RXR Realty is raising $500 million for an the RXR Realty Opportunity Zone Fund, which will invest in residential, retail, commercial, and mixed-use properties in and around New York City.

Included in the plans are a $170 million development in downtown New Rochelle with 354 residential units and 13,000 square feet of retail space; an $83 million development in downtown Glen Cove with 146 units and 15,500 square feet of retail space; and a $319 million development next to Brooklyn Navy Yard that will include 680,000 square feet of commercial space.

There are 514 opportunity zones in New York state, including more than 300 in New York City alone.