Sign Up For Novogradac Industry Alert Emails

Opportunity Zones News Briefs – March 2019

The Greater Cleveland Partnership (GCP) released its nonpartisan 2019-2020 Public Policy Agenda Feb. 1. The document is a guide that outlines the top policy priorities of its members for the next two years. This includes the call to create a statewide opportunity zones (OZ) incentive to complement the federal incentive in underserved communities. The mission of the GCP is to mobilize private-sector leadership, expertise and resources to create attractive business conditions that create jobs, grow investment and improve economic prosperity in the region. 

***

Optima Salon Suites announced mid-January that it will open its ninth retail location in Primior’s First Harbor Plaza in Santa Ana, Calif. First Harbor Plaza, currently under development, is a 40,129-square-foot restaurant, retail, office and medical property located within a recently established OZ. Groundbreaking is expected in the second quarter of 2019, with construction fully completed in the first quarter of 2020.

***

Vivakor Inc., announced in mid-January that it recently created a Viva Opportunity Fund LLC, a qualified opportunity fund, which has invested and will continue to invest in Remediation Processing Centers Design and Manufacturing LLC (RPC). This OZ-designated business will build patent pending technology for remediation and extraction of hydrocarbons from soil material for Vivakor. The company is expected to launch its fully scaled RPC unit in the first quarter of 2019, with the production of up to 30 units in the next two years.


***

Prudential Financial’s Impact Investments group announced Jan. 11 that it selected Phase I of Yard 56 in Baltimore for its first qualified OZ investment. Yard 56 is a mixed-use project which is approved for more than 2.2 million square feet. The first phase of the project is to include more than 80,000 square feet of grocery-anchored retail space and 100,000 square feet of office space. MCB Real Estate has started work and expects to complete the first buildings by the end of 2019. In addition to the OZ commitment from Prudential, the retail component of Yard 56 received new markets tax credit equity from U.S. Bank. The total estimated project cost for Phase I is approximately $77 million, with a total build-out of more than $150 million. 

***

SS&C Technologies Holdings Inc., announced Jan. 29 that Midas Hospitality (Midas) hired SS&C GlobeOp to provide administration, treasury and investor services for its Midas Opportunity Zone Fund LLC. The fund will leverage SS&C’s recently launched opportunity fund administration solution. Midas fund will own and operate two hotels in qualified OZs in St. Louis. Investments are required by December 2019. 

Journal Category:

Opportunity Zones

Authors:

Novogradac

Learn more about Novogradac's expertise and many services