Nitze-Stagen Announces Its First OZ Workforce Housing Project
Nitze-Stagen recently purchased The Canton Lofts for $5.275M from Spectrum Development Solutions. The firm is now working with Spectrum Development Solutions to develop the multifamily workforce residential project. The six-story building will be available to those making 80% of the area median income without the use of public subsidy.
The project will use the new opportunity zone program as a long-term, civic-focused financing tool. Canton Lofts will be the first project in Pioneer Square aided by the new opportunity zone program.
The fully entitled site is at 224 South Washington St. The building, which includes 2,400 SF of retail space, will be Nitze-Stagen’s first workforce housing project and the company hopes to replicate it.
“The Opportunity Zone program is not a reason to start a project,” Nitze-Stagen President and CEO Peter Nitze said in a statement. “But if you are an experienced real estate developer, this tool can make catalytic projects more attractive. It complements our community approach, which is to attract more investors to reinvest in Pioneer Square. We hope to use the tool to develop more workforce housing and other projects in this neighborhood which we think can be a national model in harnessing the social equity benefits of the Opportunity Zone program.”
The building will have a brick facade, a rooftop terrace with views of Elliott Bay and the city, an outdoor kitchen and dining area, fireplace seating and a dog run. The ground floor will have a secure bike room, residential lobby lounge and retail. The building will not have parking.
“Canton Lofts was designed to fill a gap in Pioneer Square’s housing market by providing high-quality apartment homes for working people who want the convenience of downtown living but can’t afford luxury rents and don’t qualify for subsidized housing,” Spectrum Development Solutions principal Gabe Grant said. “As with all of Spectrum’s projects, we focus on opportunities that require creative and unique solutions and result in long-term value for all stakeholders. We are pleased to be working with Nitze-Stagen to deliver Canton Lofts to Pioneer Square.”