Identifying the right Opportunity Zone project in New Jersey may have just become easier. On March 11, Governor Murphy and the State Economic Development Authority announced that the State will award $100,000 grants to the five New Jersey municipalities who produce the best game plans for attracting qualified Opportunity Zone investments. These municipalities and taxpayers with capital gains who seek investments in Opportunity Zones will find useful perspective and information to help define attractive targets in New Jersey’s 169 Opportunity Zones in “Finding Good Real Estate Investments in Opportunity Zones,” an article written by Wilentz Real Estate/Redevelopment practice Co-Chair and renowned New Jersey redevelopment lawyer Anne Babineau and Christopher Hopkins.
In the article, the authors draw on their early experience with Opportunity Zones and the Wilentz team’s long history of successful redevelopment projects to identify the challenges to finding and structuring the right Opportunity Zone project. When these challenges have been met, investors, developers and fund sponsors stand to benefit with new financial rewards made possible from one of the biggest national community investment program to be enacted by Congress.
This article was prepared in conjunction with the 2019 NJ Future Redevelopment Forum.