October 28, 2019 Comments Off on Seattle’s First Opportunity Zone Development Gets Underway Views: 1033 Seattle & Pacific Northwest News, Seattle News

Seattle’s First Opportunity Zone Development Gets Underway

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Seattle-based Opportunity Zone investment firm Pinnacle Partners and developer Nitze-Stagen broke ground on Seattle’s first Opportunity Zone development. Local civic dignitaries, representatives from the historic neighborhood and Opportunity Zone investors gathered at the development site to mark the milestone.

The $30-million apartment building in the historic Pioneer Square is called Canton Lofts. The project will feature 80-units with transit accessibility and provide affordable one-bedroom studios.

Pinnacle’s Jeff Feinstein says, “I think that this project and a similar project we funded in Los Angeles near Staples Center exemplifies the spirit of the OZ program-redirect gains into developing O-Zones in need of affordable housing, community impact and job creation.”

Feinstein says they are sourcing projects exclusively on the West Coast to deliver senior living, workforce housing and industrial projects. The development team notes Opportunity Zones are needed to help tackle housing affordability.

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