O.Z. NAVIGATOR AND HOUSING DIVERSITY CORPORATION BREAK GROUND ON NEW ATTAINABLE HOUSING IN DOWNTOWN L.A.

Project at 1317 S Grand Ave helps fills demand for housing priced in missing middle range

LOS ANGELES – APRIL 18, 2022 – O.Z. Navigator and Housing Diversity Corporation (HDC) has broken ground on their new mid-rise construction in Downtown Los Angeles. 

Located at 1317 S Grand Ave, the property is projected to be attainably priced to middle-income renters. Like all of HDC’s homes, 1317 S Grand Ave helps fill a gap known as the missing middle, which describes the unmet demand for attainably priced apartments available in the Los Angeles community.

Construction on the 147 units has officially started. Funding was sourced in part by Opportunity Zone investment firm Pinnacle Partners.

Among the units, 130 of the apartments are priced at market rate, yet still attainable for Los Angeles renters earning no more than the Area Median Income. This aligns directly with the mission of Housing Diversity Corporation, with the building participating in the Los Angeles’ Transit Oriented Communities Incentive Program.

The average apartment size is 328 square feet of cost-effective, person-centric design. 

The new Downtown L.A. property is the latest in a growing number of O.Z. Navigator communities focused on contributing to the vibrancy and economic diversity of the communities in which they are located.

 The lead developer, HDC, is similarly focused on social impact. The company is currently developing five communities in California: two in Downtown Los Angeles, two in Hollywood, and one in Koreatown. 

 1317 S Grand Ave was developed with STS Construction, HDC’s long-term partner. STS Development Services and international architecture and design firm Steinberg Hart are also involved. Like all of HDC’s work, 1317 S Grand Ave is located near employment centers and public transit.

“These homes are the future for residents of L.A., particularly Downtown. Market-rate attainable housing is what this city needs right now, and it’s what we’re creating right here today,” said Brad Padden, CEO and Founder of HDC and Co-founder of O.Z. Navigator. 

“How we design spaces is critical. For years, no one has built the sort of homes we’re breaking ground on today. Our work means more access to housing for our friends and neighbors here in Los Angeles,” said Simon Ha, Managing Partner at Steinberg Hart. 

“Supporting the growing need for attainable housing is at the core of our mission. We are proud to be doing that at 1317 S Grand Ave,” said Leo Backer, co-founder and managing partner of Pinnacle Partners. 

 

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About O.Z. Navigator

O.Z. Navigator is a partnership between Nitze-Stagen and Housing Diversity Corporation (HDC), combining Nitze-Stagen’s enduring stewardship of community and historic placemaking, and HDC’s commitment to attainable housing for all, ultimately creating a more livable region for all of our neighbors. For more information, please visit https://oznavigator.com/. 

 

About Housing Diversity Corporation (HDC)

Housing Diversity Corporation is a housing innovator dedicated to providing attainably-priced housing in urban centers. Offering generous amenity packages in a small footprint, these sustainably designed, modern spaces allow people to live in beautiful surroundings at a middle-income price point. Founded by Seattle-based developer, Brad Padden, Housing Diversity Corporation is committed to producing high-quality homes that help create healthy, diverse neighborhoods. The company currently has developments in Los Angeles and Seattle with plans to expand across the West Coast. For more information, please visit www.housingdiversity.com.

 

About Steinberg Hart
Steinberg Hart is an international architecture, interiors, and planning firm headquartered in Los Angeles. The firm has built a diverse and talented team that works collaboratively across all seven offices challenging one another to develop designs that build community, enhance business, support learning, and connect people with place. Steinberg Hart is known for innovation in design thinking and building technologies that help clients realize the full potential of their project. To learn more, visit www.steinberghart.com. 

 

About Pinnacle Partners

Pinnacle Partners has been an early mover and leader in Opportunity Zone real estate investing. The firm and its subsidiaries have invested more than $130 million in OZ equity across nine projects that consist of approximately 1300 multifamily units, and two historic adaptive reuse office buildings. With more than 35 years of experience, Pinnacle Partners seeks best-in-class partners with track records of delivering and operating successful projects. To learn more about Pinnacle Partners, visit www.pinnacleoz.com. 

 

 

For media inquiries, please contact:

Kyle Wall, Fearey for Housing Diversity Corporation

206.838.9212, HDC@feareygroup.com

 

Tim Polakowski, NINICO Communications for Steinberg Hart

tim@ninico.com