, paired with the UCSD medical office at 2131 Third Avenue. The building features a European-engineered WÖHR mechanical parking system. One bedrooms are listed from $2,495, and two bedrooms reach around $5,725.
Asano on Fourth | Image source: Foley Development
Kaya (2710 3rd Ave) opened in 2025. CAST Development built the 78-unit project next to Olive Street Park and Maple Canyon. The building reached 91% leased after nine months of lease-up. One bedrooms are listed from $3,395, and two bedrooms reach $7,295. Current move-in specials include up to 8 weeks free, a $1,500 incentive, and 6 months of free on-site parking on select units.
Kaya | Image source: Cast Development
Treehouse at 2525 1st Ave is the newest building delivered to market. Raintree Partners built the 107-unit, 8-story project. The leasing office is open and the building is welcoming first residents. Studios start at $2,570 on the lower floors, one bedrooms at $3,310, and two bedrooms at $4,725. Treehouse is currently offering up to 6 weeks free rent on select units.
Treehouse | Image source: Raintree Partners
Under construction, delivering 2026 to 2027
Park Summit at 555 Upas St is the tallest building in Bankers Hill at 21 stories. Floit Properties is developing the project on a prominent site spanning 5th to 6th Avenue. The project includes 265 units and ground-floor retail, including She Rode West, a new restaurant concept from the team behind Cowboy Star, and Studio 10 Pilates. The building topped off in early September 2025 and is now preleasing for late 2026 delivery. Park Summit is currently offering up to 4 weeks free, plus a $1,500 look and lease bonus.
Park Summit | Image source: Floit Properties
Broderick at 301 Spruce St was a project formerly known as The Quince. The building stands 17 stories with 260 units, and sits at the north end of Maple Canyon. It topped out in April 2026, and certificate of occupancy is targeted for late 2026 or 2027.
Broderick | Image source: Author
Flora + Fauna 411 Ivy St is a Raintree Partners project. The development consists of two mirrored 6-story buildings on either side of Ivy, totaling around 185 units. Delivery is targeted for late 2026.
Flora + Fauna | Image source: Raintree Partners
Apollo at 2903 4th Ave is a 82-unit, 8-story building. The project appears to be close to topped off, with completion likely in late 2026.
Apollo | Image source: TFWA Architects
4th & Palm at 2881 4th Ave is a 90-unit, 8-story mixed-use Complete Communities project located directly across from Apollo. Construction is well underway and the project appears to be on a similar timeline to Apollo.
4th & Palm | Image source: Streamline Development
The Brookes at 3604 4th Ave is technically just over the line into Hillcrest. The project is 88 units, with completion likely in early 2027.
Brookes | Image source: Greenline Development
3104 Third Avenue is a 29-unit project nearing completion, sitting just around the corner from the Broderick site. It’s smaller than the others on this list but worth noting because it’s the kind of infill project Complete Communities was originally designed to encourage.
3104 Third Ave | Image source: Author
Under construction, delivering 2027 to 2028
Cuarto Apartments at 3636 4th Ave is a 74-unit, 11-story project. The site sits adjacent to the Brookes site, with the development team securing $31M in construction financing in late 2025. Construction is visibly underway, and the targeted November 2027 completion looks realistic.
Cuarto Apartments | Image source: Multihousingnews.com
6th & Palm at 2950 6th Ave broke ground in early September 2025 and is now visibly under construction, with deep excavation and a tower crane on site. This project is going to be 20 stories with 214 units on a full city block. The 1911 Hazard House, an Italian Renaissance Revival home, is being preserved on site and repurposed as a coworking space for residents. Greystar is the lead developer with capital partners. Completion is targeted for 2028.
6TH & PALM | Photo: JWDA Architects
That’s the full active pipeline.
The reason this is happening now is simple: the rules changed.
Complete Communities
For decades, density in Bankers Hill was capped well below what Complete Communities now allows. The neighborhood filled in with small to mid-sized apartment buildings as a result.
In November 2020, the City Council passed Complete Communities Housing Solutions. The program lets developers exceed the old density and height caps in exchange for reserving a portion of units as affordable. It also reduces parking requirements and waives most impact fees on the affordable units. Recent updates allow those affordable units to be placed off-site, up to three miles away and up to five years later. The program has multiple income tiers and several nuances around how affordability is calculated.
Almost every project on the list above is using this program. Without Complete Communities, much of this density would not have been allowed on these sites.
Parking
Parking is one of the more interesting pieces of this cycle.
San Diego has eliminated minimum parking requirements for multifamily projects in Parking Standards Transit Priority Areas, and Complete Communities projects can also benefit from reduced parking requirements depending on the site. However, recent North Park examples have clearly shown that limited parking is creating real lease-up friction, even in walkable neighborhoods. Casa Verde, a 94-unit building completed in 2023, opened with only 13 onsite parking spaces and later offered access to nearby city garage parking after finding that many renters still had cars.
That said, most of the Bankers Hill projects are not going parking-free. Park Summit, Broderick and 6th & Palm all include substantial underground parking.
Street parking is still going to feel tighter. More residents, visitors, deliveries, service providers, and ground floor retail activity all compete for curb space. That will matter for older apartment buildings, small businesses, and smaller residential properties in the vicinity where onsite parking is already limited.
Two more to watch
2466 1st Avenue sits directly across Laurel from the new Treehouse project. The current building is Lofts on Laurel, a 21-unit luxury apartment complex completed about seven years ago. It’s now fully vacated. Permit activity has picked up significantly over the last year: a grading permit was approved in July 2025, building permits were filed in September 2025, and a demolition permit opened in March 2026. The plan on file shows an 8-story replacement with 2.5 levels of subterranean parking. The historic single family house and historic carriage house on the lot would be preserved untouched, similar to the Hazard House at 6th & Palm.
The existing 21-unit building was completed about a year before Complete Communities passed in November 2020, so the original underwriting was based on the old zoning. Whether the redevelopment moves forward, and on what timeline, isn’t clear yet.
2325 5th Avenue, on the corner of Juniper and 5th, takes up most of the block between 4th and 5th on Juniper. It’s currently a large medical office building. A 145-unit Cisterra Development project was announced for the site, but as of mid 2026 there’s no permit activity, no recorded construction loan, and no visible site work. The project appears to be on hold.
The next 36 months
This is the biggest apartment construction cycle Bankers Hill has seen in decades. CoStar reports San Diego rents fell year over year for the first time since 2010, with countywide vacancy at 5.9%, the highest since 2009, and downtown over 10%.
This wave of new supply is landing in a softer rental market than many developers likely expected when these projects were first planned. The same pattern is showing up in Hillcrest, North Park, and parts of downtown, where lease-up concessions have become common.
The next 36 months will show how much new luxury supply Bankers Hill can absorb.
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Nick Hernandez is an apartment broker at Top Gun CRE. He focuses on small and mid sized multifamily across San Diego.
More San Diego multifamily market analysis at hgroupcre.com.