Miami Design District OZ plans a Nine-Story Retail Development

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 ceilingSource: therealdeal.comA nine-story retail development is being…

Cresset-Diversified Fund Plans to Boost the Economy in Denver’s RiNo Neighborhood

Starting in early 2020, the partners will build North Wynkoop, a 10-story, 392-unit luxury community in Denver’s RiNo neighborhood.Source: www.multihousingnews.comCresset-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…

OZ Funds help expand Santa Fe College in Gainesville, FL

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 Billion Opportunity Zone Tech Fund Being Raised by Bain Capital

Bain will invest primarily in software and cybersecurity companiesWhen considering Opportunity funds, people are continuously thinking about real estate. However, Bain Capital manages more than $100 billion, and they plan to raise $1 billion for a tech-focused fund. This fund will invest in takeovers and late-stage minority investments. Bain Capital…

Puerto Rico Governor Seeks to Move $400M into Opportunity Zone Projects

Nationwide, most of the areas face elevated poverty or limited household income.Source: finance-commerce.comPuerto 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…

Opportunity Zone Investing: How is Debt Handled in Determining the Basis Step-up After 10 Years?

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...Source: news.bloombergtax.com

Second Round Of Opportunity Zone Regulations Released by IRS

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…

New Executive Order: Trump to Steer More Money to ‘Opportunity Zones’

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…

The new hotness for tech billionaires? Do-gooder investments they can write off on their taxes.

Sean Parker crafted a little-known part of the tax code called Opportunity Zones. Now every one-percenter in Silicon Valley wants in.Source: www.recode.net

IRS Proposed Regulations for Qualified Opportunity Zone Funds

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.Source: www.natlawreview.comThe Opportunity Zones Community has been long awaiting regulations. On Friday 10/19/18 the IRS released 74 pages of regulations that included clarification…