Attorney Stevan Pardo said the extended deadlines allowed two clients — developers who separately launched two Opportunity Zone funds — to increase their capital raise. Through affiliates, they are separately developing a rental complex in Miami and a branded hotel in Hawaii. Pardo, a former developer who is now a partner in Miami-based firm Pardo Jackson Gainsburg & Shelowitz, PL, said the additional time gave clients the chance “to accomplish what would have been difficult if not impossible” under the previous deadline.
Pardo, who leads his law firm’s hotel, construction and litigation work, said there have been more inquiries from potential OZ investors in recent months compared to earlier in the pandemic.
The Opportunity Zone fund backing the Hawaii hotel development aims to raise between $50 million and $150 million, with each investor required to ante up at least $250,000, Pardo said. The fund backing the Miami project has a fundraising goal of roughly $100 million. He’s confident both projects will reach their goals as a result of the extensions and improving economy.
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