EQR Investor Bulletin

Issue #3 May, 2011 Published By Metallic Lathers and Reinforcing Ironworkers Local 46, AFL-CIO

Update: Union Opposition Threatens EQRs Berkeley Proposal

Equity Residential is facing significant union and community opposition to its proposed $70 million Acheson CommonsdevelopmentinBerkeley,California,castingintodoubtthecompanysabilitytomoveforwardwith theprojectascurrentlyproposed.i OnMay12thEQRrepresentativesappearedbeforetheBerkeleyZoningAdjustmentsBoardtodiscussthe AchesonCommonsproposal,a203unitmarketratedevelopmentwhichrequireszoningvariancesrelatedto buildingheightandlotcoverage. MembersoftheZoningAdjustmentBoardwhichmustapprovethesevariancesobjectedtoanumber ofaspectsoftheplanandpredictedthattheprojectwouldnotwinapprovalwithoutsignificantmodifications.ii

UnionIssuesaMajorConcern
AnofficialfromtheSheetMetalWorkersUnionappearedbeforetheZoningAdjustmentsBoardtocriticizea numberofaspectsoftheproposal,includingEQRshistoryofhiringthelowestbidderforconstructionwork. TheunionofficialaddedthatEQRwouldhavenointentionofusingresponsibleunioncontractorsonAche sonCommons.iii Inresponsetounionconcerns,anumberofZoningAdjustmentsBoardcommissionersraisedtheissueof unionlaborasamajorpotentialroadblocktoAchesonCommonsapproval.ZoningAdjustmentsBoardCom missionerSophieHahnvoicedconcernsabouttheproject,statingthattheunionlaborquestionisreallyim portantthatstartsbeinghighonmylist. ivCommissionerMikeFriedrichaddedthattheunionlaborisa majorissueinthistown.v

ManyOutstandingCommunityConcerns
Zoningcommissionersraisedanumberofotherobjectionstothecurrentproposal,includingthelackofon site affordable housing, historic preservation issues, inadequate parking, a lack of sufficient open space, projectsizeanddesign.vi ZoningAdjustmentsBoardCommissionerBobAllenpanned EQRscurrent design,callingittotallyinhu man,unacceptablehousingaddingthathewouldneversupportthisplanifmajorchangesarentmade.

LongRoadAheadforEQR
TheCityofBerkeleyisintheprocessofpreparinganEnvironmentalImpactReviewfortheproject.Inorderto win final approval, EQR must undergo an extensive review process requiring approvals from the Landmarks PreservationCommission,theDesignReviewCommissionandtheZoningAdjustmentsBoardviithatcouldtake twoyearstocomplete.viii

EQR Investor Bulletin is published by Metallic Lathers & Reinforcing Ironworkers Local 46 Please contact us for questions at: Metallic Lathers Local 46 1322 Third Avenue New York, NY 10021 Email: metalliclathers46@yahoo.com Phone: 646-340-2145

Notes

ZoningBoardDiscusses,Critiques,AchesonCommons,BerkeleyDailyPlanet.May17,2011.Availableathttp://bit.ly/lH1p1V Ibid. Ibid. iv Ibid. v Ibid. vi Ibid. vii Ibid. viii ProposedAchesonCommonsDevelopmentWouldAdd200UnitstoDowntownBerkeley,BerkeleyDailyPlanet.October2,2010.Availableathttp://bit.ly/emQNPP
ii iii