- Project will add 163 rental residences one block from University of California – Berkeley and Downtown Berkeley Bay Area Rapid Transit (BART) station
- $90 million construction loan provided by J.P. Morgan
- GreenPoint Rated Gold, Net Zero commitment and project primarily powered by electric energy
- Partnership with Berkeley Food & Housing’s HOPE project – an affordable housing development for Berkeley’s veterans and homeless population
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 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 $90 million construction loan to Grosvenor. “We’re excited to be working with Grosvenor on their mission to create more rental housing opportunities for the Berkeley 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 famed 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.
Grosvenor has been an active owner and developer in the US and Canada for over 70 years. We focus on vibrant urban locations, making positive contributions to neighborhoods and communities. In 2019, we were one of the first North American signatories to the World Green Building Council’s Net Zero Carbon Buildings Commitment and have been publicly reporting our annual consumption and reduction values for over 10 years. We are guided by industry leading ESG business principles and we report to the Global Real Estate Sustainability Benchmark (GRESB).
- Our US$2.7bn development pipeline focuses on projects in urban, transit-oriented and/or amenity-rich neighbourhoods and includes urban mixed-use residential projects in Washington, D.C., San Francisco, Silicon Valley and Metro Vancouver, Canada.
- Our Investment Programme acquires value-add residential and commercial properties while actively managing and improving a US$4.8bn portfolio of 74 high-quality properties in the US and Canada.
- Our Structured Development Finance business provides funds for much-needed residential development projects in growth markets across North America.
We are part of an international property company with a track record of over 340 years developing, managing and investing to improve property and places across many of the world’s leading cities, promoting sustainability within the built environment and enhancing the wellbeing of our customers and communities. We are a values-led organisation which represents the Grosvenor family. Our work in property, alongside Grosvenor’s other activities in food & agtech, rural estate management and support for charitable initiatives, shares a common purpose – to deliver lasting commercial, social and environmental benefit – addressing today’s needs while taking responsibility for those of future generations.