Two buildings at the site between Ravenswood and Oak Grove avenues will be demolished, and former tenants Iberia restaurant, Los Salonez and Cindy's Nail Spa 2 have already relocated or shuttered their businesses.According to Pike & Co., the 25,000-square-foot building will be built to a LEED Platinum rating, the highest standard issued for energy-efficiency by the U.S. Green Building Council.
The Schmidts are known for their work on sustainability and climate change issues through their Family Foundation and the 11th Hour Project.
Pike & Co., as well as Lane Partners and Hillspire, declined to divulge details about the acquisition, referring to a news release.
"Maybe looking at opportunities where we can perhaps provide facilities for them to reach into the community."
Following the Schmidts' purchase, Sares Regis Group of Northern California was made the project's development manager.
The project includes a secure bicycle storage room with showers in the first level of a two-story underground garage; two public electric vehicle charging stations on a public right of way; three public bike racks along Alma; and an indoor-outdoor conference room separated by a large, operable glass wall.