Investment firm Pinnacle Partners and real estate developer Nitze-Stagen, both based in Seattle, have teamed up on what will be Seattle’s first Opportunity Zone (OZ) development. The new $30 million, 80-unit community has been christened Canton Lofts and will be located in historic Pioneer Square. The building will offer a winning combination of transit accessibility and affordable one-bedroom studios. The project is patterned off another Pinnacle development down the coast in Los Angeles.
“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 OZs in need of affordable housing, community impact, and job creation,” said managing partner Jeff Feinstein. “At Pinnacle, we are sourcing these projects exclusively on the West Coast to deliver senior living, workforce housing, and industrial projects.”
Managing partner Leo Backer added, “Pinnacle Partners is an early first mover in OZs and has been able to close multiple investments and build a strong pipeline of future opportunities before many funds even launched.”