The opportunity zone program took some time to begin spurring new development, as the federal government spent months finalizing the regulations, but it finally appears to be impacting apartment construction in the D.C. area.
A rendering of MRP’s Bryant Street project, currently under construction in an opportunity zone Projects totaling 5,759 apartment units are currently under construction in the D.C. area’s opportunity zones, comprising 20% of the region’s active development, according to Delta Associates. That total is up from 4,324 units under construction in those same areas in Q3 2018.
“In the Washington Metro area, there are over 90 opportunity zone tracts, and apartment development is starting to ramp up in these areas,” Delta Associates President Will Rich said Wednesday on the firm’s Q3 Market Overview & Awards for Excellence webinar.
The most opportunity zone units are under construction in the District, Delta Associates said, followed by Prince George’s County, Montgomery County and Prince William County.
Prince George’s County has the largest share of its total projects located in the designated census tracts, with over 70% of its under-construction apartments sitting in opportunity zones. Prince William County has over 40% of its total apartment pipeline in opportunity zones.
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