As part of the 2017 Tax Cuts and Jobs Act, Indiana established Opportunity Zones that incentivize investment in what were designated as economically distressed communities. Researching projects within those areas, Birge & Held identified Urban Station | Phase II — a multifamily, mixed-use development envisioned to revitalize an underutilized strip mall to spur economic development. Based on in-depth research and analysis of the market, Birge & Held acquired the asset in the early stages of development. After revising the project scope and timeline and anticipating significant efficiencies through in-house property management and construction divisions, Birge & Held is developing Urban Station | Phase II with privately syndicated equity.
Urban Station | Phase II
Capitalizing on an Opportunity Zone
Birge & Held successfully turned around the previously stalled project on a site with environmental issues that also involved significant municipal regulatory and administrative requirements. Birge & Held successfully negotiated changes to the project size and scope, while bringing the projects partners together on a revised development schedule.
We worked with investors to maximize the Opportunity Zone benefits for all parties in a project which was already projected to provide strong returns regardless of the additional tax incentives.
Working closely with our construction and property management divisions, Birge & Held created time and resource efficiencies.