Berkeley — A high-rise residential complex in downtown Berkeley is taking the spot for several hundred residential towers.
Landmark Properties purchased a mixed-use retail and residential building at 2190 Shattuck Ave. that includes a Walgreens store in downtown Berkeley, documents filed with the Alameda County Recorder’s Office show.
Landmark Property, a Georgia-based company, has invested $27.7 million through an affiliate in the site, which has shops on the first floor and residential units on the second floor, according to filings with the county office on Nov. 23. paid for.
The seller was an affiliate of PGIM Real Estate, the property investment division of Prudential Financial. A PGIM affiliate paid him $23 million when he purchased the property in 2015. PGIM has managed the property through the city’s approval process.
The developers of the project aim to bulldoze the existing building and replace it with high-rise housing, city plans show.
At 25 stories, the tower will be one of Berkeley’s tallest buildings.
The developer plans to build 326 residential units in the tower. Some housing will be affordable.
On the ground floor, developers are looking at commercial uses including retail stores, restaurants, offices, or a combination of the three, planning documents said. There is also a lobby on the ground floor.
Parking is expected to be in the basement of the tower, according to City of Berkeley filings.
According to the proposal, the tower will also include a roof deck totaling 9,700 square feet.
An estimated 32 or 33 units are expected to be reserved for people at very low income levels, according to documents filed with the city.
Landmark’s Bay Area real estate portfolio consists of two projects, both located in Berkeley, excluding the Shattuck Avenue project.
Another landmark property in the Bay Area is The Standard at Berkeley, a 318-unit multifamily home at 2580 Bancroft Way. Stonefire Berkeley at 2010 Milvia St., according to Landmark’s website.
https://www.siliconvalley.com/2022/12/22/berkeley-downtown-housing-home-retail-build-buy-real-estate-develop/ Berkeley Residential Towers Advance Property Purchase Deal