1. What were this years' major acquisitions, investments, and projects in and around Philadelphia?
2. With a Construction Tax still being weighed on, how could that impact the future of development in Philadelphia?
3. What is a Qualified Opportunity Fund?
4. What are Opportunity Zones, and where are they located?
5. Why invest in Opportunity Funds, and are they a better investment than a 1031 Exchange?
6. How can Opportunity Zones spur economic development in Philadelphia and its surrounding suburbs?
7. How does Opportunity Fund investing work?
8. What are some of the tax benefits and the tiered structure of the program?
In September 2014, Alliance acquired the former Destination Maternity warehouse, a full city block on the edge of Philadelphia’s thriving Northern Liberties neighborhood. After the Destination Maternity’s short-term leaseback ended in November 2015, Alliance focused on adaptive reuse of the existing, 190,0000+/- square-foot, brick warehouse building. Alliance leased the entire building to three tenants on long-term leases: Yards Brewing Company opened their 70,000-square-foot brewery and tap room in November 2017; the City of Philadelphia’s Archives Department opened their 70,000-square-foot facility in April 2018; and Target opened their 50,000-square-foot “urban format” retail store in August 2018.
In 2019, Alliance will develop a ground-up, mixed-use building with 50 apartment units and 11,000 square feet of retail space. This final phase of the SoNo project will mark the first large-scale, ground-up residential construction project in more than 30 years in the East Callowhill district.
|7:30 AM - 8:30 AM||
Registration, Networking & Breakfast
|8:30 AM - 8:40 AM||
Opening Remarks: Kognition
|8:40 AM - 9:20 AM||
A Year in Review: Philadelphia 2019 Forecast
Learn about 2018's greatest trends and biggest deals, and how they may come to into play in the new year
|9:20 AM - 9:25 AM||
|9:25 AM - 10:10 AM||
A CRE Window of Opportunity: Opportunity Zones 101
What You Need to Know about the Latest Tax Incentives
|10:10 AM - 10:20 AM||
Closing Remarks: Mayor Jim Kenney
|10:20 AM - 10:50 AM||
Yards Brewing Company
500 Spring Garden Street
Philadelphia, PA 1912
Parking Information: Entrance to parking lot on 5th (northbound) and 6th (southbound) streets. Valet parking available on the 5th Street side of the lot next to the mural.
In Philadelphia, high-end condominiums, luxury apartments, high-rise hotels, towering office buildings and chic retail and restaurants are being built and delivered at an astonishing pace.
But that's not all Philadelphia has. It now also has pockets of opportunity.
82 tracts throughout Philadelphia are now under a new federal program designed to bring investment and development into the region, prompting savvy investors and city officials to work together to spark economic activity.
Of the 300 tracts submitted by Governor Tom Wolf, special consideration was given to cover areas of poverty, areas containing business activity, and geographic diversity. Governor Wolf submitted his suggestions to the U.S. Department of Treasury on March 30, 2018.
The Opportunity Zones tax incentive was included in the Tax Cuts and Jobs Act President Donald Trump signed into law in December 2018. The law gives tax benefits to investors that place unrealized capital gains into Opportunity Funds, which then invest in Opportunity Zones, a host of census tracts local governments decide have the most need and can best support the investment.
The U.S. Department of Treasury certified these tracts on June 14, 2018. Out of the 300 tracts throughout Pennsylvania, 82 of them alone are located in Philadelphia.
Join Bisnow and our all-star panelists in December as we dive deep into Opportunity Zones and answer the most important questions around this new law, as well as cover a year in CRE review. It's an opportunity you don't want to miss!
Add to the conversation on Twitter by using hashtag #BisnowPhilly and follow @BisnowPHILA!
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