New high-rise building proposed in downtown Berkeley
It has been four decades since a high-rise building was constructed in Berkeley, but a recent proposal could soon bring a new 180-foot-tall tower to the city's downtown. According to Berkeleyside, local officials are considering an opportunity to construct a $200 million multi-use high-rise on Harold Way.
The building could substantially affect some of the homes for sale in Berkeley and businesses throughout the city. Berkeley residents could enjoy a 12,000-square foot, publicly accessible courtyard that will feature cafe seating, public art and lush landscaping at the high-rise. The area may even be used to host art and music shows.
"It's going to create an urban experience that doesn't exist right now in Berkeley," a local real estate expert told the news source.
How will the high-rise impact Harold Way?
Harold Way, a block-long street that runs between Kittredge Avenue and Allston Way, could be dramatically changed if a new high-rise is built. The recent proposal may bring new cafes and stores to Harold Way, and these businesses could significantly impact the local economy.
"There are [many] spaces that are dead and are not being used," Gretchen Barth, one of the high-rise project's supporters, told the news source. "We hope to revive that area."
Many residents may visit Harold Way for various reasons. The street is surrounded by homes, a bookstore and Shattuck Cinemas, and the new high-rise could bring exciting opportunities for Berkeley residents.
For example, new cafes and stores will offer a wide variety of goods and services to local citizens. These people may take advantage of the opportunities to visit Harold Way and the surrounding area, and increased interest could provide a boost to the city's economy.
Meanwhile, the ability to attract potential customers may help draw more businesses and property buyers to the region. Berkeley offers a vast array of attractions and entertainment, and innovative art and music shows at the new high-rise's courtyard provide fun for visitors of all ages.
People who are considering some of the residences available in Berkeley may need to act fast to find their dream houses. Freddie Mac reports that the average interest rate on a 30-year fixed-term mortgage was 3.35 percent as of December 27, 2012, and the historically low figure could lead more people to pursue homeownership opportunities.