1110 University Avenue, Berkeley

This property presented a unique opportunity for redevelopment, as it had significant deferred maintenance and contamination issues from its past use as a dry cleaner.

Stephen and his investors formed 1110 University Ave LLC and acquired a mixed-use building on a 6,700 sqft lot, featuring two commercial businesses and eight residential rentals. They successfully secured entitlements for a new 36-unit mixed-use residential building at affordable market-rate prices.

Unfortunately, due to unforeseen protests from housing advocates and overly burdensome financial requirements imposed by the city, the investors were forced to sell the property, rendering the project economically unfeasible.