Crittenden Report Editors
Grosvenor, a privately owned international property group, acquired 2600 Telegraph Avenue in Oakland, Calif., where they will begin construction in early 2023 to develop 225 rental homes and 6,000 square feet of specialty retail space. 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 fully entitled site, comprising two parcels totaling 39,492 square feet, is a continuation of Grosvenor’s strategy as also reflected in its other East Bay rental project soon to be under construction at 1951 Shattuck in Berkeley.
The project, comprised of all-electric units, will target net zero operational carbon and will target Greenpoint Rated Silver certification.
Grosvenor has been developing projects in vibrant, walkable transit-oriented neighborhoods, including 288 Pacific in Jackson Square, Crescent on Nob Hill and 1645 Pacific at the intersection of three famed neighborhoods – 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.
Grosvenor has been an active owner and developer in the US and Canada for over 70 years.
