The Tax Cuts and Jobs Act of 2017 was signed into law on Dec. 22, 2017. The Opportunity Zone program was included in that act, which was designed to provide tax incentives to investors who fund businesses in underserved communities.
Qualified Opportunity Zones must be certified by the U.S. Department of the Treasury and are required to hold at least 90 percent of their assets in qualified opportunity zone businesses and/or business property.
To qualify, capital gains must be invested in a Qualified Opportunity Fund within 180 days of the date of the sale or exchange that generated the gain.
The tax deferral is temporary (up to nine years) and the program ends on December 31, 2026.
© 2021 North America Asset Management Group, LLC All Right Reserved
Address: 1550 140th Ave NE Ste 201
Bellevue, WA 98005
Phone: +1 (425) 502 - 7634
- 240,000 SF Retails & Electronic Entrainment Center
- Potential Tenants:
- Development Capital
- Projected NOI / Yr
- Cap Rate
Tacoma Town Center is a multi-story, mixed use development. Designed to take advatage of its elevations change, the Town Center offers views of Tacoma’s burgeoning Brewery and Museum District, Mountain Rainier and the downtown landscape.
The project features specialty retail, entertainment, restaurants, sharing office space, student housing and conventional condominium. Tacoma Town Center offers an experience currently not found in City of Tacoma; a proposed 20,000 square feet eSports interative arena featuring video games, mini
golf, bowling and more.
Project is estimated to create more than 1,590 full-time U.S. jobs by construction alone. The project is located within a Targeted Employment Area (TEA) certified by the Washington State Employment Security Department, and within the Tacoma Opportunity Zone Census Tract area.
“We are pleased to receive these designations,” said Mayor Victoria Woodards. “The location of six Opportunity Zones in Tacoma will offer a boost to our local economy, help us create living wage jobs, and facilitate additional development and investment.” The Opportunity Zone program was a bipartisan proposal in Congress incorporated into the U.S. Tax Cuts and Jobs act, allowing the governor of every state to designate up to 25 percent of eligible census tracts as Opportunity Zones. Investments made through special funds in these zones will be able to defer or eliminate federal taxes on capital gains.
Birthplace of world renowned glass artist Dale Chihuly, Tacoma is home to a vibrant, creative community of writers, artists and musicians, photographers, filmmakers, passionate entrepreneurs and business owners.
With more than $1 billion being invested in downtown Tacoma alone, private investment has surpassed public investment by a nearly 4:1 ratio. Urban sites are drawn to downtown Tacoma for its competitively priced living spaces with sweeping mountain, city and water views, while families gravitate toward Tacoma’s charming neighborhoods with big city amenities.
Downtown Tacoma boasts a strong daytime population of 130,000 people in a 3-mile radius of the site and several large office towers within walking distance of the project. Tacoma sees over 6 million visitors a year, who patronize at local museums, restaurants and retail shops.
Just 3 blocks away sits UW Tacoma’s 46-acre campus, with 7,000+ students and employees that is projected to double in size within the next 10 years.
Tacoma offers a multitude of entertainment options with its world-renowned museums, the Tacoma Dome and ever growing restaurant and brewery
3rd floor – cinema, café & restaurants, food hall
2nd floor –eSports studio, electronic entertainment center & fitness center
Street level – grocery, bank/credit union, pub/bar
• 240,000 SF Retail & eSports Center
• Pedestrian Zones with restaurant and shops
• 144 student housing units
• 222 condominium
• 600+ parking spaces
• 90,000 SF office space
• Over 150 Townhomes
• 300+ parking spaces
North America Asset Management Group, LLC
Six Census Tracts in Tacoma Granted Opportunity Zone Status
Governor Inslee directed Commerce to develop a procedure for nominating tracts. Commerce consulted with a diverse group of stakeholders, and as a result, set the following goals:
- Transparent process
- Created a process that helps strengthen communities
- Created ability for tribes to directly access some portion of the available census tracts
- Created ability for each county, in conjunction with the applicable associate development organization (ADO) to access some portion of the available census tracts
- Created a competitive portion of tracts that were awarded to areas that would most likely result in new investment and job creation.
61400 Hilltop—S. 7th to 19th from L to Court F including MLK
61601 Old City Hall area—N. 5th to S. 15th from Court F to west side of Dock Street
62600 Tacoma Mall/Nalley Valley area—Generally Center Street to S. 66th from
Tyler to South Tacoma Way and from Oakes to I-5
61602 UWT/Brewery District—S. 15th to I-5 from Court F to west side of Dock Street
62400 Lincoln District area—S. 38th to S. 56th from Park to SR-7
940007 East Tacoma—I-5 to S. 38th from East M to the city limits
North America Asset
Management Group, LLC
North America Asset Management Group, LLC
eSports is the world’s fastest growing online platform for competitive video gaming, but its physical presence has just begun. Live tournaments draw crowds in the tens of thousands and sell out venues such as Madison Square Garden and the Staples Center.
Tournaments around the globe give players and teams a chance to compete for championship prize money and fame. With over 12 billion minutes of game play watched in 2016 and an estimated global player base of over 200 million, the experience is endless.
Tacoma Town Center’s proposed arena on level 2 of retail building will be a one-of-a kind experience for people of all ages to come and enjoy.