Pinellas County Economic Development announces the launch of a new webpage, PCED.org/OZ, which promotes the sixteen Opportunity Zones available for investment within the county.
Investors also can visit PCED.org/prospectus to see highlights of opportunities in each census tract.
Opportunities abound, from the massive redevelopment potential of Tropicana Field in downtown St. Petersburg, to urban infill projects in the downtowns of Clearwater, Largo and Tarpon Springs, to housing and mixed-use opportunities throughout all tracts, according to the county’s Economic Development staff.
"With the details included in the prospectus and the webpage, we're hoping to provide investors with the information they need to familiarize themselves with each of these individual census tracts and the different potential investments available to them," said Cindy Margiotta, senior manager at Pinellas County Economic Development.
"We're fortunate to have Opportunity Zones spread throughout Pinellas County that include redevelopment opportunities in housing, office and industrial space," said Mike Meidel, director of Pinellas County Economic Development.
The Opportunity Zone Program was created as part of the 2017 Federal Tax Cuts and Jobs Act. Opportunity Zones are economically distressed census tracts designated by the U.S. Treasury Department.
By investing in an Opportunity Zone, through a qualifying Opportunity Fund, investors can defer and/or reduce their federal capital gains tax liability. Tax benefits increase the longer investments are held. There is no cap on the amount of capital that can be invested and the Opportunity Zone incentives can be applied to a wide range of investments in real estate and operating companies.
Pinellas Opportunity Zone Fast Facts
• 16 Opportunity Zone tracts
• 61,442 population within the zones
• 24,819 households within the zones
• 12.76 square miles, nearly 8,200 acres