Welcome to In the Zone: GT Qualified Opportunity Zone News. Our monthly digest of the latest federal and state developments in Qualified Opportunity Zones and Qualified Opportunity Funds and related Greenberg Traurig news and events will keep stakeholders apprised of the most pressing issues in this burgeoning space.
GT Client Kyle Walker (Principal, CEO NewGen Worldwide) (pictured, left), and Robert Maples (GT NVA) (pictured, right) attended a DCA Live Qualified Opportunity Zone event featuring Scott Turner (pictured, middle), executive director of the White House Opportunity and Revitalization Council. Mr. Turner spoke to the White House’s commitment to the dual missions of opportunity zones; economic improvement and social change. Mr. Turner was accompanied by Alfonso Costa, agency lead on Opportunity Zones, Department of Housing and Urban Development.
Reps. Ron Kind (D-WI) and Mike Kelly (R-PA) Introduce Bill to Add Transparency to Opportunity Zones Program. Companion legislation was introduced in the Senate by Sens. Cory Booker (D-NJ), Tim Scott (R-SC), Maggie Hassan (D-NH) and Todd Young (R-IN).
Read the bill here.
IN LOCAL NEWS:
“How Opportunity Zones Are Working in North Miami. The question for municipalities is how to get your town to the top of the heap for Opportunity Zones.”
The article states:
“A study by the Center for Real Estate and Urban Analysis by the George Washington University suggested this set of policies to leverage the capital investment from Opportunity Zones:
- Instituting “do no harm” policies that protect vulnerable populations and existing businesses.
- Developing a comprehensive investable project pipeline that creates long-term housing and transportation affordability while accelerating job creation.
- Instituting an inclusive community engagement process for determining projects and initiatives.
- Planning for a mix of housing affordable to the workforce you expect in the neighborhood.
- Updating zoning codes to facilitate a mix of uses.
- Encouraging development near transit, particularly projects that help meet community goals, such as affordable housing.
- Inventorying properties that are ripe for redevelopment. For each property, compile information about condition, ownership, tax status, liens, zoning, and any other information that a new owner might need to understand costs of acquisition.
- Prioritizing access within the area instead of mobility through it.”
“Opportunity Zones: Here’s where Orlando businesses can benefit,” Orlando Business Journal, June 3, 2019 (registration required) – Below are a few quotes from GT Shareholder James Lang:
“Orlando…has some fantastic business opportunities going on right now, both in the real estate and operating business side, both of which are affected by qualified Opportunity Zone investments.”
“The city of Orlando…has created prospectuses for the Opportunity Zones and has branded the specific areas that are Opportunity Zones. It is taking a proactive approach and a leading role so the communities retain the character the city encourages today, while also encouraging revitalization that the law intended to bring into these communities.”
UPCOMING SPEAKING ENGAGEMENTS:
July 9, 8:00 a.m. – 9:30 a.m, Tampa.: Opportunity Fund Presentation for accountants Cohen & Grieb, PA
Aug. 15, 7:30 a.m. – 9:30 a.m., Tampa: Qualified Opportunity Zone and Hillsborough County Economic Development Programs for Uptown Tampa
- Tampa Innovation Partnership is hosting a Real Estate Breakfast to discuss development incentives in the area including the Qualified Opportunity Zone and Hillsborough County economic development programs. GT Shareholder James Lang will provide an introduction to the Qualified Opportunity Zone and QOZ Funds. Much of the Uptown area lies within designated Opportunity Zones and the potential for the program to attract private investment could be transformative for the area. Eric Lindstrom, competitive sites and redevelopment manager for the Hillsborough County Economic Development Department, will share details about incentives and opportunities from the county that can be beneficial to developers and businesses.
Sept. 19, 8:30 a.m. – 9:30 a.m – Philadelphia.: Greenberg Traurig is pleased to host ULI NEXT for an engaging presentation on Philadelphia Opportunity Zones. GT
- Shareholder James O. Lang will present highlights and insights on the latest regulation and guidance for this new incentive for real estate and operating business investment in targeted areas, Qualified Opportunity Zones.
June 5: NAIOP Tampa Bay Opportunity Zone Extended Lunch Event. Jim Lang was a featured speaker (pictured at the podium below).
June 20: Qualified Opportunity Zones: New Tax Incentives for Commercial Real Estate and Other Investment, Strafford Webinar, Jim Lang Presenter
June 18: Society of Real Estate Professionals Breakfast, “Less Talk, More Action: Breaking Ground on Opportunity Zones”
June 19: GT Orlando hosted the Indian American Chamber of Commerce for an Opportunity Zones Discussion with Jim Lang
Contact Sharon Mangione with any questions.
Visit GT’s Opportunity Zone Funds page for practice details.