QuickDraw Awarded Contracts for Opportunity Zone Developments in East Hollywood & Reno
Under the 2017 Tax Cuts and Jobs Act, Opportunity Zones were created to drive private investment to distressed areas by incentivizing long-term investments in low-income neighborhoods. According to the U.S. Economic Development Administration (EDA), there are more than 8,760 designated Qualified Opportunity Zones located in all 50 States, the District of Columbia, and five United States territories. Investors can defer tax on any prior gains invested in a Qualified Opportunity Fund (QOF) until the earlier of the date on which the investment in a QOF is sold or exchanged or until December 31, 2026.
QuickDraw Fund Control is delighted to support its building partners in two Opportunity Zone projects that are improving economically distressed urban centers in California and Nevada.
East Hollywood, California
Where once stood two aging multifamily buildings in the heart of East Hollywood, a beautiful residential mid-rise project is underway. In collaboration with KFA Architecture, Developer/Builder Skya Ventures is constructing a seven-story apartment building with 92 units at 1317-1325 North New Hampshire Avenue. The project is scheduled for completion in 2022.
Both of these companies have a history of beautifying LA while making affordable housing available to its residents.
Skya Ventures, Inc.
Under the leadership of Founder Gelena Skya, boutique real estate development firm Skya Ventures, Inc. focuses on core infill areas in Los Angeles. Galena has a talent for identifying undervalued assets in high-growth areas, driving the company toward sustainably designed projects that highlight its core values of community, philanthropy, technology and simplicity.
Since Skya Ventures’ inception, it has secured more than 100,000 square feet of development through private equity sources. The firm strives to build projects that enhance people’s surroundings, foster communities and inspire others. (http://skyaventures.squarespace.com)
KFA Architecture has a mission: To reshape Los Angeles by “designing great places where people flourish.”
KFA provides architecture, design and master planning services for projects throughout the greater Los Angeles metropolitan area, with expertise spanning transit-oriented developments; mixed-use housing, retail and office projects; affordable, senior, family and special-needs housing; hotels and restaurants; educational facilities; and adaptive reuse projects.
With its collaborative approach to modeling housing solutions, KFA has designed more than 4,000 units of affordable housing in 57 different buildings for 27 individual affordable housing developers in Los Angeles County. The company is currently designing 12 new affordable housing projects, providing more than 600 new housing units for low-income residents, including seniors, veterans and the homeless. (http://kfalosangeles.com/)
Transit Oriented Communities
The Transit Oriented Communities (TOC) initiative was created via Measure JJJ to incentivize the creation of subsidized affordable housing. TOC Affordable Housing Incentive areas are defined as within a one-half mile radius of major transit stops, and the initiative provides varying levels of incentives to developers that create affordable housing within those areas. The new project at North New Hampshire Avenue is setting aside 11 units for low-income residents in cooperation with the TOC, in an area where the average apartment rent is in excess of $2,000.
Elevated Urban Living
More than 46,000 people call East Hollywood home, and the area offers an eclectic mix of single-family homes and apartment buildings. This dense urban center provides a walkable lifestyle with easy access to public transit. The area will be further improved with two mixed-use developments that include apartments and retail, planned a block west near the intersection of Vermont and Lexington.
The New Hampshire Avenue project showcases a sleek, modern architectural style with ample windows, a trilevel podium with patio deck and upper levels that surround an interior courtyard.
Keystone & Fifth Retail is an Opportunity Zone project under development by Ensemble Real Estate Investments. Keystone & Fifth Retail is a mix of build-to-suit and speculative retail space over 6.26 acres. Upon completion, the Keystone & Fifth mixed use development will comprise 45,000 square feet of retail space in addition to approximately 306 multifamily apartment units.
The site is located in the heart of Reno’s iconic downtown and only a block away from the future Neon Line District, a $1 billion, 20-block entertainment district by Jacobs Entertainment that will include restaurants, an aquarium, hotels, retail and multifamily apartments.
Residents will enjoy contemporary architectural design with ample amenities and entertainment within walking distance — and a view of The Biggest Little City in the World.
Ensemble Real Estate Solutions & Investments
With more than 30 years of success as a full-service real estate solutions and investments provider, Ensemble creates exceptional real estate in the healthcare, hospitality, commercial and urban multifamily/mixed-use sectors. For more information, visit: https://ensemble.net.
The QuickDraw Commitment
Whether providing due diligence prior to the issuance of a construction loan, managing project cost and budget analysis, or providing site inspections and progress reporting, QuickDraw Fund Control is proud to take part in projects that improve communities and make safe, affordable housing available to more people. Let us help you make your next project a success. Contact us today.