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28 JUNE 2022
Grosvenor, a privately owned international property group, announces today the groundbreaking of 1951 Shattuck, a 163-residence Class A apartment building in downtown Berkeley. Located just one block away from the University of California Berkeley campus, construction is expected to be completed in Q2 2024.
Designed to GreenPoint Rated Gold Certification, the 12-story mixed-use rental building will bring emissions for landlord-controlled space to net zero by 2030, in line with Grosvenor’s World Green Building Council commitment. In a proactive pursuit of sustainable building design, Grosvenor voluntarily removed all natural gas systems from the interior of all homes. The building, designed by Solomon Cordwell Buenz, will also include 5,000 square feet of retail and two floors of parking that will accommodate 9 electric vehicle charging stations.
“As we deliver much-needed homes to an undersupplied market, we are also bringing an exterior design that will be a stunning addition to the downtown neighborhood -- a vibrant retail and dining location – that offers sweeping views and seamless access to multiple transportation nodes,” said Steve Buster, Grosvenor’s Senior Vice President of Development in San Francisco. “The 1951 Shattuck residences will align design with our environmental goals while also setting a new precedent for quality interior and exterior environments.”
Grosvenor received nearly unanimous planning approval from Berkeley’s Zoning Adjustments Board in 2019 and was credited for its GPR Gold certification goal and its plan to be primarily powered by electric rather than gas. Grosvenor agreed to a project labor agreement to ensure that local union workers are responsible for construction, worked to relocate Berkeley Vacuum & Sewing Center, a popular locally run business, and agreed to contribute just over $6M to fund local affordable housing projects.
As part of Grosvenor’s commitment to the neighborhood, the developer formed a partnership with Berkeley Food & Housing’s HOPE project, an affordable housing development committed to serving Berkeley’s veteran and chronically homeless populations, as well as committed to First Source hiring, a program which promotes local hiring.
J.P. Morgan provided a $90M construction loan to Grosvenor. “We’re excited to be working with Grosvenor on their mission to create more rental housing opportunities for the Berkelely community,” said Alex Mast, Northwest Market Manager of Real Estate Banking for J.P. Morgan. “This mixed-use project will help meet the city’s needs and provide valuable amenities to the residents in this important community that we serve.”
Focused on high-quality urban residential properties in vibrant, walkable locations in transit-oriented neighborhoods in the San Francisco Bay Area, Grosvenor has been responsible for developing several notable infill residential projects, including 288 Pacific in Jackson Square, Crescent on Nob Hill and 1645 Pacific at the intersection of three frames neighborhoods – Nob Hill, Russian Hill, and Pacific Heights.
Last month Grosvenor acquired their second investment in the East Bay with the purchase of close to an acre of land at 2600 Telegraph Avenue in Oakland where 225 rental homes, including affordable housing, are entitled for the site.
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