Partnership Aimed at Rent-Attainable Mixed-Income Housing Development
Seattle, WA. – August 13, 2020 – OZ Navigator announced today that it closed on a $2.65M property at 7324 Martin Luther King Jr. Way, just one block south of Sound Transit’s Othello Station.
The project is part of OZ Navigator’s Opportunity Zone portfolio, a partnership between Seattle-based Nitze-Stagen and Housing Diversity Corporation focused on developing Opportunity Zone projects that contribute to the vibrancy and economic diversity of the communities in which they are located.
The partnership is committed to building high-quality, financially attainable mixed-income rental housing with a long-term hold philosophy. 7324 Martin Luther King Jr. Way is the partnership’s second Seattle residential project to be announced in 2020.
At closing, OZ Navigator said that it plans to build an 8-story mixed-use building with 164- apartments. As part of OZ Navigator’s commitment to reducing the rent burden on middle-income households, 123-units will be priced for individuals earning 80-120% of AMI (typically defined as workforce housing), with the remaining 41-apartments priced for renters earning 70% of AMI through the city of Seattle’s Multifamily Tax Exemption program. The building will include 2,238 sg. ft. of ground-floor retail along Martin Luther King Jr. Way.
The building will include a limited number of parking stalls, part of OZ Navigator’s approach to building in neighborhoods close to mass-transit, reducing single-occupancy auto traffic, and actively contributing to the health of local communities. Additionally, the firm strives to identify authentic, neighborhood retail that promotes walkability and positive social change.
“We are excited to start this project and add to what HomeSight and partners are creating at Othello Square across the street,” said Peter Nitze, principal of OZ Navigator. “It’s an opportunity to think larger than just one site, one project, or one developer in meeting the community vision.”
“OZ Navigator investors are committed to keeping Seattle affordable,” added Brad Padden, principal of OZ Navigator. “We are focused on creating housing abundance through rent-attainable, high-quality mixed-income apartment homes.”
OZ Navigator principals Daniel Gallagher and Lisa Nitze, who were fundamental in structuring the project, announced that its development team includes Neiman Taber Architects and STS Construction Services. The partnership anticipates breaking ground in early 2022.
About OZ Navigator
OZ Navigator is a partnership between Nitze-Stagen and Housing Diversity Corporation focused on developing Opportunity Zone projects that contribute to the vibrancy and economic diversity of the communities in which they are located. The partnership brings together two Seattle-based developers with a commitment to holding their properties for the long-term and a shared vision of providing positive social benefits. In 2020, OZ Navigator has announced the development of 711 new units catering to middle-income renters being priced out of urban cities.
