Carew Tower is located within a Qualified Opportunity Zone

A Qualified Opportunity Zone (QOZ) is a designated geographic area identified by the government for economic development. QOZs were established by the Tax Cuts and Jobs Act of 2017 to encourage long-term investments in communities nationwide. Investors can invest in these zones through Opportunity Funds. 

This redevelopment investment is structured as an Opportunity Fund 

Investors can defer taxes on capital gains (through 2026) when invested in a Qualified Opportunity Zone, including both long- and short-term gains. Examples include:

 - Sale of Stock                                           - Sale of Business                         - Sale of Real Estate 

 - Cryptocurrency                                      - Sale of Bonds

After a 10-year period, investors will be eligible for an increase in basis equal to the investment's fair market value, thus eliminating taxes on related capital gains.  Depreciation recapture is also eliminated upon the sale of the asset.