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Grosvenor Buys Development Site in Oakland

6/03/22

Grosvenor has acquired two parcels totaling 39.5k sf of space in Oakland for new development. The fully entitled land, located at 2600 Telegraph Ave, will be used for construction od 225 rental homes and 6k sf of retail, with an early 2023 planned start date.

Fifteen of the homes will be affordable for local residents earning incomes less than 50% AMI (Area Median Income). The infill site is set within the amenity-rich KONO District (Koreatown Northgate) and is adjacent to Uptown, as well as near major transit options and downtown Oakland.

The project is a continuation of Grosvenorís strategy in the region, as reflected in its other East Bay rental project soon to be under construction at 1951 Shattuck in Berkeley. Consistent with Grosvenorís ESG principles and its Net Zero Carbon Buildings Commitment, the new project, comprised of all-electric units, will target net zero operational carbon and is expected to receive Greenpoint-rated Silver certification.

Focused on high-quality urban residential properties in vibrant, walkable 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 Ė Nob Hill, Russian Hill and Pacific Heights.

Next month, Grosvenor will break ground at 1951 Shattuck, a 163-residence, Class A apartment building and a rare development opportunity for rental housing in downtown Berkeley. Located just one block from the University of California Berkeley campus, construction is expected to be completed in Q2 2024.




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