{"id":1616,"date":"2021-01-18T15:23:42","date_gmt":"2021-01-18T20:23:42","guid":{"rendered":"https:\/\/www.lee-associates.com\/raleigh\/?p=1616"},"modified":"2021-01-18T15:23:42","modified_gmt":"2021-01-18T20:23:42","slug":"the-highlight-zone","status":"publish","type":"post","link":"https:\/\/www.lee-associates.com\/raleigh\/2021\/01\/18\/the-highlight-zone\/","title":{"rendered":"The Highlight Zone"},"content":{"rendered":"
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By Caleb Harshberger \u2013 Staff Writer, Triangle Business Journal
\nJan 15, 2021, 6:54am EST<\/p>\n

In 2017, CityPlat principal Vincenzo Verdino<\/a> learned of a new program just implemented by the federal government to encourage investment and development in underutilized properties around the country, and he wanted in.<\/p>\n

The program established certain census tracts as Opportunity Zones<\/a> and allowed investors to put capital gains into properties in underserved areas with serious tax benefits.<\/p>\n

\u201cWhen the legislation was first announced, people heard this is one of the greatest tax benefits in our lifetime and the thought was it\u2019d be similar to the 1031, where it\u2019d be easy for passive investors to take advantage of it,\u201d Verdino said. \u201cThat\u2019s not the case at all. It\u2019s really designed for developers. It\u2019s all about how much developers are incentivized or interested.\u201d<\/p>\n

He and his partners at CityPlat<\/a> quickly began looking to see if they had any properties in the Opportunity Zones and what, if any, benefit that could bring. They soon found three they were already working on and determined this was a program they were interested in pursuing.<\/p>\n

\u201cNone of those did we end up moving forward with as an Opportunity Zones project, but it opened that doorway and as a result we saw how much benefit can come from doing an Opportunity Zones project,\u201d Verdino said. \u201cSo from that point on we were actively searching for a project in the Opportunity Zones.\u201d<\/p>\n

They began making offers on properties that qualified under the program \u2013 until they found the first one that stuck.<\/p>\n

And CityPlat wasn\u2019t the only one rushing into the space. The boutique development and real estate firm, then based in Cary, joined a growing host of investors and developers interested in making the most of the new program.<\/p>\n

Soon, millions of dollars began pouring into the zones.<\/p>\n

\u201cThere was a mad rush in the beginning to buy,\u201d said Moss Withers, president and principal at Lee & Associates Raleigh-Durham. \u201cThere were literally millions of dollars being raised to invest in Opportunity Zones.\u201d<\/p>\n

>READ MORE<\/a><\/p>\n

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By Caleb Harshberger \u2013 Staff Writer, Triangle Business Journal Jan 15, 2021, 6:54am EST In 2017, CityPlat principal Vincenzo Verdino learned of a new program just implemented by the federal government to encourage investment and development in underutilized properties around the country, and he wanted in. The program established certain census tracts as Opportunity Zones and allowed investors to put capital gains into properties in underserved areas with serious tax benefits. \u201cWhen the legislation was…<\/p>\n","protected":false},"author":85,"featured_media":1618,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-1616","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-blog"],"yoast_head":"\nThe Highlight Zone - Lee & Associates | Raleigh Durham<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.lee-associates.com\/raleigh\/2021\/01\/18\/the-highlight-zone\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"The Highlight Zone\" \/>\n<meta property=\"og:description\" content=\"By Caleb Harshberger \u2013 Staff Writer, Triangle Business Journal Jan 15, 2021, 6:54am EST In 2017, CityPlat principal Vincenzo Verdino learned of a new program just implemented by the federal government to encourage investment and development in underutilized properties around the country, and he wanted in. 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