BERKELEY — A real estate alliance has purchased more than a dozen parcels on a prime Berkeley site where the group plans to develop a large innovation and life sciences campus, public records show.
The development firms paid around $49 million for 16 parcels in western Berkeley, allowing them to assemble a significant site bounded by Eastshore Highway, Gilman Street, Third Street, and Page Street, according to documents filed on July 31 at the Alameda County Recorder’s Office.
IQHQ, a major real estate developer, partnered with Spur Capital Partners to acquire the parcels in western Berkeley, as evidenced by the county records. The buyers acted through affiliates.
The development will replace sites that include the former operations of Pacific Steel Castings Steel Mill and Berkeley Forge & Tool.
“This is a significant and positive development for our community that pays tribute to the important history of this steel mill site while paving the way for a brighter future for the West Berkeley community,” Berkeley Mayor Jesse Arreguin said.
Gilman Gateway is the anticipated name of the project. The development would total about 900,000 square feet if it is fully built out.
“The project provides an opportunity to build on the history of research, development, and manufacturing in West Berkeley and will bring the next era of innovation in life sciences to Berkeley,” the developers stated in their application to the city.
Gilman Gateway appears to fit into the city’s overall economic plans for this section of Berkeley, city documents state.
“By restoring derelict, environmentally blighted properties to productive industrial use and creating jobs,” the Gilman Gateway project will help to “maintain and improve the quality of life for West Berkeley residents and workers,” city planning documents stated.