New qualified OZ development in Florida's EDGE district
The development firm, PTM Partners, and the real estate developer, Dovehill Capital Management (DoveHill), have entered a joint venture partnership in a qualified opportunity zone development in St. Petersburg in Florida's EDGE district. The development at 1234-1246 Central Avenue will include a ground-up, 163-room hotel by Marriot as well as a 4-story building featuring retail, restaurant and commercial space. The ground breaking of the project is expected to be held in the second quarter of 2022.
Close to $50M secured for phase 2 QOZ development in St. Louis
The professional service firm, CliftonLarsonAllen LLP -- also known as CLA, has secured a joint equity funding of $49.7 million for the Vande East expansion project in a qualified opportunity zone in St. Louis. The project, which is also known as City Foundry STL Phase 2, will feature an apartment building comprising 272 multifamily units as well as commercial area spread over 83,000 square feet in the Midtown neighborhood.
North Sky Capital raises $200M for OZ projects across U.S.
North Sky Capital will spend $200 million in designated Opportunity Zone projects in low-income neighborhoods across the U.S., the firm has announced. The capital was raised via the company's investment arms: Infrastructure Investment Fund ($120M), also known as IIF, which targets clean energy, waste and water projects in QOZs, and the National Impact Fund ($80M), also known as the NIF, which targets green manufacturing, sustainable agriculture as well as clean energy projects.
Griffin Capital closes second QOZ fund after raising around $585M
The California-based alternative asset manager, Griffin Capital Company, has announced that its second QOZ fund -- Griffin Capital Qualified Opportunity Zone Fund II -- closed in Q4 of 2021 with $585 million plus in investor equity. The fund was used to build 12 multifamily communities comprising 4,000 units in 11 QOZs. The asset manager closed the first OZ fund in 2020 after raising $460M in equity.
USDA launches new program to build renewable energy in rural communities
The United States Department of Agriculture, also known as USDA, has launched a new Rural Energy Pilot Program through which applicants would be able to get up to $10 million grants to fund renewable energy projects in rural areas. Applicants would be required to match at least 20 percent funds in their proposed projects. USDA is offering priority points to Qualified Opportunity Zone communities.
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