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Scooped by
BrightImpact
onto Opportunity Zones |
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BH3 is planning a nine-story retail development in Miami Design District’s Opportunity Zone, The Real Deal has learned.
The $55 million, 86,000-square-foot project at 3801 North Miami Avenue will have retail and showroom space, with 25-foot high ceilings on the ground-floor and 14-foot high ceiling
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BH3 is planning a nine-story retail development in Miami Design District’s Opportunity Zone, The Real Deal has learned.
BrightImpact's insight:
A nine-story retail development is being build in one of Miami's OZ districts. BH3 is designing it in the Miami Design District OZ regardless of the OZ tax incentives. They claim that this is merely just an extra bonus. The $55M retail will be 86,000 sqft.
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The Economic Development Administration (EDA) has awarded a $4.8-million grant to Santa Fe College in Gainesville, Florida, to help construct and expand the college’s Center for Innovation and Economic Development (CIED) at the Blount Center. The project is located in an Opportunity Zone and will be matched with more than $1 million in local funds.
BrightImpact's insight:
OZ funds and a $4.8 - million grant help fund and expand and build Florida's Santa Fe College. They intend to expand the growth the Blount Center which is the college's Center of Innovation and Economic Development. More than $1 million in local funds will be provided for this project that is located in a Florida Opportunity Zone.
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Investors in qualified opportunity zone partnerships are concerned about how their investment will be valued after 10 years when they can sell the asset or elect a basis step-up to “fair market value.” Forrest Milder of Nixon Peabody walks through the computation when the investment is partially...
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Mr. Trump’s order seeks to encourage development in the zones and reassure investors that they are viable places for investment. It will create a White House Opportunity and Revitalization Council, covering 13 federal agencies and led by Ben Carson, the Housing and Urban Development secretary. The council will work to prioritize opportunity zones in a variety of federal efforts, including grant funding, loan guarantees, infrastructure spending and crime prevention.
BrightImpact's insight:
A new executive order from President Trump was executed on 12/12/18.
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Treasury issued Proposed Regulations and a Revenue Ruling on issues with investing in and forming Qualified Opportunity Zone Funds and the OZ Fund’s investments in Opportunity Zone Businesses.
BrightImpact's insight:
The Opportunity Zones Community has been long awaiting regulations. On Friday 10/19/18 the IRS released 74 pages of regulations that included clarification as well as a draft certification form.
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In this guest post reprinted from TRENDReport, Learn about Arizona's Opportunity Zones and Opportunity Funds, a collaborative effort of the Arizona Commerce Authority and communities around the state enabled by the Tax Cuts and Jobs Act.
BrightImpact's insight:
This guest post article is reprinted from TrendReport and was published on Picor/Cushman Wakefield's blog.
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The more than 8,700 certified Opportunity Zones are leashing considerable number of new CRE investment funds.
BrightImpact's insight:
National RE Investors Online notes the increase of Opportunity Zone Real Estate Funds around the country. They noted Virtua Partners and Fundrise. In addition, local Opportunity Funds such as Orlando Opportunity Fund have sprouted with the goal of creating local impact in their respective community.
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The Investing In Opportunity Act has created Opportunize Zones across America for Opportunity Funds and entrepreneurs to invest in for great tax benefits.
BrightImpact's insight:
Great overview of the Opportunity Zones program by Financial Samurai. Well worth reading, but there are far many more opportunity zones outside of the one at Fundrise that they referenced. For instance, the Orlando Opportunity Fund focuses on making investments in Central Florida Opportunity Zones in both real estate and startups.
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Starting in early 2020, the partners will build North Wynkoop, a 10-story, 392-unit luxury community in Denver’s RiNo neighborhood.
BrightImpact's insight:
Cresset-Diversified QOZ and Hines are working together to build a luxury hotel in the RiNo area of Denver. The $500 million fund intends to redevelop a hotel, office buildings, retail and a 4,000-seat AEG Live event center. The intention is to boost one of Denver's upcoming nightlife developments.
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Nationwide, most of the areas face elevated poverty or limited household income.
BrightImpact's insight:
Puerto Rico (P.R.) is seeking approval from the U.S. to put about $400 million of federal aid toward opportunity zone projects. These projects allow investors an ample tax incentive, while creating the opportunity for robust growth in stressed economies. P.R. Gov., Ricardo Rossello, speaking at an opportunity zone summit in San Juan on Tuesday, said the commonwealth’s government was working with the Department of Housing and Urban Development. They intend to create a fund that will invest community development block grant funds in these projects around P.R. There is nearly $9.7 billion in disaster relief money that is currently held in reserve for P.R. that will come from the HUD program, states the commonwealth. Details on the investment were not provided. Hurricane Maria caused devastation across the vast parts of the island. P.R. has been struggling, looking for financial relief to help redevelop socially and economically. Over 98% of P.R. qualified as an opportunity zone. Investing in opportunity zones allows investors the incentive of saving on capital gains tax, while providing the opportunity for development in areas suffering from poverty and unemployment.
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The U.S. Department of the Treasury announced the issuance of the second set of regulations Wednesday afternoon, concurrent with a press conference held at the White House with addresses by Secretary of Housing and Urban Development Ben Carson and Treasury Secretary Steven Mnuchin.
The announcement addressed what topics within the opportunity zone law were areas of focus in this round, but didn't give many specifics. The full guidance document is expected to be available soon on the IRS website.
"We hope we’ve provided enough guidance so that investors can begin to deploy capital into these opportunity zones," Mnuchin said. "In terms of prioritizing things, we wanted to get out the issues that affect investment right away."
The first wave of regulations gave investors the confidence to proceed with simple transactions involving starting Qualified Opportunity Funds that covered only one asset, either a new development or a significant redevelopment within an opportunity zone. Many big names from private equity, hedge funds and institutional capital have been raising gigantic opportunity funds in anticipation of further guidance. "The guidance makes it easier for funds to ensure compliance with the requirement that a fund has 90 percent of its assets invested in Opportunity Zones and expands the working capital safe harbors," Treasury's announcement read. "
The proposed regulations also provide clarity on treatment of gains on long-term investments, ownership and operation of the business, and what constitutes Qualified Opportunity Zone Business Property."
BrightImpact's insight:
Finally, there is word that the Opportunity Zone regulations have been released by the IRS. They will soon be published on the IRS website.
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Sean Parker crafted a little-known part of the tax code called Opportunity Zones. Now every one-percenter in Silicon Valley wants in.
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An Opportunity Zone aims to motivate economic development by providing tax benefits and incentives to real estate investors. What are those tax benefits?
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Mashvisor shares an overview of the Opportunity Zones program and the benefits of real estate investing in Opportunity Zones.
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For the first time in history, a vacant parcel of land on the Lower East Side of Manhattan has a common economic thread with low-income areas in Idaho.
BrightImpact's insight:
In this article Forbes shares their take on the Opportunity Zones Program including program overview, tax benefits, community impact and more. To learn more about Opportunity Zone Tax Benefits visit our overview.
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The new tax act allows investors to funnel capital gains into economically distressed areas, but investors want proof of impact...
BrightImpact's insight:
This article from Barrons shares an overview of the Opportunity Zones program, but also brings up the point of creating community impact as compared to merely delivering investor returns and tax incentives.
Transparency is also critical for foundations and high-net-worth individuals who want assurance their dollars are creating impact in a community, Seegull says. States and municipalities will want it so they can assess whether the programs are effective and worth continuing. “I feel like it's important to the intent of the legislation versus it just being a tax break,”Seegull says.
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A nine-story retail development is being build in one of Miami's OZ districts. BH3 is designing it in the Miami Design District OZ regardless of the OZ tax incentives. They claim that this is merely just an extra bonus. The $55M retail will be 86,000 sqft.