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Opportunity Zones News Briefs – September 2018

The Fundrise Opportunity Fund was launched by Fundrise LLC in mid-July. The company plans to raise $500 million by the end of 2019, with clients investing as little as $10,000. The investments will be used for projects in census tracts throughout the United States that were recently designated opportunity zones under the new federal tax law. The fund will concentrate on metropolitan areas starting with Los Angeles, Seattle, Washington, D.C., Atlanta and the San Francisco/Oakland area. 

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New Jersey Gov. Phil Murphy announced July 25 two tools to support new and established high-tech companies: the Incubator and Collaborative Workspace Rent Initiative (ICWRI), as well as a modernized research and development tax credit. Through the NJ Economic Development Authority’s (EDA) ICWRI, new startups will be assisted with rent at incubators, accelerators and other collaborative workspaces. EDA will make an initial investment of $500,000 in the program and will provide grants for two, four, or six months of rent payments, as well as provide up to three months of bonus support if the collaborative workspace is recently established, in an Opportunity Zones census tract or affiliated with a hospital system or New Jersey university. By updating the research and development tax credit, the state will be aligned with current federal law. 

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CIM Group and fifteenfortyseven Critical Systems Realty (1547) announced July 31 the acquisition of Midway Technology Centre in Chicago. The approximately 220,000-square-foot vacant industrial campus consists of a five-story building and surface parking lots. The property is located on 4.7 acres and was the former bread factory of the Schulze Baking Company. The property is expected to be converted into a 26-megawatt tier III+ data center. J. Todd Raymond, 1547 CEO said in a press release that with its location in an opportunity zone, Midway Technology Centre is positioned to be a highly desirable option for all users of data center services. 

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Caliber–The Wealth Development Company announced July 10 a new Tax Reduction Opportunity Fund. The fund will include investments in multifamily, hospitality, commercial and residential developments. Caliber is planning to open the fund for investment and ensure investors with 2018 first-quarter gains can invest. 

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North Coast Partners in Detroit announced June 26 the launch of the Detroit Opportunity Fund. The fund will invest in newly designated opportunity zones in the Detroit area, beginning with a $500 million pipeline of new deals in the city. The fund is the first of several geographically targeted opportunity funds that will be offered by North Coast Partners. 

Journal Category:

Opportunity Zones

Authors:

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