Rare Entitled Shovel-Ready Project Fills Housing Need

BERKELEY, CA—Not only is a shovel-ready site in the Bay Area fairly elusive, but one that is BART accessible to not only one but two stations is the icing on the cake. Such is the case for an 84-unit apartment site with approximately 1,350 square feet of ground-floor retail space, located at 2035 Blake St. Gemdale Properties and Investment recently acquired the property and Blake|Griggs Properties Inc. is working as co-developer on the project, known as The Blake.

“It is rare to find a fully entitled, shovel-ready project in a market with strong demand drivers and constrained supply,” Sage Sudbury, investment manager for Blake|Griggs Properties tells GlobeSt.com. “The easy access to two BART stations makes this project consistent with our strategy of developing high-quality mixed-use projects in in-fill locations convenient  to transit hubs.”

This five-story project's 84 units will include two live-work units, approximately 1,350 square feet of ground-floor retail, 68 parking spaces in a basement-level garage and 67 bike parking spaces. Two of the vehicle spaces will be dedicated car-share spaces, and there will be additional electronic voltage-ready parking stalls provided. This will be the only area multifamily project that will include rooftop solar panels, resulting in energy cost savings as well as appealing to green-conscious area residents.

“This project benefits from its superior location,” says Jason Zhu, chairman of Gemdale USA. “It is a short 10-minute walk to Berkeley BART and the University of California, Berkeley campus. The Blake represents Gemdale's third project in the Bay Area, a strategically very important high-growth market for Gemdale.”

UC Berkeley is currently ranked first among public universities and third globally by US News & World Report. The large student population, increasing enrollment and lack of on-campus housing provides a built-in demand generator.

“Supply constrained yet high growth, downtown Berkeley is a highly walkable and livable setting ideal for urban professionals, with a significant number of museums, art galleries, theaters, restaurants and grocery stores,” Michael Krupa, president of Gemdale USA further adds. “Moreover, there are more than 350 startups in Berkeley, making the city a leading center for new business and innovative technologies. It is also a short walk from the project to Berkeley Bowl, which is one of the most popular organic grocery stores in Berkeley.”

There are numerous projects underway on campus, GlobeSt.com learns. Some of the projects include the Bancroft Residence Hall, the renovation of Anna Head Buildings E and F, Berkeley Way West, Café 3 seismic upgrade, Connie and Kevin Chou hall, Moffitt library level four and five renovations, the Wheeler Hall renovation, and University Village Senior Living and Marketplace.

“We are excited about starting construction on our first project in Berkeley and bringing high-quality market rate and affordable housing to a supply-constrained market,” Brad Blake, co-founder and managing partner of Blake|Griggs Properties, tells GlobeSt.com. “It's a great opportunity to work with Gemdale's Bay Area team to help them achieve their growth objectives in the Bay Area. Blake|Griggs' local sharpshooter approach combined with its access to institutional and international capital allows us to compete with the largest developers on the West Coast for the most attractive opportunities.”

This is not the first Bay Area property that Gemdale Corporation has developed. Three years ago, Gemdale and Lincoln Property Company formed a joint venture to develop 350 Bush St., a 19 -story, 372,000-square-foot class-A office tower, and 500 Pine St., located in the North Financial District.

Gemdale Corporation was founded in 1988. While Gemdale's roots are in the residential condominium sector with more than 45,000 residential condominium units in 29 major cities in China in 2015 alone, Gemdale has also embarked on commercial/mixed-use developments as well as real estate private equity funds management. Gemdale Properties and Investment, a subsidiary of Gemdale Corporation, is one of China's largest and leading real estate developers. Since its first US investment in Los Angeles in 2015, Gemdale PI has expanded rapidly in the international property market and intends to enter other major metropolitan cities.

Led by founders Blake and Brad Griggs, Danville, CA-based Blake|Griggs Properties has a development pipeline of more than 1,200 units and is actively seeking new opportunities, GlobeSt.com learns.