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, said the additional …
In April 2019, the U.S. Department of the Treasury issued its second set of proposed regulations related to the new Opportunity Zones tax incentive. The tax benefit was created in 2017 to encourage long-term investments in economically distressed communities around the country. There are two ways to invest in an Opportunity Zone: Create your own fund or invest in an existing one.
Now that the U.S. Department of Treasury has issued its second set of proposed regulations on Opportunity Zones, developers are more willing to move forward.
The U.S. Treasury Department postponed hearings on the development of regulations that would clarify how Opportunity Zones are to be structured. Stevan Pardo was interviewed by the South Florida Business Journal about why some may want to wait before investing in these Opportunity Zones.
The government shutdown is thwarting opportunity zone investors from moving forward with deals as investors await the development of regulations. Stevan Pardo was interviewed by the Daily Business Review on the impact the shutdown is having on clients.