Catalyst Announces Groundbreaking for Kōz on West 4th, a $50m Multifamily Development Creating Workforce Affordable Housing in Spokane, WA
Catalyst’s $16m investment is key to the development of new affordable housing for Spokane’s essential workers.
Catalyst’s $16m investment is key to the development of new affordable housing for Spokane’s essential workers.
This groundbreaking marks an exciting milestone in the local community, as well as the broader, fast-growing market of Spokane. Kōz on West 4th is located in close proximity to downtown, local schools, universities and healthcare centers. It was designed to meet the housing needs of Spokane’s essential workforce, including teachers, graduate students, nurses, healthcare professionals and others. This project will also add to the limited supply of housing within this submarket.
“Essential workers are the backbone of Spokane, which is home to six universities and the largest healthcare hub from Seattle to Minneapolis. It’s crucial to build housing stock that supports the growth of this economy and its core professionals,” explains CEO of Kōz Development, Cathy Reines.
Kōz on West 4th prices the majority of its 210 residential units affordably to households making <80% AMI. This affordability profile was created, in part, through public-private partnership, leveraging a 12-year Limited Property Tax Exemption, which conditions 20% of the units to be priced affordably. The project far exceeds the tax abatement’s affordability requirements, however, due to Catalyst and Koz Development’s deep commitment to social impact, including their innovative approach to design, delivery and financing, which prioritizes affordability. “Without question, we need more affordable housing. By pricing more than 50% of our units affordably, we reduce cost burden, giving our residents the ability to save for their future and support the local economy. This is something we need more of in Spokane,” said Jeremy Keele, Managing Partner at Catalyst.
“We’re proud to partner with Kōz Development, a regionally-focused, female-led and owned development firm, with a deep commitment to social impact and significant expertise in innovative, cost effective housing in desirable urban neighborhoods,” shared Catalyst Managing Partner, Kristian Peterson. “Together, we bring to Spokane a proven affordable housing model, which holds the community squarely at its center and prioritizes everyday, working families and individuals.”
About Catalyst:
Catalyst is a double bottom-line private equity firm focused on transformative real estate investments in high potential, but historically underserved U.S. markets. With over $1b worth of total real estate across the US, Catalyst invests in impactful, market-rate return oriented development projects led by community-driven, diverse developers, with a primary focus on workforce affordable housing. In addition to providing new, affordable housing units, Catalyst works to facilitate an influx of community services tailored to the needs of each investment community, including preventative healthcare, workforce training and healthy, nutritious food. Institutional investment expertise, relationships with qualified sponsors in high-growth secondary markets, as well as significant experience in the structuring of creative capital stacks give Catalyst a competitive advantage in delivering long-term value creation to investors, as well as positive outcomes within communities.
Media Contact:
Julianna Scionti / +385.317.7255 / julianna@catalystimpact.com
Without question, we need more affordable housing. By pricing more than 50% of our units affordably, we reduce cost burden, giving our residents the ability to save for their future and support the local economy. This is something we need more of in Spokane.
CATALYST OPPORTUNITY FUNDS,
JEREMY KEELE, MANAGING PARTNER
