OZ 1.0 Case Studies

Pembroke, NC · 2021

192-unit student housing, commercial, and retail development adjacent to the University of North Carolina Pembroke, a Native American–founded university whose student body is primarily low-income. Pembroke is the political, economic, and cultural center of the Lumbee Tribe, the largest Native American tribe east of the Mississippi River, in a part of rural Robeson County with few affordable housing options for students or local workers. Developed by Equity Plus LLC and financed jointly by the Woodforest CEI-Boulos Opportunity Fund and Self-Help Credit Union. The project is projected to create 54 full-time equivalent jobs, 32 construction jobs, and $2.9 million in wages in Pembroke.

Durango, CO · 2020

Agile Space Industries designs, additively manufactures, and tests integrated rocket propulsion systems from a rural headquarters in Durango, combining the country's only independent propulsion test facility with metal 3D printing. The Center on Rural Innovation's CORI Innovation Fund made an Opportunity Zone equity investment to support its growth and job creation in a small Colorado town.

Albert Lea, MN · 2020 · $6.0M

A roughly $6 million, 10,070-square-foot U.S. Department of Veterans Affairs outpatient clinic providing primary care, mental health services, and telemedicine to veterans in rural southern Minnesota. Financed through Opportunity Zone Fund 1 - Government Series, a partnership between 18 Squared and CapZone Impact Investments formed specifically to fund VA and other government-leased facilities in Opportunity Zones nationwide.

South Portland, Belfast, Millinocket, East Millinocket & Medway, ME · 2021 · $60.0M

Arctaris Impact Investors committed roughly $60 million in Opportunity Zone equity, backed by Finance Authority of Maine guaranty agreements, to build fiber-to-the-premises broadband across five underserved Maine communities — about 12,000 residential and business locations. Arctaris Broadband Company owns the network; Maine ISP GWI builds and operates it, one of the few documented OZ-financed broadband infrastructure deals.

Springfield, VT · 2020

Vermont health technology startup producing software and hardware for post-acute care facilities — skilled nursing homes and assisted living communities — at the Black River Innovation Campus in Springfield, Vermont, a designated Opportunity Zone. Its Arsana Health Portal integrates medical records across facilities, doctor's offices, labs, and pharmacies to reduce administrative burden and improve patient outcomes; its companion WashSense hardware uses a patent-protected sensor to monitor proper handwashing technique and reduce infection spread in care settings. The Center on Rural Innovation's CORI Innovation Fund — a QOF focused on high-growth tech companies in rural OZs — led the investment round, backing Arsana's expansion strategy and job creation in rural southwest Vermont.

San Antonio, TX (Brooks / City Base Landing) · 2019 · $16.0M

Texas' first Opportunity Zone investment: DPR Investments acquired 9.4 acres at the former Brooks Air Force Base redevelopment site for a $16 million climate-controlled self-storage facility paired with flex space for small businesses, breaking ground in fall 2019 as part of the broader Brooks mixed-use redevelopment in San Antonio.

Downtown Atlanta, GA · 2024 · $4.2B

A 50-acre redevelopment of Atlanta's long-vacant downtown rail yard ("The Gulch") into apartments, hotel rooms, retail, and a stadium district timed to host FIFA World Cup 2026 matches. Opportunity Zone equity is one layer of a financing stack that also includes municipal bonds and bank debt; developer CIM Group lists the project in its own Opportunity Zones portfolio alongside other CIM OZ investments in Oakland, Los Angeles, and Dallas.

Erie, PA · 2021 · $26.9M

A $26.9 million redevelopment in downtown Erie — one of the poorest zip codes in the country and a USDA-certified food desert — combining roughly 64,000 square feet of commercial space (a full-service grocery co-op, an eight-vendor food hall, most women- or minority-owned) with 28 residential units. Financed through Arctaris Impact Investors' Opportunity Zone funds, with Erie Insurance and the Erie Community Foundation as program partners.

Tacoma, WA (Hilltop) · 2022 · $8.7M

161-unit affordable and workforce housing building in Tacoma's Hilltop neighborhood, a historically Black community facing displacement pressure from Seattle's spillover housing market. Developed by female-owned Kōz Development using $8.7 million in Opportunity Zone equity from Catalyst Opportunity Funds; 85% of units priced below 60% of area median income and 100% below 80% AMI, with rents starting under $1,000 per month including utilities. A tenant survey found that 16% of residents would have faced homelessness without the project and 69% had no cheaper equivalent housing option available. Ground-floor space houses a Seattle Credit Union branch providing banking and ITIN support to underserved residents.

Bristol, VA · 2020 · $3.0M

Woman-led cleantech company in Bristol, Virginia — a small Appalachian border city — whose patented Tornadic One-Pass™ technology purifies water from virtually any source in a single treatment cycle without membranes, filters, or chemicals, reducing wastewater volume by 95% and removing over 99% of contaminants. Applications span oil and gas, mining, agriculture, food, beverage, and pharmaceutical industries. Received a $3 million seed round led by CIT GAP Funds and The Pearl Fund as an Opportunity Zone investment, with additional participation from CAV Angels — CIT GAP's 16th OZ investment. The company has partnered with UVa-Wise for student- led water quality research and testing. Founded and led by CEO Karen Sorber.

Burns, OR · 2025 · $10.0M

A 1,200-acre master-planned community in rural Harney County aiming to build "a city within a city" — 160 approved homesites for workforce housing affordable at or below 130% of area median income. Phase one infrastructure (about $10 million) was funded entirely by stacking federal, state, and local incentives, including the Opportunity Zone designation, and is projected to generate over $3.1 million in new local tax receipts over 20 years.

Washington, DC (Anacostia / Ward 8) · 2021

First new commercial construction in the historic Anacostia neighborhood in over three decades, developed by Black-owned DC firm The Menkiti Group on the corner of Good Hope Road and Martin Luther King Jr. Avenue SE. Phase one delivered roughly 34,000 square feet of retail and office space anchored by Enlightened Inc., an award-winning Black-owned IT and cybersecurity firm that relocated approximately 150 District employees to Anacostia, plus a Capital One Café and a restaurant by The Gaston Group. The project is projected to generate 210 jobs through Enlightened alone and $12 million in annual wages, with 53% of leased space going to local, minority, veteran, or women-owned businesses — exceeding the 50% goal. Funded with Opportunity Zone equity, New Markets Tax Credits, and Neighborhood Prosperity Fund proceeds.

Newark, NJ · 2020

Adaptive reuse of the historic St. Michael's Hospital complex — a landmark of Newark's immigrant and working-class community since 1869 — into a mixed-use arts and residential destination. The project creates 92 co-living apartments on upper floors managed by Common, flexible creative space for approximately 100 artists annually, and discounted studio space for three Newark arts nonprofits (GlassRoots, Newark Arts, and Project for Empty Space), with programming that serves an estimated 500 low- and moderate-income youth each year. Financed through the Ellavoz Shared Values Opportunity Fund (a social-impact QOF managed by Ellavoz Impact Capital and New Jersey Community Capital) alongside New Markets Tax Credits and Historic Tax Credits.

Frederick, MD · 2021 · $25.0M

Adaptive reuse of a vacant historic paintbrush factory into 83 units of workforce housing, priced roughly 20% below market. One of the first projects in the country to combine Opportunity Zone equity (Broad Creek Capital) with Low-Income Housing Tax Credits in a single capital stack, alongside subordinate financing from the State of Maryland and Frederick County.

Orlando, FL · 2019

120-unit apartment community in Orlando's Parramore neighborhood, with 96 units affordable to households at or below 50-60% of area median income (5% reserved for people transitioning out of homelessness) and 24 market-rate units. One of the first affordable housing deals in the country to pair Opportunity Zone equity (SunTrust) with Low-Income Housing Tax Credits, developed by INVICTUS Development as an Alliant joint venture.

Montrose, CO · 2019

Proximity builds software that coworking operators use to manage member access, bookings, and billing across a global network of spaces. In August 2019 it became one of the first companies in the country to receive direct Opportunity Zone equity into an operating business, rather than into real estate, through the Center on Rural Innovation's CORI Innovation Fund — a rural-focused Qualified Opportunity Fund.

Chicago, IL · 2020

Chicago-based workforce development startup that connects underrepresented job seekers — including people with criminal records, veterans, and individuals experiencing poverty — to a broad network of employment opportunities and career pathways using skills-based matching. Received an Opportunity Zone equity investment in April 2020 from Verte Opportunity Zone Fund, a QOF focused exclusively on high-growth operating businesses (rather than real estate) in opportunity zones, as an example of how OZ capital can reach operating companies in distressed communities rather than just real estate. By 2021 more than 1,000 people were actively using the platform in Chicago.

South Los Angeles, CA · 2019

Billed as the nation's first business campus built specifically for Opportunity Zone businesses, The Beehive repurposed six red-brick warehouses in South LA's former Goodyear Tract industrial district into roughly 92,000 square feet of coworking space, creative offices, and shared amenities for minority- and women-owned startups and social enterprises. Developed by SoLa Impact; toured by then-HUD Secretary Ben Carson as an example of OZ-financed small business space.

Schenectady, NY · 2023

88-unit workforce housing development on a long-vacant site in Schenectady's northside, built as a collection of four freestanding residential buildings with a community center and fitness facilities. More than half the units are reserved for residents earning 80% or less of area median income. Developed by Hudson Partners Development with $4.5 million in Opportunity Zone equity from Enterprise Community Partners — the first deal to use Enterprise's OZ Fund Evaluation Framework for measuring community impact — and $9.35 million in construction and permanent financing from the Community Preservation Corporation. Reached 98% occupancy well ahead of projections.

Cleveland, OH (Tremont / Scranton Corridor) · 2020

95-unit mixed-income building along Cleveland's historic Scranton Corridor, with 59 units (60% of the building) set aside as workforce housing for households earning 80-120% of area median income. Financed with Opportunity Zone equity from local investors and PNC Bank, plus city loans and tax incentives. The ground floor houses Leavened Bakery, launched with a first-time local entrepreneur as part of the project.

Brookville, IN · 2020 · $12.0M

A $12 million mixed-use redevelopment of six historic downtown buildings in Brookville, Indiana (population ~3,000) — including the 1852 Valley House Hotel — into 47 affordable and market-rate apartments for active adults aged 55 and older, with ground-floor retail including a pharmacy, restaurant, and primary care facility. Developed by Flaherty & Collins Properties, it was the first completed Opportunity Zone project in the state of Indiana, combining OZ equity with state Low-Income Housing Tax Credits and federal Historic Preservation Tax Credits. Brookville had seen no new development in over 20 years before the project; it has since attracted more than $20 million in total investment capital with additional projects underway.

Birmingham, AL (Woodlawn) · 2023 · $500,000

Restoration of a 1929 movie house in Birmingham's Woodlawn commercial district into a 250- capacity live music venue and event space, anchored by the Mason Music Foundation's arts education programs. Roughly $500,000 in Opportunity Zone equity funded the renovation of the long-vacant building. The project is part of a broader Woodlawn neighborhood revitalization strategy and carries symbolic weight as a formerly segregated-era venue reopened as a welcoming community space. Since opening in mid-2023, the theatre has hosted touring and local acts and provides music education opportunities for children in the surrounding neighborhood.