You may have seen this somewhere
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Presumably you'd agree it's not as nice as this:
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So what do these two renderings have in common?
They're both projects by Hines with equity funding provided by Chicago-based Cresset-Diversified QOZ Fund, that are intended to take advantage of opportunity zones and both reflect the sites where the opportunity existed. The 1st is in RiNo will be 392 units where the 2nd is in Houston with 373 units.
One of Denver's first big opportunity zone plays kicks off with a $155M project
Jun 19, 2019 By Andrew Dodson – Reporter, Denver Business Journal
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One of the first big qualified opportunity zone plays in metro Denver is a 392-unit, high-end apartment building that’s being developed in the city’s River North Art District.
If all goes according to plan, investors can essentially kiss goodbye the federal and state taxes tied to the capital gains they earned in 2018 — about 23% — by investing those gains into the $155 million project, in addition to receiving low- to mid-double-digit returns a decade or more from now.
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Avy Stein provides some background.
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“RiNo looks like what Chicago’s West Loop looked like 15 years ago.”
Avy Stein, founder and co-chairman of Cresset, told Denver Business Journal that the parts of RiNo that fall into those designated districts are a “very big opportunity” for investors.
“What’s really interesting about it is that RiNo is this pre-planned, brand-new community where they’re taking what was formerly industrial and now you’re going to have a performing arts center, multifamily, office, entertainment,” he said.
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Clearly Hines having already gone through the hoops required with the Houston project was in a position to move quickly in Denver.