Qualified Opportunity Zones & Funds

National Landscape:

  • The Obscure Reason Banks will Finally Embrace Opportunity Zones
    The federal government plans to give commercial banks credit for issuing loans in low-income communities as part of a larger reform to a 1970s-era Community Reinvestment Act. This is the first direct regulatory incentive for banks to lend in Opportunity Zones and could be a game-changer for the program, according to some experts.
  • "The Substance and Significance of the Final Opportunity Zones Regulations," featuring guest speakers Lisa Zarlenga of Steptoe & Johnson and Michael Novogradac of Novogradac & Company. We hope you found the information helpful. View a recording of the webinar, and read the blog post recapping the presentation.
  • The Economic Innovation Group (EIG) launched the Opportunity Zones Activity Map, an online portal highlighting some of the most innovative and impactful publicly-announced developments catalyzed in the early stages of this new policy.
  • The IRS continues to update its OZ FAQ.
  • OpportunityZones.gov is now Live! The White House Opportunity and Revitalization Council recently launched OpportunityZones.gov, a website that will serve as an Opportunity Zone information hub for cross-sector audiences across the country. The site includes an interactive map of the 8,764 OZs nationwide, links to OZ-focused websites for each state and territory, comprehensive tools and resources & more!

Spokane's 11 Census Tracts Designated are aligned with our Target Investment Areas

Clicking the images opens up Facts Sheets on each of our Spokane Zones

  • Downtown Spokane

    Downtown

  • Kendall Yards

    Kendall Yards

  • North Bank

    North Bank

  • Lower South Hill and Medical District

    Lower South Hill & Medical District

  • University District

    University District (south of the Spokane River)

  • Sprague Union District

    Sprague Union District

  • Hillyard

    The Yard & Market St. Area

  • Spokane Airport

    Portion of West Plains and International Airport

Opportunity Zone Funds and Projects Meetup!

The City of Spokane does not certify funds or projects and its recommend that funds and projects conduct research on each other. The City offers to post basic info with links to both funds and projects investing in our distressed zones here on our Opportunity Zone page. Please email us at incentives@spokanecity.org if you have a fund or project in one Spokane’s Zones to list.

North Bank

Papillon Opportunity Zone Fund, a single-property fund centered on the Papillon Towers Development. The Papillon Towers Development is developing on Spokane's North Bank. The infill development focuses on reuse of an existing building, an adjacent mid-rise new tower to the east, and a high-rise tower with parking directly across the street to the north. The Papillon OZ Fund is offering an opportunity to other zone investors. Papillon Opportunity Zone Fund

Downtown

6th Avenue Partners LLC has purchased the 55,000sf QualMed Building at 508 W 6th Avenue utilizing a Qualified Opportunity Zone Fund. 6th Avenue is planning to completely modernize and redevelop the property into a mixed-use development including retail, office, medical office, and apartments. The project is being handled by local developer and construction manager Brumback Real Estate & Construction. The 508 West project is currently underway and final completion is expected by 2021.

EIG Opportunity Zones Activity Map
The Economic Innovation Group (EIG) launched the Opportunity Zones Activity Map, an online portal highlighting some of the most innovative and impactful publicly-announced developments catalyzed in the early stages of this new policy. Our new interactive tool will help raise awareness among policymakers, investors, and the public of the impact Opportunity Zones is having in communities across the country.

Why these areas?

  • Economically distressed residents
  • Attracting investment
  • Targeted Investment Areas
  • Aligned with other incentive areas
  • Partners in place Public Development Authorities and Business Improvement Districts
  • Pipeline projects ready go
  • Opportunities for new investment

Alignment with Strategic Plan

  • Grow targeted areas – Invest in key neighborhoods and business centers; especially PDA's
  • Marketing Spokane – Market Spokane's urban advantages and experiences to grow jobs and economic development
  • Public amenities – Invest in key public amenities and facilities
  • Regional collaboration – work collaboratively with regional partners

Contact Information

Contact Teri Stripes,
Economic Development Specialist at:
509.625.6597
incentives@spokanecity.org

Items of Interest

Critical OZ Update Training
Opportunity Zone Workshop

Related Links