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Santa Cruz City

831 Water Street

In one of the least affordable communities in the nation, a project that provides thoughtful infill and transit-oriented, mixed-use housing can help fulfill the need for housing availability and affordability as well as carbon mitigation and job creation. The 831 Water Street project, proposed by Novin Development Corp., is unique in that it addresses a full spectrum of housing needs, from very low-income (30-80% area median income) to the “missing middle” workforce housing needs. It’s the first development in the city of Santa Cruz to seek streamlined approval under state law SB 35, which removes barriers to the development of affordable housing construction in California cities and counties that have not met state-mandated housing construction requirements.

The proposed mixed-income four-story multi-use development would bring 140 residential apartments — including 71 units of affordable housing and 69 units of middle-income housing — along with artist units and ground-floor commercial space. The project meets all of MBEP’s key criteria and could be a model for mixed-income, higher density proposals on a major commercial corridor.

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.