Opportunity Zone Projects Seem to Be Finally Breaking Ground
After a new round on Treasury guidelines on Opportunity Zones, developers seem to be more confident in the program.
In April 2020, workers will start construction on Scottsdale Entrada in Scottsdale, Ariz. The massive development will eventually become the “largest mixed-use asset” in the city, including 735 new apartments, according to its developers.
Scottsdale Entrada is just one of the investments now underway that will claim tax benefits through the federal Opportunity Zone program. Developer Banyan Residential paid Sunchase Holdings $38 million from an approved Opportunity Zone fund for the 30-acre site, located on a former auto mall in an Opportunity Zone, according to data firm Yardi Matrix.
After many months of delays and missed opportunities, developments like Scottsdale Entrada are now underway across the country. “We anticipate new ‘Opportunity Zone’ projects will begin to break ground more frequently,” says Doug Ressler, director of business intelligence with Yardi Matrix.
Click Here For The Full Article
Picture: Pixabay
Suraj Shrestha is an associate at Harborside Partners. He has been taking the lead role on research projects; to develop and implement online marketing strategies for search engine optimization and social media marketing. He is one of the core parts for helping to grow business revenue and the company’s online presence.
