Seattle's Opportunity Zones Tackle Housing Affordability

Canton Lofts will feature 80-units with transit accessibility and provide affordable one bedroom studios.

SEATTLE—Pinnacle Partners, which is an Opportunity Zone investment firm, and developer Nitze-Stagen broke ground last week on Seattle’s first Opportunity Zone development. The $30 million apartment building located in the historic Pioneer Square is called Canton Lofts. The development will feature 80 units with transit accessibility and provide affordable one-bedroom studios.

“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. At Pinnacle, we are sourcing these projects exclusively on the West Coast to deliver senior living, workforce housing and industrial projects,” said managing partner Jeff Feinstein.