A pedigreed Atlanta developer found its downtown redevelopment project partially within a qualified opportunity zone, and now it is trying to take advantage of that fact.
Carter is marketing 7 acres at its Summerhill project to investors who may want to invest their capital gains into developing the lot into a hotel or an office building. Carter has planned for 700K SF of office and retail space, 300 multifamily units and a 130-room hotel on the parcel, which was carved out because of its location in an opportunity zone.
Investors who place capital gains into a qualified opportunity fund and invest in projects or businesses located in the zones — chosen by each state’s governor after the program was passed as part of President Donald Trump’s signature 2017 Tax Cuts and Jobs Act — don’t have to pay taxes on those gains if they hold the investment until 2027.
“The way things are moving and you are starting to see more and more projects being held longer-term, which starts to marry up with OZ investing anyway,” Carter Executive Vice President David Nelson told Bisnow.
Carter has tapped Transwestern to market the land toward office users and developers while using JLL to market it toward retail developers.
by Jarred Schenke, Bisnow Atlanta