The team of Westfield Corporation, headquartered in Sydney, and Greystar, headquartered in South Carolina have embarked to develop and manage a 300 apartment tower in San Diego, California. The project is to be estimated to be completed by 2019 and is worth to be approximately $200 million. This venture is Westfield’s first venture into residential development which will be followed by developments in the US and UK. This asset will be a value add to UTC shopping mall complex led by Westfield, a $600 million project. Greystar, the world’s largest rental landlord and operator, is the apartment developer and will manage the residential complex after the opening.
Various facilities will be provided in this building including a junior Olympic pool, fitness center, club room, library and concierge service.
Westfield Residential, a $25.7 billion company, plans to build 8,000 apartments globally and it expects to commence a 1,200 apartment project in Stratford City in the UK in 2018.
Westfield runs 35 shopping malls in the US and Europe and is recently analyzing opportunities to provide residential dwellings around its shopping centers. It has also received approval to build 1,500 new homes for Westfield London in White City as a part of its £1 billion ($1.33 billion) expansion plan.
About Westfield Corporation
Founded in 1959 in Sydney, Australia, Westfield Corporation owns and operates shopping centers around the world. With 35 malls worldwide encompassing 6,500 retail outlets and $32 billion asset under management, Westfield Corporation primarily operates in the United States, United Kingdom, Australia and New Zealand.
Greystar provides real estate services such as property management, financial services, investment advisory, capital renovation, asset management, development and construction services. Founded in 1993, Greystar estimated revenue is $60.0 million and employs about 10,000 employees.