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The development will incorporate 233 residential units, 25,000 square-feet of retail, 5,300 square-feet of office space, and a 4,000 square-foot event space.
Reonomy also reports that as of July 2018, there has been an acceleration of price appreciation in non-Opportunity Zone assets and a deceleration of price appreciation in Opportunity Zone assets.
Buildings now compete differently than they have before, says Linda Aronson, JLL's regional manager for property management for the New York Tri-State market
A total of 28 new lease deals 500,000 square feet or larger have been negotiated since 2016 in Chicago's industrial market. While 28 deals definitely show a strong market, half of those transactions occurred in 2016.
Both renovated buildings have remained vacant in excess of five years, and will be delivered completed but unleased, qualifying for opportunity zone “first use” designation.
“Building communities requires some sort of incentives program—but it must be one that is predictable and sustainable, transparent and accountable, and smartly devised and strategically deployed,” said Gov. Murphy in his address.
Tenants at the 302,346-square-foot property include Ross Dress for Less, TJ Max, Old Navy, Michaels, Petco, Five Below, Bed Bath & Beyond, Panera Bread, Planet Fitness and Olive Garden.