OZ Navigator Secures Funding for Next Micro-Unit Project in DTLA
Construction crews broke ground on the project Thursday
By Greg Cornfield April 7, 2022 3:40 pm
reprints
O.Z. Navigator, a partnership between investment firm Nitze-Stagen and Housing Diversity Corporation (HDC), announced that it secured funding for a 147-unit micro-housing development in Downtown Los Angeles.
Trez Capital provided $29.1 million in construction financing for the project at 1317 South Grand Avenue, where crews broke ground Thursday. Plans call for 130 market-rate apartments and 17 units restricted for extremely low-income residents. All units are studios averaging 328 square feet.
The project site is around the corner from another 227-unit micro-housing project by HDC that secured funding last month. Both developments take advantage of federal opportunity zone tax breaks, as well as incentives from the city for developing rental units near public transportation stops.
The development on Grand Avenue will rise eight stories with 67,456 square feet on a 9,000-square-foot lot. STS Construction Services is building the project, which was designed by Simon Ha at Steinberg Hart architecture firm.
Both HDC and Nitze-Stagen are based in Seattle, and have been targeting opportunity zones with micro-units in L.A. the past few years. The firm is also building a micro-housing project with 69 units in Hollywood.
Gregory Cornfield can be reached at gcornfield@commercialobserver.com.
