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This week, Atlanta-based Four Stones Real Estate broke ground on Phase II of Kern’s Bakery, a 16-acre mixed-use development in a Knoxville, Tennessee Opportunity Zone. Kern’s Bakery was one of the first OZ deals to close in the nation. Phase II of the project includes the transformation of a 75,000 square-foot historic bakery site into an 18-merchant food hall facility with boutique office space, rooftop bars and more. Additionally, a joint venture between Perseus TDC and Griffin Capital broke ground on the Residences at The Six in a Hyattsville, Maryland Opportunity Zone. The project will include 316 apartment units and over 2,000 square-feet of ground floor retail. More than 70 percent of the units will be allocated for low- and middle- income households. Finally, a vacant stretch of the University of Connecticut’s Mansfield Campus is slated to become the first autonomous vehicle and smart city research facility in the region, and it’s located in an Opportunity Zone. Spectrum Park, the proposed development, is being spearheaded by the Connecticut Transportation Institute and hopes to drive innovation and job growth. $110 Million Multifamily Development Coming to Hyattsville, Maryland Opportunity ZoneThis week, Perseus TDC and Griffin Capital broke ground on the Residences at The Six, a $110 multifamily development in Hyattsville, Maryland. Located within an Opportunity Zone, the property will offer 316 units and 2,052 square-feet of ground floor retail. “This development provides much needed housing stock in a supply-constrained market in an area that the Metropolitan Washington Council of Governments wants more housing at this price point close to public transit corridors,” Nihar K. Shah, vice president of development for Perseus TDC. “It also injects capital investment to an area that the federal government has designated as an opportunity zone.” At least 75 percent of the units will be allocated for low- and middle- income households, or those earning less than $2,499 per month. Self-Driving Test Track and Research Facility Looking to Opportunity Zone for DevelopmentA vacant stretch on the University of Connecticut’s (UCONN) Mansfield Campus is in the running to become the first autonomous vehicle and smart city research facility in the region. The proposed Spectrum Park development is being spearheaded by the Connecticut Transportation Institute, with the hopes of a facility that will drive innovation, job growth, and improve safety. In a release, Mansfield Mayor Toni Moran said the Campus’ designation as an Opportunity Zone will provide tax incentives and other opportunities that businesses can benefit from. “Mansfield as a community is committed to smart economic development, sited in the right place, that is environmentally responsible and leads to job creation. This kind of enterprise will also help keep our young people in Connecticut and in Mansfield,” said Mayor Moran. Four Stones Begins Next Phase of Kern’s Bakery Development in Knoxville, Tennessee Opportunity ZoneAtlanta-based Four Stones Real Estate has begun construction on Phase II of Kern’s Bakery, a 16-acre mixed-use development with a food hall, market, and event lawn in Knoxville, Tennessee. Located within an Opportunity Zone, Kern’s Bakery was one of the first deals to close in an OZ in the nation. Phase II of the project includes the transformation of a 75,000 square-foot historic bakery building originally built in 1931, into an 18-merchant food hall facility with boutique office space, rooftop bars, and entertainment areas. Phase I consisted of a 310-bedroom, multifamily building and has already reached full occupancy.
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