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Welcome back to our weekly look at Charlotte real estate and development news. Charlotte Commercial Real Estate Whispers is the best way to get the latest dirt on transactions, rezonings and projects happening across the Queen City.
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In today’s edition:
Second round of Opportunity Zone program could include more areas of Charlotte
A Senate bill around data center rules is moving quickly through the state legislature
The Long’s Dry Cleaning & Laundry site in Dilworth will soon get new life
Prolific apartment developer in Charlotte tees up a South End project
And a wrap-up of land deals and real estate news from us and other sources
Where Opportunity Zones 2.0 could land in Charlotte
Where Charlotte’s second round of Opportunity Zones could be. (Image included in city of Charlotte presentation)
We’re fast approaching a state-imposed deadline for local governments to submit Census tracts they want to be considered for the federal government’s Opportunity Zones 2.0 program. Charlotte expects to submit up to 14 Census tracts that’ll then be considered by the state for recommendation to the federal government for the program, which provides tax breaks to developers who build within the designated areas.
Opportunity Zones, introduced in the 2017 federal tax bill, have been popular but sometimes controversial. Intended to spur revitalization and investment in low-income areas, questions have been raised around who benefits (and who gets displaced) because of OZ investment and whether the projects are incentivizing projects or places that truly need a shot in the arm.
The first round of OZs had limited reporting requirements, so outcomes from those projects are largely unknown. In Charlotte, projects like the Kinship apartment project at Camp North End and Alta West Morehead on West Morehead Street used OZ funds to get built.
Although some of the developments in Charlotte that have used the program included things like affordable housing or workforce and small business incubation, others have just been luxury apartment projects.
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