Electric utility building in OZ to make way for hotel in San Antonio
The electric utility company, CPS Energy, has sold its eight-story high building at 145 Navarro St. on the San Antonio River Walk to Blueprint Hospitality for $19 million. Blueprint plans to build a hotel by making extensive renovations to the interior while preserving the façade of the building. The property is located on a federally designated Opportunity Zone area.
Verte OZ Fund invests in medical device firm researching sleep apnea
Verte OZ Fund Inc. is investing in the medical device company, Sonosa Medical Inc., which is developing wearable medical tech to treat diseases like sleep apnea. Sonosa Medical had received $3.2 million award for its research from the U.S. military's Defense Advanced Research Projects Agency, also known as DARPA. Apart from its current investment in Sonosa Medical, Verte OZ Fund's portfolio includes 11 OZ businesses.
New York county to get new 5-story building
A five-story high building is in the cards in an Opportunity Zone in Hempstead village that will add to essential housing units in Nassau County in the state of New York. Grubb Properties is expected to begin construction of the building in the third quarter of 2022 in partnership with First Street Capital. The building, which is expected to open to occupancy by 2024, will include 39 studio, 28 two-bedroom, 106 one-bedroom, ground level retail space of 2,300-square-feet as well as a parking garage. The Grubb Qualified Opportunity Fund series is funding the OZ project.
Silicon Valley OZ Fund gets closer to launching new development in San Jose
Silicon Valley's Opportunity Zone, Urban Catalyst, is now just a step away from securing all the parcels of real estate it needs to develop its multifamily residential and office project, Icon/Echo, in downtown San Jose. The fund announced that it was now in possession of the third parcel at 77 N fourth Street and just needs one more parcel for the project. Construction of the planned two ground up development projects is expected to start in 2023, and will comprise of 300 apartments as well as office space spread over 420,000 square feet.
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