Griffin Capital Company LLC is partnering with real estate developer Legacy Partners on a 228-unit residential joint venture on the edge of downtown Tampa, FL.

Legacy at Encore is scheduled to open in 2022 at 1251 Ray Charles Blvd. It is part of the $3 billion master-planned Encore Development led by the Tampa Housing Authority.

Legacy at Encore is the fourth land acquisition for multifamily properties that Griffin Capital has made in a Qualified Opportunity Zone, with five more in the works. Griffin partnered with Legacy Partners on a 363-unit development in Aurora, CO that was launched last August; with Greystar Real Estate Partners on a 300-unit project in Austin, Texas in November; and with Fairfield Residential on a 284-unit project in Houston in December.

El Segundo, California-based Griffin Capital has also identified five additional properties for joint ventures with Greystar, Fairfield and Bozzuto.

All nine properties are in Qualified Opportunity Zones (QOZ), which are economically distressed communities where new investments can be eligible for preferential tax treatment. Localities qualify as QOZs if they are nominated by a state and certified by the Treasury Secretary. QOZs were added to the tax code by the Tax Cuts and Jobs Act in 2017.

Kevin Shields, chairman and CEO of Griffin Capital, said in a written statement that each of the nine properties was already in the development pipeline of its partners, either under contract or letter of intent, before the government released the QOZ map in 2018. "Each property, therefore, was pursued by our partners purely on an economic basis completely independent of the QOZ legislation," Shields said.

Foster City, California-based Legacy Partners paid $4.1 million for the lot in the Encore development, the Tampa Bay Times reported in June. Some 660 apartments have already been built elsewhere with public and private funding in the 28-acre urban renewal project. Officials told the Times they are optimistic that the purely private development now under way will lead to the restaurants, hotels and businesses envisioned for the project.

Instant Insights /

Griffin Capital Adds to Its Properties in Qualified Opportunity Zones

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