Santa Cruz City

831 Water Street

831 Water St. is a proposed housing development located near Downtown Santa Cruz off the intersection of N. Branciforte Ave and Water St. Brought forth by Novin Development Corporation, the development features two five-story mixed-use buildings including 151 apartments, underground parking, and ground-floor commercial space, and rooftop open space. The project’s housing component consists of studios, 1-bedroom, and 2-bedroom units and exceeds its inclusionary housing requirement with 77 (or 51%) onsite affordable units.

Development Type


Total # of Units


# of Affordable Units

77 units or 51%

About Novin Development

Novin Development Corp. currently owns and manages 170 apartment units and 76,500 square feet of commercial including 23,000 square feet of mixed- use retail from San Francisco to Santa Cruz. NDC is a long-term property owner with a 100% equity ownership stake in our current portfolio. This investment strategy has helped NDC create a strong balance sheet with very low leverage and strong cash-flow.