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Santa Cruz City

831 Water Street

831 Water Street 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 in July of 2021, the development would feature two four-story mixed-use buildings including 145 apartments, underground parking, 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. The developers have applied using an SB 35 application which provides a streamlined ministerial approval process for projects that qualify. The application for 831 Water Street is currently under review for compliance with objective standards.

Development Type

Mixed-Use

Total # of Units

151

# 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.