Mining firm launches new drilling project in California QOZ
INYOAG LLC has launched a new drilling project at its Darwin mine in a Qualified Opportunity Zone in California. The company believes that on about 20 acres of its land in the new drilling project, there is an estimated $5 billion plus worth of gold and silver, said Nick Stone, CEO of Inyoag. The company also has plans to establish two more QOFs, one for a solar power plant and another for 350-unit housing development for on-site residency space.
New London to get 203-unit strong multifamily housing project in OZ
A new multifamily housing project comprising of 203 apartment units is planned in an Opportunity Zone in New London city. The real estate private equity firm, 18 SQUARED Capital Partners, and the OZ investment platform, CapZone Impact Investments LLC also known as CapZone, have sealed the deal for the project. When completed, it is expected to be Connecticut's largest OZ project since the tax law was passed. The housing project will be located near the offices of General Dynamics and is expected to house workforce from the defense manufacturer that recently won a contract to build a new class of submarines.
OZ investment to partly fund new $200M Indianapolis revitalization project
Sojos Capital will invest $200 million in a project to revitalize the Lafayette Square Mall and surrounding areas in northwest Indianapolis. The project will be partly funded via an Opportunity Zone fund. The central Indiana company announced that the 200 acres space for the project would include diners, housing, shopping and sports facilities. The company predicts the "Window to the World" project would benefit people from Indianapolis as well as people from across the Midwest.
Avondale city to get new apartment complex on QOZ land
A 238-unit multifamily apartment complex is coming up on 9.6 acres of Qualified Opportunity Zone (QOZ) land in Avondale city in Arizona. The investment company, Sterling Real Estate Partners, announced that the project would start in May 2022 and is expected to be completed by the fourth quarter of 2023. The housing project for the West Valley community would include luxury unit interiors as well as pools and a fitness center. The project is expected to serve the steadily growing population of Avondale city, which is known as a focal point for healthcare, manufacturing, and sports.
Developer plans to utilize cryptocurrency for 2 New Jersey properties in OZ
New Jersey will soon have two new multifamily apartment complexes that utilizes cryptocurrency. Prime City Ventures, a developer linked to New Jersey-based McGee Ryan Assets, has announced that it plans to build a 60-unit apartment in Orange and another 30-unit development in Long Branch; both properties are in opportunity zones. The Orange property was acquired for $1.2 million and is expected to raise $27 million upon completion by spring 2023. The developer said this property would allow tenants to pay their monthly rents in Bitcoin and Ethereum. Funds for the 30,000 square foot Long Branch property was raised in cryptocurrency for $1.6 million and is expected to be completed early 2023.
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