The Austin Group has been granted a $28.15 million construction loan for the eight-story residential infill at 2440 Shattuck Avenue in Downtown Berkeley, Alameda County. The loan was secured by Highland Realty Capital, the same firm that secured $3 million for pre-development costs for the Austin Group. The project has already broken ground, with completion expected by 2024.
2440 Shattuck Avenue, image courtesy YIMBY tipster from mid-October
2440 Shattuck Avenue facade elevation, illustration by Johnson Lyman Architects
2440 Shattuck Avenue residential lobby entrance, rendering by Robert Becker for Johnson Lyman Architects
Johnson Lyman Architects is responsible for the design. The urban infill features an articulated exterior with a color palette and setbacks to reduce the overall appearance of its scale. Facade materials will include beige brick, railroad brown brick, and smooth gray plaster.
The 87-foot tall structure will yield 58,290 square feet of total floor area, including,700 square feet for ground-level retail. Unit sizes will vary with seven one-bedrooms, 19 two-bedrooms, and 14 three-bedrooms. Parking will be included for 44 bicycles and no cars, a decision that promotes the urban center’s public transit and reduces traffic.
2440 Shattuck Avenue corner view of retail, rendering by Robert Becker for Johnson Lyman Architects
2440 Shattuck Avenue lobby and conference area, rendering by Robert Becker for Johnson Lyman Architects
The project benefits from the State Density Bonus program, adding two new floors, ten more units, and providing three units for very low-income households.
The apartments are rising in a burgeoning area, one block from the two-phase joint venture by Austin Group and CA Ventures called IDENTITY Logan Park. The project is also adjacent to 2420 Shattuck Avenue, the future home of a 16-story apartment infill being developed by NX Ventures.
Highland Realty Capital is based in El Segundo, with North Californian offices in Burlingame, San Mateo County. The construction funding was secured by HRC from Bank Hapoalim International, a foreign bank. Overall development costs are expected to reach $33.12 million for an average cost of around $823,000 per unit. Hawk Development is the general contractor.
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Yet more insipid, Shattuck Ave snooze fest.
I’ll take it over the dollar store that was there for much of my life.