This week, I want to hear from you! As we enter the second half of 2022, I am interested in investment trends you are seeing and the impact of inflation on investors’ Opportunity Zone decisions. I kindly ask for your feedback via the two polls included below. I look forward to sharing the results of next week. Next, Cincinnati Center City Development Corp. and Model Group recently completed construction on their 163-unit mixed-use, mixed-income development. They utilized several tax benefits, including state and federal historic tax credits, as well as the Opportunity Zone tax incentive. Representatives from Model Group believe this property is a step in the right direction, saying, “it goes a really long way toward revitalizing parts of the neighborhood that haven’t been done.” Additionally, A&G Real Estate Partners released an assessment which showed more investors — especially in the Northeastern region — are looking to the Opportunity Zone tax incentive due to the current stock market volatility. According to A&G, about 40 percent of their assets offered for sale in New Jersey are located within Qualified Opportunity Zones. More exciting news below! Sincerely, Jill Homan President, Javelin 19 Click Here to Take My Two Question Survey: Capital Squaure Broke Ground on ROOST Apartment Hotel Within Charleston, South Carolina Opportunity ZoneThis week, Capital Square broke ground on 529 King Street ROOST Apartment Hotel, located within a Charleston, South Carolina Opportunity Zone. The five-story development will feature 50 units ranging from studio, one-, two- and three-bedroom, as well as a rooftop lounge and retail space. "Charleston, for all of its southern charm and grace, lacks extended stay housing options. The problem was magnified during the COVID pandemic, when large portions of the economy were closed and construction mostly came to a halt," said Louis Roger, founder and chief executive officer. "Capital Square is pleased to report that, in spite of the many challenges encountered during the pandemic, ground has been broken to build a luxury apartment hotel on world-famous King Street." Construction is slated to be complete by Summer 2023. Investors Pursuing Commercial and Multifamily Real Estate in New Jersey Opportunity Zones as Market Volatility ContinuesAccording to A&G Real Estate Partners, more investors are seeking commercial and multifamily real estate opportunities within the Northeast as stock market volatility continues. In New Jersey, more investors are also starting to show interest in utilizing the Qualified Opportunity Zone tax incentive. "In the case of the New Jersey portfolio, about 40 percent of the assets on offer are located in QOZs," said Emilio Amendola, Co-President of A&G Real Estate Partners. "We are definitely seeing substantial interest in these assets from the Opportunity Zone funds." 3CDC and Model Group Mixed-Use Development Nearly 95% OccupiedThe Cincinnati Center City Development Corp., along with Model Group recently completed construction on Willkommen, a mixed-use, mixed-income development property within a Cincinnati, Ohio Opportunity Zone. Willkommen consists of 163 apartments, 88 of which are allocated for tenants making 50 to 80 percent of the area median income. After recently opening its doors to tenants, Willkommen has already rented 155 of its 163 units -- reporting they are nearly 95 percent occupied. The development of Willkommen took advantage of several tax incentives, including the Opportunity Zone tax incentive, as well as the state and federal state historic tax credits. Governor Lee, Commissioner McWhorter Announce iFixit Facility Coming to Chattanooga, Tennessee Opportunity ZoneThis week, Tennessee Governor Bill Lee, along with Department of Economic and Community Development Commissioner Stuart McWhorter, announced iFixit will establish its East Coast hub for distribution and innovation within a Chattanooga, Tennessee Opportunity Zone. iFixit plans to invest more than $24 million in Hamilton County and create 201 new jobs over the next five years. The iFixit facility will house the company's distribution and back-office operations. “Our business climate, skilled workforce and central location make Tennessee the ideal state for companies to thrive," said Governor Bill Lee. "I thank iFixit for investing in our state and creating new jobs for Tennesseans in the Chattanooga community.” Adding to this, iFixit's CEO Kyle Wiens said, “iFixit is a mission driven company, and it was really important to us to find a community that matched our values. Chattanooga’s story of environmental restoration mirrors iFixit’s: we refuse to take broken for an answer. iFixit is committed to extending the lifespan of all the products in the world.”
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