Investment in Opportunity Zones (OZ) has been the talk of the town since the program's introduction in the recent tax reform law. However, a closer look at the law shows that many property owners in designated OZs will not be able to take advantage of the program.
For one thing, qualified OZ properties must have been purchased after December 31, 2017. This likely came as a disappointment for those who owned properties in locations later designated as OZs. Enter Maryland's OZ Information Exchange.
The Exchange offers an online depository of information about properties listed in the state's OZs, giving prospective buyers a centralized resource to find anything from opportunity funds to vacant land to completed developments currently on the market. Here are a few of the more interesting sites on the market:
The massive, 49-acre development planned for New Carrollton Metro station at 4280 Garden City Drive (map) is on the market. The multi-phase development, marketed by Urban Atlantic and in progress as a partnership between WMATA, P.G. County and Forest City, is planned to deliver 1,500 additional residential units, two million square feet of office space, 200 hotel rooms and 150,000 square feet of retail by 2030.
Also for sale is the currently under-construction Artisan 4100, the second phase of a project by Landex Development in the Gateway Arts District. Located at 4100 Rhode Island Avenue (map), the building will deliver 84 studio and two-bedroom apartments, 4,800 square feet of retail and recording studio space, and 130 parking spaces. The project is expected to deliver next January.
Previously referred to as LifeSci Village, also for sale is 300 acres of planned development at 11700 Cherry Hill Road (map), expected to deliver 5,000 residential units and 7 million square feet of commercial space. A relocated Washington Adventist Hospital will be constructed on an adjacent parcel.
- King Properties
Two family-owned properties in Gaithersburg are also on the market, at 220 East Diamond Avenue (map) one block from the Marc station. One parcel is 70,480 square feet and the other is 30,288 square feet, each permitting residential, retail and office use.
This article originally published at https://dc.urbanturf.com/articles/blog/maryland-site-offers-more-the-opportunity-to-own-in-opportunity-zones/14945.
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