Gilbert, Arizona, has investment opportunities for those looking to make an economic impact in a thriving community. Discover Gilbert’s opportunity zone, its location within the community, plus recent and upcoming developments.
Gilbert’s Opportunity Zone
Gilbert’s certified Opportunity Zone is located in Maricopa County and includes part of Gilbert’s historic downtown, known as the Heritage District. The area of the Heritage District located within the Opportunity Zone is on the west side of Gilbert Road, which included developments like the 9.1-acre site, University Building, Heritage District Marketplace, and Hale Theatre.
The Opportunity Zone, including the Heritage District, has become increasingly popular among investors due to its vibrancy and rapid growth. The Heritage District has evolved into an energetic and thriving sector of Gilbert, where investors across the United States have taken notice.
A recent ROI analysis revealed that from the Fiscal Year 2008 – Fiscal Year 2018, the Town received a $2.89 return for every $1 the Town spent on investments in the Heritage District.
For additional location information, you can view the Heritage District Parcel Map.
Exciting Developments happening in Gilbert’s Opportunity Zone
Gilbert’s Opportunity Zone includes part of the Heritage District, which has experienced exponential growth in recent years. These new developments and announcements have continued to drive investors’ interest to bring their projects and expansions to Gilbert, Arizona.
In 2019, after experiencing an influx in student enrollment, Park University expanded its Gilbert Campus located within the Heritage District’s University Building from 11,000 square-feet to nearly 18,000 square-feet.
The University of Arizona
The University of Arizona College of Nursing announced they would begin offering a Bachelor of Science in Nursing (BSN) at the University Building in Fall 2019. This is the first program in the nation to incorporate integrative health knowledge and interventions into a BSN program. The welcoming of the University of Arizona’s College of Nursing’s BSN-IH in Gilbert, AZ, has been an exciting addition to the Heritage District.
In May of 2019, elected officials unanimously approved a development and disposition agreement (DDA) with Heritage North Partners, LLC (DMB/LGE) for the development of the 9.1-acre site. This site is located within the Heritage District, in addition to Gilbert’s Opportunity Zone, and is just south of Juniper Avenue and west of Gilbert Road.
This 9.1-acre site development will assist in fulfilling the Heritage District’s Redevelopment Plan. It will encompass a minimum of 500,000 square-feet of mixed uses, including retail, hotel, class A office, multifamily housing, an urban park, the north component of the paseo, structured parking, and the arrival signage at the northeast end of the Heritage District.
2018 Redevelopment Plan
On August 16, 2018, elected officials adopted the 2018 Redevelopment Plan for the Heritage District. The objective of the Redevelopment Plan is to identify and prioritize short, middle, and long-term goals for the next 10 years. This Redevelopment plan, in addition to the three before it, has focused on five goals and 23 objectives.
- Promote quality urban design with an emphasis on the small-town historical character
- Improve the economic viability of downtown
- Promote reinvestment and attract new development
- Improve pedestrian and vehicular circulation for a safe pedestrian environment
- Promote downtown as the symbolic and cultural center of the community
For more updates and announcements, check out the Heritage District in the news.
What is an Opportunity Zone?
The Federal Tax Cuts and Jobs Act created the Opportunity Zones program to drive increased investment in economically distressed census tracts/communities. The Opportunity Zone program is a federal program that was designed to stimulate community investment by modifying the standard tax treatment of capital gains in numerous ways. Qualified gains include real estate, capital from equipment sales, business divestments, and stock sales. Opportunity Zone investors can either delay or reduce the capital gains tax liability of investors due to these modifications. For an investor within an Opportunity Zone to qualify for the benefit mentioned above, they must reinvest one or more capital gains in a Qualified Opportunity Fund (QOF).
Once the guidelines have been met, benefits may include deferring payment of capital gains tax, reduction of capital gains taxes, and may eliminate or reduce taxes on future gains (if the investment is held for 5, 7, or 10 years).
Interested in learning more about Qualified Opportunity Funds? Find additional information from the Tax Foundation on Qualified Opportunity Funds.
Opportunity Zones in Arizona
The Arizona Governor’s Office, along with the Arizona Commerce Authority, worked with local governments to identify the census tracts that would be submitted for consideration by the federal government. On April 9, 2018, Arizona was one of the first states in the U.S. to have its zones officially designated.
Review zones, submit applications, and more for Arizona’s Opportunity Zones from the Arizona Commerce Authority.
Questions about Gilbert’s Opportunity zone?
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