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This week, two new hotels opened their doors in Opportunity Zones.
Hyatt House extended-stay hotel opened for business in downtown Rochester, Minnesota just steps from the Mayo Clinic. The hotel appears to be Rochester’s first Opportunity Zone project and is a part of a multibillion economic development initiative to revitalize the downtown.
In a Tucson, Arizona Opportunity Zone, DoubleTree by Hilton is now open to guests. Located next to the Tucson Convention Center, DoubleTree is expected to accommodate the city’s growing visitor demand. Developers expect the hotel to generate an average annual economic impact of $12.1 million.
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Mixed-Use Mid-Rise Apartment Building Broke Ground in Seattle Opportunity Zone
In partnership with Trent Development and Cresset Diversified Real Estate Capital, real estate development firm Hatteras Sky has broken ground on a new mixed-use mid-rise development in a Seattle Opportunity Zone. Located less than a mile from a future rail station, the project will feature 206 residential units and is expected to open in 2023. “As one of the largest qualified opportunity zone managers in the country, we’ve seen firsthand the positive impact that projects such as this can have on a community, its local businesses and its people,” said Avy Stein, Cresset’s Founder and Co-Chairman. “We’re excited to align ourselves with top-notch partners such as Hatteras Sky and Trent Development, and we’re looking forward to watching this project come to life.”
Hyatt House Opens in Rochester, Minnesota Opportunity Zone
Earlier this week, Hyatt House extended-stay hotel opened in downtown Rochester, Minnesota. As Rochester’s first-ever Qualified Opportunity Zone project, this 172-room hotel sits just three blocks from the Mayo Clinic. The extended-stay hotel comes amenitized with full kitchens, spacious bathrooms, laundry service, a pool, fitness center, and is pet friendly. “I think it’s going to be a great addition to town being close to the Mayo Clinic and how we’re set up for extended stays to really cater to people that are really going to need to be in town for multiple weeks,” says Mike Fox, General Manager, Hyatt House.
DoubleTree by Hilton Opens in Downtown Tucson Opportunity Zone
Earlier this week, DoubleTree by Hilton opened its doors in downtown Tucson, AZ. CaliberCos Inc. and Ryan Companies US Inc. broke ground in May 2019 on their first Opportunity Zone project in Arizona. As the only hotel connected to the Tucson Convention Center, it is expected to support Tucson’s downtown re-visioning plan and help accommodate growing visitor demand. The 170-room hotel is projected to generate an average annual economic impact of $12.1 million. “At Ryan Companies, we strive to create places for people to thrive,” said Chuck Carefoot, Ryan Companies senior vice president of construction. “We’re honored to take part in the revitalization of downtown Tucson and the opening of this hotel marks an exciting milestone for the city.”
Six Indiana Communities Chosen for Indiana Rural Opportunity Zone Initiative
Six Indiana communities, including the City of Princeton, have been chosen to participate in the Indiana Rural Opportunity Zones Initiative. The program encourages long-term private capital investment into Indiana low-income and rural communities. Indiana Office of Community and Rural Affairs, Purdue Center for Regional Development, Purdue Extension Community Development and Indiana Housing and Community Development Authority will partner to provide technical assistance and capacity-building support to rural areas.
“More rural communities will have the necessary materials to attract capital to their designated areas,” said Indiana Lt. Governor Suzanne Crouch. “With our state’s housing agency now involved in the initiative, we are addressing a critically important piece of economic development and talent attraction on an individual economic level.”