By Lidia Dinkova
An 18-story multifamily tower that's Miami's first big opportunity zone project has topped off and is in line to be completed early next year.
The 360-unit Soleste Grand Central is in the Overtown neighborhood east of Interstate 95. The building is 230,430 square feet on 1.2 acres at 218 NW Eighth St.
The tower is being developed by a partnership between PTM Partners LLC, a development company founded last year to focus entirely on opportunity zones and with offices in Miami and New York, and Estate Investments Group, a prolific South Miami-based developer of apartments.
Opportunity zones are state-designated areas that are deemed to be economically struggling and in need of redevelopment or new business. The OZ program was in the Tax Cuts and Jobs Act of 2017 and gives investors an incentive to put money into the zones in return for tax breaks.
Investors who put capital gains from any venture in a qualifying OZ fund can get various levels of tax breaks based on how long they keep money in the opportunity zone project. An OZ project could be a new business or real estate that meets federal guidelines.
Investors who keep their funds in for 10 years won't owe anything on the appreciation of the OZ project itself. Read more.