EJF Capital and Holland Partner Group to Develop 110-Unit Multi-Family, Mixed-Use Project in Downtown Vancouver, WA Opportunity Zone
EJF Capital LLC ("EJF") and Holland Partner Group ("HPG") today announced the development of a mixed-use project in downtown Vancouver, Washington. The project, known as Block 10 (the "Project"), is situated on approximately one-acre in an area certified as an "Opportunity Zone" under the Tax Cuts and Jobs Act of 2017 ("TCJA"). The TCJA offers investors tax benefits to invest into Opportunity Zones with the aim of spurring economic growth in lower income areas.
The Project boasts 110 multi-family units, 79,000 gross square feet of office space on top of a podium deck with roughly 10,100 square feet of retail and 113 parking spaces. 20% of the multi-family units will be set aside as workforce housing. Additionally, Block 10 will include a robust amenity package shared between the multi-family and office tenants, including a fitness center, co-working space, bike room, and amenity deck on top of the podium deck on the third level.
Holland Construction, HPG's construction division, expects to break ground in July 2020 and plans to complete the Project in the Spring of 2022. The Project is estimated to create hundreds of construction jobs. Bank of the West is providing construction financing.
A Prized Location
"We are thrilled to have collaborated with the City of Vancouver and be partnering with EJF to make this dream become a reality," said Clyde Holland, HPG's CEO and Chairman. "Block 10 has sat vacant for too long, but soon it will become part of a vibrant hub of activity. We see so much potential and are proud to call it our new headquarters."
A Hidden Gem
"It will be the ideal place to live, work, and relax ith its convenient location to Esther Short Park and the scenic Columbia River Renaissance Trail. It is located near major highways, I-5 and I-205 and just minutes from downtown Portland. The trip to Portland International Airport from Block 10 is easier than traveling from downtown Portland," Shah said.
Separately, there is more investment along the Columbia River, including a $1.5 billion waterfront revitalization. Also, the old Boise Cascade facility, which at one time was a sawmill and manufactured pulp and paper products, is undergoing a transformation.
"Downtown Vancouver is a city on the rise," Wilson concluded. "We look forward to the groundbreaking and to partnering with HPG on a project that will have a positive impact on the downtown area and local community."
About EJF Capital
EJF formed the EJF OpZone Fund I LP (the "Fund") to take advantage of certain benefits provided by the TCJA. Benefits to U.S. taxable investors include the ability for investors to (1) defer the recognition of recent capital gains for federal income tax purposes until 2026 (treatment of capital gains varies by state), (2) reduce the amount of capital gains recognized in 2026 by 10% (for investors investing by 2021), and (3) eliminate any federal capital gains tax generated from investments in the Fund (for investors in the Fund at least ten years). As of June 30, 2020, the Fund had approximately $197 million in cumulative subscriptions and has closed on seven investments, including Block 10, comprised of four multi-family projects, one industrial logistics park, one mixed use project and one hotel project. If you would like more information on the Fund, please visit https://ejfopzone.com or contact EJF Investor Relations at email@example.com.
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