MIT HONORS BERKELEY DEVELOPER PATRICK KENNEDY

Cambridge, MA -- The MIT Center for Real Estate presented its 1997 Spaulding Award to Patrick Kennedy, of Panoramic Interests of Berkeley, California for developing innovative mixed-use residential projects in downtown Berkeley. The Spaulding Award is given every other year to an MIT real estate graduate whose work in the industry has enriched the profession and the local community. Kennedy was honored for his entrepreneurial commitment to downtown redevelopment as exemplified by his real estate ventures in Berkeley-- in particular the Shattuck Avenue Lofts, a public-private, 24-unit condominium project with ground floor retail space. Forty-two percent of the units are designated affordable housing.

In the eight years since founding Panoramic Interests, Kennedy has completed 109 units of housing in downtown Berkeley both for rental and for ownership, and has another 119 in various stages of the approvals process. Projects include 3- to 7-unit infill developments and three larger buildings. To varying degrees, all are public-private ventures with 25% to 40% of the units set aside for low-income residents. Several projects have been commended for their innovative design, including the Shattuck Avenue building which was recognized in 1995 by the State of California's Local Government Commission.

Kennedy, a 1985 graduate of MIT's one-year master's degree program in real estate, was a consultant and analyst in the real estate department of the Bay Area Transportation Authority prior to founding Panoramic. Earlier he was a licensed contractor in Corvallis, Oregon. He is a member of the California Bar and has been active in local government in the City of Berkeley.

The Spaulding Award honors the leadership, energy, and vision Charles (Hank) Spaulding, MIT '53, demonstrated in founding the Center for Real Estate at MIT. The Center promotes research and education in real estate investment, development, and management, and facilitates communication among members of the real estate industry worldwide, both with each other and with the academic community. The Center's major activities include a 12-month Master of Science in Real Estate program, professional education for real estate practitioners, and research on important issues in the field.

Vivi Leavy
Massachusetts Institute of Technology
Center for Real Estate
Building W31-310
Cambridge, MA 02139-4307
617-253-4373
Fax 617-258-6991