Wesley Foundation
Partnership: Wesley Foundation
Partner
Partnership: Wesley Foundation
Location
2398 Bancroft Way, Berkeley, CA, USA
Year
2009
Service
Entitlements
Mixed-use infill development project with 90 beds in eight suite units, and 2,400 square feet of non-profit office space.
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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.
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).
Project Details
Result:
Extremely positive neighborhood reaction and support, solid core of neighborhood support, strong historically appropriate design, oak tree preservation.
Project Details
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
Project specs
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
Total0 spaces (car free policy, across the street from UC Berkeley)
Financing
Bank of Alameda and Citi
Estimated TDC
$9 million