Look for the Opportunity Zones Metamorphosis in Orlando, FL
The U.S. Treasury Secretary predicts $100 billion dollars will soon be invested into Opportunity Zones all over America, once the regulations for the Tax Cuts and Jobs Act are fully finalized and understood. What is drawing all real estate Investor eyes to these parts of our communities? Massive tax breaks under the mentioned law, to allow investors to revitalize the rundown properties neighborhoods. This will have a major impact on the place we call home: Orlando, Florida.
In April, local government throughout the country nominated spaces of their community to be dubbed as an Opportunity Zone. Meanwhile, investors around the country have been gearing up to start the transformation once they hear “go.” The regulations component is still tricky, but will continue to sort itself out in the coming months, and as you may already start to see the neglected parts of your county go through a metamorphosis. BisNow reports the “since the Tax Cuts and Jobs Act was passed, transaction volume for land purchases have grown in every quarter, with Q3 seeing a year-over-year increase of over 50%.”
Curious what this means for our community in Central Florida? The City of Orlando has released a list of what was accepted from their nominations as Opportunity Zones. As their website states, “twelve of the 427 recommended State of Florida communities designated as Opportunity Zones reside in the City of Orlando.” You can see the full list here, and expect positive changes taking place in the form of housing, business, tourism, transportation, and entertainment.
Read related commercial investing articles on Scott Callahan’s blog, here.