Features

Less than two months after the Berkeley Zoning Adjustments Board approved a proposal for a five-story condominium apartment and retail building at 1122 University Ave., developer Alex Varum has put the property up for sale. 

Varum, a licensed real estate broker, steered the project through the city approval process, winning high praise from ZAB members who were delighted that he had committed to offering 20 percent of the units to buyers who make only 80 percent of the area’s median income. 

“I’m really excited,” ZAB Chair Andy Katz told Varum at the time. 

The project contains 65 housing units and two ground floor live/work units as well as two retail spaces and 74 underground parking units. 

Varum is asking $6.95 million for the site, which includes all the city approvals. 

Steve Wollmer, an activist with PlanBerkeley.org, a community group concerned with development along University Avenue, estimated that Varum had paid around $2 million for the land and architectural plans. 

“The real question is, is he going to find someone who’s willing to pay his price?” Wollmer mused. 

The Daily Planet was unable to reach Varum for comment. 

—Richard Brenneman