Falcone Group to redevelop 88-acre OZ site in Florida

The Falcone Group will redevelop an 88-acre multi-use development in a designated Opportunity Zone in the historic town of Eatonville town in Orange County, Florida. The site, known as the Hungerford Property, will include redeveloped family residences, retail space as well as commercial properties. The Keewin Real Property Company and Sovereign Land Co. are also involved in the project. Town residents will be given a chance to get involved in the project, especially in giving their suggestions for the name of the completed development and the appropriate areas to be marked as public spaces.


Melo Group plans four towers in OZ space in Miami 

The Melo Group has acquired three acres in a designated OZ space in the middle of Miami for $105 million where it plans to build four 60-story high towers, mostly for residential use that will also have a retail component. The property, located at 1700 Biscayne Boulevard, was acquired from investor James Goldstein. The Argentinian-origin Melo family has been in the real estate business since 2001 and is said to have built at least 6,000 units across Miami.


$600M investment in OZ project in Washington D.C.

Arctaris Impact Investors, LLC, is going to put in $600 million in an Opportunity Zone project in Washington D.C.'s Ward 7 and 8 neighborhoods. Developer Asland Capital Partners and the Goldman Sachs Urban Investment Group have also invested in the 13-acre development, which includes several office spaces -- building for the Department of General Services among them, restaurants, retail as well as 1,355 residential units. First phase of the project is expected to complete by December 2022.


Georgetown to get GTX Logistics Park on 23-acres of OZ space

The Green Point Property Company will build the GTX Logistics Park on 23 acres of Opportunity Zone land in Georgetown. The project will include industrial buildings spread over more than 3 million square feet, parking and trailer storage space. Phase one of the project is set for completion in the third quarter of next year. Chase Clancy and Travis Hicks have been named as brokerage partners.


Berkley apartment complex in OZ gets record acquisition deal

Fund manager Virtu Investments has finalized the acquisition of a Berkley apartment complex in a $66 million deal with Gemdale USA Corp. The property is located in an Opportunity Zone. The cost per unit in the 50-unit strong property in the East Bay comes to around $787,700 -- a city record where the mean unit price comes to around $455,300, outlets reports. Now that the development of the project is complete, leasing is expected to start soon, with the average rent expected to be more than $3,600 per unit.


Houston suburb to get 37 acres OZ development

Developer Satya Inc. is building a new project on 37 acres of land comprising 317 units of apartments, restaurants and retail in an Opportunity Zone in the Houston suburb of Rosenberg. Construction has already begun and the plan is to complete the project within a 20-month timeframe. Garcia + Associates Architect has been named as the main architect for the project.


Baker Tilly merges with MFA Companies 

Advisory CPA firm Baker Tilly, active in the Opportunity Zone space, has acquired The MFA Companies, a Boston-based accounting and advisory firm that has served the area for four decades. The combination expands Baker Tilly’s life sciences practice to the Boston-Cambridge market, the top life sciences cluster in the U.S. Former MFA Partner Will Andronico has become managing partner of Baker Tilly’s New England region, as 200 MFA team members join Baker Tilly.


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