Carolinas’ CitiSculpt to Invest Up to $500 Million in Opportunity Zones
CHARLOTTE, N.C (December 10, 2018) – CitiSculpt, a visionary real estate development company based in the Carolinas, is pleased to announce plans to invest up to $500 million in Opportunity Zones throughout the Southeast over the next two to three years. The first of its Opportunity Zone fund family is already poised to fund a $75 million mixed-used project in Greenville, S.C.
Changes in federal tax law through the Tax Cut and Jobs Act of 2017 created Opportunity Zones, which are low-income census tracts selected by each individual state. Investors who re-invest unrealized capital gains into these economically depressed communities receive tax incentives. These funds are driving money and projects to areas across the country and locally that otherwise would struggle to attract interest from investors. However, finding urban gems and transforming them into places where people and business thrive always has been CitiSculpt’s specialty.
“Opportunity Zones are a way for investors to have a once-in-a-lifetime opportunity to change areas and make them into great places to live, work, do business and have fun,” said Charles Lindsey McAlpine, CEO of CitiSculpt. “For CitiSculpt, this opportunity aligns with our mission of shaping cities and improving lives.”
CitiSculpt’s approach to Opportunity Zone funds is different from other firms. Rather than one general fund that could fund any number of projects, CitiSculpt will launch site-specific funds to develop specific projects in its markets, which include Atlanta, Charleston, Charlotte, Columbia, Durham, Greenville and Raleigh. CitiSculpt believes investors will appreciate that great level of transparency.
Carolinas-based CitiSculpt is a visionary real estate development firm dedicated to improving lives by shaping communities through the creation and sculpting of impactful mixed-used 18-hour environments. We thrill at challenging projects. We see gems in unexpected places. Our hallmark is transforming places that others would view as less attractive investments and turning them into communities where businesses and families thrive. For more, contact CitiSculpt at (704) 362-2400 or visit www.citisculpt.com.