OZ Pitch Day - March 7, 2024
RevOZ Capital opened an 11,000-square-foot behavioral health facility in a San Bernardino, California Opportunity Zone. On hand at the ribbon cutting ceremony was Senator Tim Scott (R-SC). The facility will provide effective health care to justice-involved youth, in or out of custody, who have been diagnosed with mental illness. The center will work with the Juvenile Justice Program within the San Bernardino County Department of Behavioral Health.
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EPA Announces $300,000 Grant for Oklahoma City Opportunity Zone
The U.S. Environmental Protection Agency announced a $300,000 assessment grant to Oklahoma City located partially within an Opportunity Zone. The grant will be used to conduct environmental site assessments, develop cleanup plans, and support community outreach activities for the city’s Neighborhood Revitalization Strategy.
“These assessment and cleanup grants will not only support economic growth and job creation, but they will also empower communities to address the environmental, public health, and social issues associated with contaminated land,” said EPA Administrator, Michael Regan.
Aspire Fund Announces Completion of Tiny Home Development Within Arizona Opportunity Zone
Aspire Fund, an Arizona-based Opportunity Zone fund, has finalized construction on their tiny home project within a Flagstaff, Arizona Opportunity Zone. “When we started to collaborate with the county and together, we reimagined what Flagstaff could bring to local community residents in need of affordable, environmentally-friendly short and long-term housing,” said Ryan Scott, CEO of Aspire Fund.
“We understood the complexities of the demand in our community, we also had innovative tiny home builders creating a very slick, high end product. But when we went to the County, there were no such guidelines for us to follow because no one had ever done this before.”
Aspire Fund expects tiny home developments to match the demand in real estate development while also creating sustainable housing innovation.
11,000-Square-Foot Behavioral Health Facility Opens in San Bernardino Opportunity Zone
State, local, and national leaders gathered in San Bernardino for the grand opening of a behavioral health facility that will service the Juvenile Justice Program within the San Bernardino County’s Department of Behavioral Health. Located in an Opportunity Zone, the facility will serve an estimated 400 to 900 families per year with a mission of providing comprehensive and effective adolescent behavioral health care for justice-involved youth, in or out of custody, who have mental illness.
“The Juvenile Justice Program reduces recidivism, promotes wellness and recovery, and enhances the quality of life in our county,” said Board of Supervisors Chairman Curt Hagman. “Also, this project was developed in a Qualified Opportunity Zone, which benefits both the public and private sectors and creates vital community benefit. The value of bringing new investment to underserved communities underscores the importance of this program.”
RevOZ Capital provided the capital for the Opportunity Zone project.
City State Brewing Opening in Washington, DC Opportunity Zone
Washington D.C.’s newest brewery and community gathering space, City State Brewing, opened this week. Located in an Opportunity Zone, this homegrown brewery was financed through the brewery’s Opportunity Zone Fund.
“We’ll use the fund in the way it was intended — to create opportunity,” said James Warner, owner of City State Brewing. “We’re in Edgewood, and I live in Brookland next door. I want to make sure that, as we build our business, we’re also building our community.”
The brewery will be accessible by metro and will feature beer named after city historical landmarks. The 13,000-square-foot brewery will have an on-site taproom as well as an arts venue that will feature live music and an event space open to community groups.
EJF Capital, Chartwell to Invest $80 Million in Nashville Opportunity Zone
Virginia-based real estate investment firm EJF Capital partnered with Nashville-based developers Chartwell Residential to invest $80 million in a two-phase multifamily development within a Nashville, Tennessee Opportunity Zone. The two communities will sit on 13.6 acres, and will feature a 375-unit development in its first phase, and an additional 375 units in its second phase—totaling 750 units. The two structures will be located on the former Watkins College campus.