Opportunity Zones Give Big Law ‘Pop-Up’ Teams Plenty of Work
The pop-up teams tackle thorny issues relating to the new law, which attorneys call “unusually broad.”
A number of Big Law firms have created “pop-up” working groups of tax, real estate, and private funds lawyers specifically to advise Opportunity Zone clients. In fact, the new OZ space may turn out to be a boon for any law firm with a strong emphasis on multidisciplinary practices.
Puerto Rico Passes Opportunity ZonesRegulatory Bill
The bill establishes conformity with the federal tax incentive — but with some important differences.
Puerto Rico was able to designate 100 percent of its low-income census tracts as Opportunity Zones — and, as a result, nearly the entire island lies in an OZ. The governor’s office projects that the new law will generate more than $600 million in capital investment in Puerto Rico.
ICSC RECon: Cities Are Promoting Their Opportunity Zones for Investment
From Miami Gardens, FL, to Kennewick, WA, local advocacy groups gathered in Las Vegas to drum up OZ interest.
Cities and economic development teams are getting into the Opportunity Zonesgame and bringing potential investment sites to the biggest annual retail real estate convention: at this year’s ICSC RECon, several booths displayed large maps of designated OZs.
NES FINANCIAL OZ WINS
Urban Catalyst Chooses NES Financial to Administer First San Jose Opportunity ZoneDevelopment
“Our investors are comfortable knowing a leader like NES Financial is on our team,” says Urban Catalyst’s founder.
“When investors evaluate their Opportunity Fund options, third-party oversight is one of the most important factors they consider,” said Erik Hayden, founder of Urban Catalyst. “NES Financial provides the leading administrative solution in this space — they are the gold standard.”
NES Financial: The leader in Opportunity Zone fund administration.
Based on our industry-leading experience in other specialized financial markets, we’ve developed the first purpose-built Opportunity Zone Fund Administration Suite — designed to minimize risk and maximize investor confidence.