OZ Pitch Day - March 7, 2024
The OZ Expo is July 15-16 in Denver, CO. The conference will feature a pitch session featuring eight developers showcasing their projects to a panel of judges for a chance to win the Top Project or Most Impactful Project awards. Colorado governor Jared Polis is the event’s keynote speaker.
“Opportunity Zones continue to provide unmatched economic opportunities across the United States, especially to revitalize the economy and distressed communities,” said Ali Jahangiri, CEO of OpportunityZone.com. “By providing tax incentives, Opportunity Zones are benefiting both investors, funds and thousands of residents in local communities that will reap the benefits of revitalization, business investment and jobs. The zones are a win-win for everyone involved, and our expo brings the key players in the industry together to make it happen.”
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You can learn more about the event and register for attendance here.
Malcolm Johnson, Former Football Player and CEO of Langdon Park Capital, Invests in Opportunity Zones
Malcom Johnson, former Notre Dame football player and Founder and CEO of Langdon Park Capital, is using real estate investment to drive inclusive growth to underserved Black and Latino communities.
“Immediately, Langdon Park Capital will begin raising capital for the initial fund platforms and concurrently identify and evaluate potential real estate investment opportunities in densely populated, ethnically diverse urban communities on both coasts, particularly in California and the Mid-Atlantic regions,” said Malcolm Johnson. “Langdon Park Capital will also source Opportunity Zone transactions to allow mission-aligned investors with long-term investment horizons to participate in the responsible growth of underserved communities and their deserving residents.”
You can learn more about the recently launched Langdon Park Capital here.
Kennedy Wilson Plans 268-Unit Multifamily Housing Development in Bozeman, Montana Opportunity Zone
Global real estate investment company Kennedy Wilson announced plans to build a 286-unit multifamily housing development in a Bozeman, Montana Opportunity Zone. Expected to reach completion in 2023, the Oxbow will have a mix of one-, two-, and three-bedroom units, feature amenities such as a coffee shop, spa, fitness and yoga studio, and community kitchen.
“Bozeman has emerged as one of the fastest growing cities in the country over the last several years, and we are pleased to expand Kennedy Wilson’s multifamily presence into a region that is primed to continue its upward trajectory,” said Nick Bridges, Managing Director at Kennedy Wilson. “Entering the Bozeman multifamily market is a natural next step for us as we continue our focus on acquisitions in regions offering residents a high quality of life and a relatively affordable cost of living — key factors that many individuals and employers are seeking as work flexibility increases.”
Urban Catalyst Purchases Final Plot for Delmas Senior Living Center Within San Jose, California Opportunity Zone
Silicon Valley-based Opportunity Zone Fund Urban Catalyst announced the acquisition of the final parcels of property for their Senior Living project, Delmas. Located within a San Jose, California Opportunity Zone, the Delmas will feature six-stories, 175,000 square-feet property with assisted-living units and memory care studios. The Delmas will house 165 units, of which 49 are dedicated as memory care units.
“Delmas Senior Living center not only meets the demand in our local market for senior assisted living and memory care facilities but offers an exclusive setting in one of the most dynamic neighborhoods in the city,” says Josh Burroughs, partner and chief operating officer at Urban Catalyst. “Residents will have easy access to the city’s medical, cultural and entertainment offerings for the highest quality of living in this space.”
MRP Realty Transforms Northeast Washington, DC With Opportunity Zone Developments
Thanks to Opportunity Zones, Northeast D.C. has been receiving significant investment over the last two years. On what was formerly the Rhode Island Avenue Shopping Center, MRP Realty has developed mixed-use development Bryant Street. With one apartment building already open to residents, MRP plans to deliver another two-building apartment complex later this month. MetroBar, an outdoor bar featuring an old train car, also began serving drinks to the public last month.
Later this year, the project’s highly anticipated Alamo Drafthouse Cinema will open, along with the Bevy Food Hall, F45 fitness studio, District Dogs canine daycare and training facility, and other retail offerings.
“That’s what mixed-use development nowadays is about,” said Matt Bailey, Development Manager for MRP. “Especially in an urban environment, you don’t want to be five Metro stops away from your fitness studio or your local watering hole, you want those amenities on-site … The retail is not as successful without residents, and the residential buildings aren’t as successful without retail.”