BERKELEY — A housing highrise in downtown Berkeley is pushing ahead with the purchase of a site where a residential tower with hundreds of units is being eyed.
Landmark Properties has bought 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.
Acting through an affiliate, Georgia-based Landmark Properties paid $27.7 million for the site, which has the store on the ground floor and residential units on the second floor, according to the Nov. 23 filing with the county agency.
The seller was an affiliate of PGIM Real Estate, an asset investment unit of Prudential Financial. The PGIM affiliate paid $23 million when it bought the property in 2015. PGIM has been steering the property through the city approval process.
The project developer aims to bulldoze the existing building and replace it with a housing highrise, city plans show.
The tower would be 25 stories high, making it one of the tallest buildings in Berkeley.
The developer intends to build 326 dwelling units in the tower. Some of the dwellings will be affordable.
On the ground floor, the developer is eyeing commercial uses, which could include retail, restaurants and offices, or some combination of these three, the planning documents state. The ground floor would also contain lobbies.
Parking is expected to be in the basement of the tower, the Berkeley city filings show.
The tower is also expected to include a roof deck totaling 9,700 square feet, according to the proposal.
An estimated 32 or 33 units are expected to be set aside for people of very low-income levels, the documents on file with the city show.
Landmark’s real estate portfolio in the Bay Area consists of two projects, both in Berkeley, other than the one on Shattuck Avenue.
The other Landmark properties in the Bay Area are The Standard at Berkeley, a 318-unit apartment complex at 2580 Bancroft Way; and Stonefire Berkeley at 2010 Milvia St., according to the Landmark website.
Source: www.mercurynews.com