2398 Bancroft Way
Berkeley, CA 94704

Project details   |   Project specs

Challenges
Urgent request for Citycentric to come in very late in non-profit project’s entitlement process to help finalize complicated zoning issues and provide bridge financing between entitlements and construction loan, very high early capital expenditures on project that City could not approve, complicated and comprehensive entitlement process, area with many historically significant structures, financing during economic crisis, complex negotiation, using sustainable policies before their zoning adoption, finding significant cost reductions to balance reduced construction loan scenario due to economic crisis (loans not available or very high interest rates).

Vision

Student oriented, forty bedroom, green housing across from U.C. Berkeley. Citycentric provided consulting services for entitlements, construction documents and construction financing; project broke ground July, 2009.

Result
Extremely positive neighborhood reaction and support, solid core of neighborhood support, strong historically appropriate design, oak tree preservation.

Product: Mixed-use infill development project with 90 beds in eight suite units, @2,400 square feet of non-profit office space.     Approvals: City of Berkeley Use Permit and Design Review, Landmarks Commission review, State Density Bonus, Mitigated Negative Declaration     Status: 2008 (entitlements completed), 2009 (start of construction), 2010 (construction completion projected)     Value: 9,000,000     Partners: Wesley Foundation     Lenders: Bank of Alameda and Citi     Contractor: Reeve Knight Construction     Sustainability: GreenPoint Rated     Carbon Savings Green House Gas savings: 57,600lbs CO2/year; Vehicle Miles Traveled savings: 160,000miles/year; Gas savings: 6,400gal/year; Oil savings: 116 barrels/year

Number of units   5 bedroom 8 Total Bedrooms 40 Beds 88     Area   Non-profit (gross) 2,400 square feet     Density ratios   Project gross 168,811 s.f. Site 7,500 s.f. Acres .17 Occupants/acre 511 Bedrooms/acre 232 Units/acre 46 d.u./acre     Parking   Spaces/unit res. 1/unit Total 0 spaces (car free policy, across the street from UC Berkeley)