Meet the Man Marketing Baltimore's Opportunity Zones

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BALTIMORE—Serving as the first Baltimore Development Corp. Opportunity Zone Coordinator, Benjamin Seigel oversees investments in Opportunity Zones. Namely he serves as an information clearinghouse by promoting development in those areas and connecting potential investors with projects. As Opportunity Zone deals are created and transacted, Seigel likes to see himself as a walking information exchange for all such deals within the city of Baltimore.

“I am the match.com of Opportunity Zones,” says Seigel. “I spend a lot of time meeting with real estate developers and businesses so we can flesh out a curated timeline of projects.”

On one side of the business relationship, Seigel identifies investment-ready projects, focusing on deals that realizes healthy ROIs for investors while also having a real social impact on OZ residents and local businesses.

“I also stay abreast with projects that are aligned with our City of Baltimore goals and, which of course, incorporates a community and development strategy. I also love working with local employers and minority-owned small businesses so we help them to attract investors. That includes CRE developers in distressed communities,” says Seigel.

On the other side of the relationship, Seigel works closely with OZ funds nationwide.

“I try to conduct a clear assessment of what these investors are seeking both financially and socially. Then I can do the magic once I gather all the information,” explains Seigel. “If they want to do a hotel project, I can match them accordingly.”

Seigel manages a pipeline of 65+ OZ projects, both commercial and residential deals. He is in conversations with 30+ funds.

“As these funds and projects are being developed, I am also determining other incentives that the City of Baltimore can bring to the table,” says Seigel.

In addition to realizing the ROI on the deal, the City of Baltimore also wants to see a community impact strategy included in the investment. They want to see local job creation, address affordable housing and create a build-up of equity within the community, Seigel tells GlobeSt.com.

Seigel considers himself not only as a clearinghouse but also a concierge service to further manage these projects.

“What we are learning is that the connection is just step one,” explains Seigel. “The next step is determining how to parcel out the deal and which party gets what. How do we ensure there are also job opportunities and job training in specific OZ areas?”

As there aren’t any formal public reporting mechanisms for OZ transactions, it isn’t always easy to monitor the results.

“Without any requirements on formal reporting from the Federal government, it is somewhat challenging to ascertain the program’s success,” says Seigel. “Until then, I will continue to be the Opportunity Zone clearinghouse and information exchange medium for Baltimore.”