Specialty financial administrator NES Financial announced today that it has contracted to provide its purpose-built Opportunity Zone Fund Administration services to Hatteras Sky — an experienced commercial real estate development firm specializing in Opportunity Zone, affordable, historic and conventional real estate development.
The proposed development will feature the conversion of the Union Pacific train depot, including new construction of an eight-story tower, into a mix of a hotel, restaurant and retail space, alongside the existing 17,000 square foot Live Nation event space. The hotel component of the development will be the newest U.S. addition to Autograph Collection Hotels, a part of Marriott International.
The Union Station site is located in one of Utah’s designated Opportunity Zones (OZs), which offers accredited investors the potential to benefit from the OZ program’s tax benefits. The tax incentives associated with the OZ program are designed to encourage long-term investment into economically distressed areas across the country.
Hatteras Sky principals Jason Cordon and Amy Michaelson Kelly were instrumental in launching one of the nation’s first Qualified Opportunity Funds (QOFs), and they currently control an Opportunity Zone portfolio in excess of $780M, including projects already underway in top metro areas across the country. The Union Station development will bring new life to Salt Lake City’s iconic 110-year-old train depot while also creating the first new full-service hotel to open in the area since 2001 — aligning with Hatteras Sky’s mission to “create structures and communities that will be useful, beautiful, and strong for generations.”
“Since the inception of the tax initiative, NES Financial has become the undisputed leader in OZ fund administration,” said Cordon. “Hatteras Sky places a high priority on following industry best practices, so contracting with NES Financial for our fund administration was the obvious choice.”
To learn more about Hatteras Sky’s Opportunity Zone Fund, please read the full press release here.
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