Locally designated by the 50 states, Puerto Rico and the District of Columbia, Opportunity Zone census tracts are those in which residents face an array of challenges – shorter life expectancy, higher unemployment, lower levels of income and education achievement, and aging housing stock and infrastructure. Despite these challenges, some of the designated zones have already demonstrated progress through recent catalytic real estate and business development, and are poised for even greater transformative change through the added infusion of Opportunity Zone funds to further stimulate development.
Over the past decade, Torti Gallas has been a pioneer in the physical improvement of over 80 Projects in what are now designated as Opportunity Zone neighborhoods. These successful neighborhood revitalizations have been supported by numerous mixed-finance tools including HOPE VI, Choice Neighborhoods, LIHTC’s, New Market Tax Credits, TIF, etc. With the added stimulus of Opportunity Zone tax incentives, these struggling communities have now been offered an even brighter beacon of hope to catalyze comprehensive revitalization by attracting the next level of investment through Opportunity Zone designation.
Our successful and transformative work in under-invested neighborhoods around the nation has led to real improvement in the quality of life of the communities and people they impact, realizing the “substantial improvement”mandated by the Opportunity Zone program. With over 30 current projects in Opportunity Zones, ranging in scale from an 11 million square foot mixed-use town center development in Rockville, Maryland, to faith-based affordable housing projects in the District of Columbia, and the transformation of a failed mall into a vibrant town center in Westminster, Colorado, we are intimately familiar with how to collaborate with developers, residents and community stakeholders to effectively address the physical, social and economic challenges and opportunities of development in Opportunity Zones around the country.
This is work we know how to do. We understand the market-based realities and
challenges to implementation, and how to repeatedly achieve successful results
in transforming communities. We have the
design insights and creative skills to support successful real estate development
through crafting implementable projects that are realized through building
consensus with the myriad levels of client, agency and community stakeholder
involvement. These mature insights allow us to connect the dots and move
investment funds into the successful projects that will positively impact
communities. Together, this arms us with the knowledge and expertise to ”hit
the ground running” to work with you in delivering within the tight time frames
mandated by the Opportunity Zone program.