Multi-housing Opportunity Zone project close to Denver in the cards
A mega multi-housing project in an Opportunity Zone near Denver is in the cards after Jones Lang LaSalle (JLL) Capital Markets, which represented Colorado developer Prime West, announced it has secured $90.4 million in joint venture equity. The initial money would finance 365 units but plans for the entire project, which is located in Claro at High Point, include 3,000 households spanning 1,800 acres. The project would also include a business park on 1- million square feet, retail on 500,000 square feet and 300 acres of open space. JLL said the project is targeting the airport submarket. It is located just 12.5 miles from downtown Denver. Catamount Constructors will carry out general contractor services.
New 218-unit rental project in California Opportunity Zone coming up
California will soon get a new 218-unit multifamily rental project called Rafferty that will be developed in an Opportunity Zone in Santa Ana. The project will be a joint venture between luxury homes builder Toll Brothers Inc. and the global alternative asset management firm, EJF Capital LLC. Rafferty will comprise of two apartment buildings, one of which would be seven-story high while the other would be five-story; it will also include 12,350 square feet of commercial space for retail and restaurant use along Main and 4th Streets. In a statement, Toll Brothers said Rafferty would be the "first in a series" of projects in OZs across America.
Baltimore to get new affordable housing units in an Opportunity Zone
Baltimore will soon get its First Zero Energy Affordable Housing project following Woodforest CEI-Boulos Opportunity Fund's announcement that it was putting in $1.1 million in equity investment in the $4.9 million project. The Woodforest CEI-Boulos Opportunity Fund was established by the Woodforest National Bank and the CEI-Boulos Capital Management. The Schreiber Brothers Development will lead the environmentally friendly project that aims to rehabilitate old townhouses, creating 20 units of affordable housing and four commercial storefronts. The multifamily zero energy housing project, located in West Baltimore’s Penn North neighborhood, will use solar panels and insulated walls.
Multifamily tower in a Miami Opportunity Zone to get major uplift
The property improvement agency PTM Companions will take part in a project to uplift a multifamily tower project in an Opportunity Zone in Miami's Edgewater area. The $165 million project, which comprises three-towers, will be jointly carried out with Kushner Firms. Leasing is expected to start early quarter of 2023 while construction is aimed to finish by 2024. Facilities would include pools, sports facilities as well as a sauna.
225-unit apartment project in South Seattle Opportunity Zone
An eight-story building featuring 225 multifamily units is in the cards in an Opportunity Zone in South Seattle. Developer Nitze-Stagen announced that the initial construction at 2016 23rd Ave. S would begin as soon as the contract gets finalized. Several new housing projects have emerged in South Seattle area in recent times, where according to one estimate, at least 1,300 apartment units are being built, many of which are close to rail stops. Nitze-Stagen is said to be building more than 1,400 units in the area via its affiliate OZ Navigator and partner Housing Diversity Corp.
Bitcoin mining Opportunity Zone project in Homestead city
Esperanza Opportunity Fund and Redivider Blockchain Opportunity Zone Fund have announced that they will jointly launch a 10 megawatts Bitcoin mining operation in Florida. The Homestead city and HPS Energy, which is the city's utility arm, will also jointly operate the project. The city also plans to build its own technology park centered around blockchain technology as early as next year. Redivider aims to build cryptocurrency mining operations in OZs across the U.S. The Esperanza Opportunity Fund was founded in Miami; it strives to bring innovation to new neighborhoods.
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