Achieving carbon neutrality and affordable housing requirements is possible, but how can you achieve all of this and still get market-rate returns? It’s all about collaboration.
Morgan Creek Ventures has been able to build highly sustainable projects in the Boulder/Denver area, but San Francisco presented a whole new challenge. With some of the aggressive climate change and affordability goals in the nation, San Francisco is a double black diamond for most developers. But where they saw challenge, Morgan Creek Ventures saw opportunity.
C40 Reinventing Cities is a first-of-its-kind global competition organized by C40 to drive carbon neutral and resilient urban regeneration. Reinventing Cities takes underutilized urban lots available for redevelopment in X global cities and creates a competition, bringing cities and businesses together to shape the future of urban development.
The C40 Reinventing Cities Civic Grove site in San Francisco was of particular interest to Morgan Creek Ventures because of its proximity to City Hall, making it highly visible to pedestrians and vehicles alike. The project concept was built on the twin goals of carbon neutrality and affordable housing. Working collaboratively with EHDD, Point Energy Innovations, and Webcor Builders, Morgan Creek Ventures developed a plan to meet these goals (including rooftop solar arrays, a neighborhood-wide boiler replacement strategy and mass timber construction) while achieving profitability. But for the ideas and innovation that came from this collaboration, project success would not be possible.
Morgan Creek Ventures was selected in February as a candidate for Phase II of the competition, Morgan Creek Venture’s awaits the final development team selection later this spring. Check back for news of the projects progress in early June!