Potrero Grande & Atlas
The Olson Company is replacing a vacant medical office campus in Monterey Park with 159 condominiums, eight reserved for very-low-income buyers — an office-to-residential conversion the city approved before Olson bought the fully entitled site.
Units
159
Affordable units
8 very-low-income units via density bonus, plus 8 live/work units
Zoning
Saturn Park (S-P), McClaslin Business Park overlay, density bonus
Site area
~7.9–8 acres
Details
- Address
- 601 Potrero Grande Drive, Monterey Park, CA
- Case number
- SDP 25-131 / VTM 84935
- Replaces
- Two 1980s/2004 medical office buildings, ~120,200 sq ft, 508 surface parking spaces
- Unit mix
- 2–4 bedroom, ~1,100–2,000 sq ft, two-car garages
- Stories
- 3
- State law
- State Density Bonus Law
- Phasing
- Acquisition closed August 2026; delivery around 2028 per secondary sources
An office campus becomes 159 condos
The Olson Company is replacing a vacant medical office campus in Monterey Park with 159 condominiums. The city council approved the project in June, and Olson closed on the site in August for about $25 million.
What's proposed
- 159 condominium and townhome units on roughly 8 acres, ~20 units/acre, gated
- 2-, 3-, and 4-bedroom plans, 1,100 to 2,000 sq ft, every unit gets a two-car garage
- 8 units reserved very-low-income (density bonus) + 8 live/work units
- Linear park, walking paths, and a central open-space cabana
The site and the sale
The site held two medical office buildings — about 120,200 square feet built in 1980 and 2004 — that Blue Shield of California sold to BH Properties for roughly $15 million in the early 2020s. Olson bought it from BH this August for about $25 million, after entitlements were already in hand — closer to how larger institutional builders operate than the small-lot conversions that make up most of this pipeline. KTGY designed the project; the firm has several other Olson-developed projects in the San Gabriel Valley.
Approved and entitled, with Olson now owning the land outright as of August 2026. Secondary sources put delivery around 2028, but that's a market estimate, not a permit. The approval carries one disclosed condition: any Phase I environmental site assessment findings have to be remediated before the city issues a certificate of occupancy.
What this means if you live nearby
A vacant office campus becomes 159 gated condos with two-car garages, eight of them reserved for very-low-income buyers. Construction timing isn't confirmed, but Olson now owns the land free and clear. If you're near a similarly zoned office parcel, this is the kind of conversion your city has already shown it will approve.
Team
Source (staff-report): http://www.montereypark.ca.gov/1742/Olson-LiveWork-Project · retrieved 2026-08-14 · last verified 2026-08-14