Qualified Opportunity Zone Representation
Jackson Walker’s Qualified Opportunity Zone team is among the most significant players in the country. We have been involved in Qualified Opportunity Zones (QOZ) and Qualified Opportunity Funds (QOF) from inception of the statute, through the planning and funding stages, even before the regulations were final. We have advised on upwards of a hundred QOZ plays—both for real estate and for operating businesses. Our QOZ lawyers are recognized as leaders by the State Bar and the legal community, with one member of our QOZ team asked to testify before the Treasury Department on QOZ proposed regulations.
Our experience with real estate QOF covers most every facet of real estate – hospitality, multi-family, commercial, office, mixed use, timber, and even a chain of manufactured housing/RV lots. In addition, we were key instigators in what would have been among the single biggest operating business QOFs in the country. We have experience with QOFs formed to be venture partners in QOZ business (QOZB) JVs with both QOF and non-QOF partners.
Jackson Walker recently counseled Bitterblue Investments on the formation and initial closing of its Bitterblue 2020 Fund I and Longhorn Quarry Opportunity Zone Fund, both of which have already commenced their investment programs and are actively deploying capital. Situated near the intersection of I-35 and NE Loop 410, Longhorn Quarry contains one of the few remaining large stretches of undeveloped land within Loop 1604 on the growing Northeast side of San Antonio. Although Longhorn Quarry was recently named an opportunity zone, Bitterblue has been developing the land for over 29 years. Following the initial closing, the Longhorn Quarry Opportunity Zone Fund (Longhorn OZ Fund) began deploying capital to continue the development of the Longhorn Quarry commercial property.
Prospective investors seeking qualified opportunity fund tax benefits should consult their tax counsel regarding all aspects of the program and its requirements. For additional information about opportunity zones, view the following articles from Jackson Walker:
- “Qualified Opportunity Zones COVID-19 Relief Extended” (January 25, 2021)
- “Tax Planning for a Biden Presidency” (January 12, 2021)
- “Qualified Opportunity Zone Tax Update,” Jackson Walker Webinar” (December 2020)
- “Treasury Releases Final Regulations for Investing in Qualified Opportunity Zones” (January 17, 2020)
- “Houston Chronicle Features John Ransom Explaining Qualified Opportunity Zones in “Looped In” Podcast” (May 16, 2019)
- “Treasury Releases Additional Qualified Opportunity Zone Guidance” (April 26, 2019)
Presenter, “Qualified Opportunity Zone Tax Update,” Jackson Walker Webinar (December 2020)