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  1. #1

    Default Where are Detroit's "opportunity zones"?

    and is development occurring in their boundaries?

  2. #2

    Default

    Quote Originally Posted by David L View Post
    and is development occurring in their boundaries?
    I doubt much is happening yet; opportunity zone funds are just getting rolling as I don't think the final IRS regs are out.

    But the map does exist. https://data.detroitmi.gov/Property-...ones/ryzr-nwzf

  3. #3

    Default

    I'm going to be interested to see we see any difference in the east and west sides of Livernois below Pembroke, as I believe the east side is not in the zone while the west side is.

  4. #4

    Default

    It covers a good deal of Detroit.

    https://www.michigan.gov/documents/m...0_616755_7.pdf

    This will be a really, really big deal when it gets going. If you invest in one of these with an appreciated asset (i.e. sell a piece of real estate and buy one here), there is no cap gains tax at all after a 10 year hold. This could usher in some serious investment. Properties that can be spruced up will.

  5. #5

    Default

    https://www.nytimes.com/2019/02/15/b...ntroversy.html

    This is a recent story about how those with capital gains are trying to
    invest in Opportunity Zones. Is anyone keeping track of what is
    currently happening in the many Opportunity Zones in Detroit designated by former Governor Snyder?
    Thanks.

  6. #6

    Default

    Quote Originally Posted by BankruptcyGuy View Post
    It covers a good deal of Detroit.

    https://www.michigan.gov/documents/m...0_616755_7.pdf

    This will be a really, really big deal when it gets going. If you invest in one of these with an appreciated asset (i.e. sell a piece of real estate and buy one here), there is no cap gains tax at all after a 10 year hold. This could usher in some serious investment. Properties that can be spruced up will.
    Just to be clear, you get a deferral and a 15% discount on the pre-opportunity zone appreciation of the initial investment, and then no cap gains on what you earn on the opportunity zone investment if you hold for ten years. It is a good deal, but it will be interesting to see if actually results in anything significant other than tax avoidance. I hope so, but I'll wait and see. There are a lot of opportunity zones in places (not just in Detroit) that would probably get significant investment anyway

  7. #7
    Join Date
    Mar 2017
    Posts
    1,638

    Default

    Just because you have an opportunity, doesn't mean you are empowered

    Different zone, different meaning

    https://data.detroitmi.gov/Governmen...Zone/x6ig-wfg4

  8. #8

    Default

    There is a link here to a long essay in yesterday's paper about Opportunity Zones. It is longest story about this attempt to reinvigorate low income neighborhoods I have read recently. Clearly there are many individuals and firm with unrealized capital gains who wish to avoid capital gains taxes by investing in an opportunity zone. And, it appears, investors are
    "cherry picking" their opportunity zones to invest in some that are
    hardly impoverished urban neighborhood.
    How will Detroit benefit? Do I recall reading that Mr. Hantz's firm will invest a couple of hundred million in new housing and commercial building in the Hantz farm area or am I confused?
    https://www.nytimes.com/2019/02/15/b...sultPosition=1

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