Miami's Opportunity Zones Are Rife With Opportunity
The Opportunity Zone concept is receiving major attention in the real estate industry. Experts predict there will be a substantial amount of capital that will be deployed in this space in coming months.
November 15, 2018 at 09:09 AM
5 minute read
The Opportunity Zone concept is receiving major attention in the real estate industry. Experts predict there will be a substantial amount of capital that will be deployed in this space in coming months. Earlier in 2018, after receiving recommendations from governors, the Treasury Department designated nearly 9,000 census tracts as Opportunity Zones across urban and rural areas throughout the United States (including both states and territories). It is estimated that approximately 35,000,000 Americans live in Opportunity Zones, which have higher poverty and unemployment rates than the rest of the nation.
It is not surprising that many of the locations in Opportunity Zones are economically viable for development since in many cases they are on the outskirts of an urban area that is in the process of being redeveloped. Such is the case in Downtown Miami, Florida, where there are several locations located within the fringe of the Opportunity Zones that are in the process of being developed as mixed-use projects that are literally within blocks of major existing developments. For reference purposes, the Opportunity Zones locations in Downtown Miami generally range from (East) 1st court to (West) NW 7th Avenue; (South) North River Drive to (North) NW 5th Street and from (East) Biscayne Boulevard to (West) North Miami Avenue; (South) NE 15th Street to (North) NE 17th Street.
Current projects include a substantial mixed-use project in the Wynwood area where there is a significant amount of development activity taking place already. Another project is also a mixed-use project near the new All Aboard train station complex. Several other nearby properties are also being considered for development. Outside of Downtown Miami there is a large site bear the Florida International University campus east of Biscayne Boulevard in North Miami that is ripe for Opportunity Zone development as well.
NOT FOR REPRINT
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
Trending Stories
- 1The Law Firm Disrupted: For Big Law Names, Shorter is Sweeter
- 2Wine, Dine and Grind (Through the Weekend): Summer Associates Thirst For Experience in 'Real Matters'
- 3'That's Disappointing': Only 11% of MDL Appointments Went to Attorneys of Color in 2023
- 4What We Know About the Kentucky Judge Killed in His Chambers
- 5'I'm Staying Everything': Texas Bankruptcy Judge Halts Talc Trials Against J&J
Featured Firms
Law Offices of Gary Martin Hays & Associates, P.C.
(470) 294-1674
Law Offices of Mark E. Salomone
(857) 444-6468
Smith & Hassler
(713) 739-1250