Primior Team

Primior Announces Unique Investment Opportunity with First Harbor Square in Santa Ana’s Opportunity Zone

Santa Ana, CA – June 18, 2024 – Primior, a leading real estate asset management firm, is excited to announce the successful entitlement of First Harbor Square, a mixed-use development project consisting of 181 apartment units and over 15,000 square feet of retail space on the ground floor, located in the heart of Santa Ana, CA. Primior has been working with the city for the past seven years with the goal of providing much-needed housing, creating new jobs, and boosting the community’s economy.

This project, situated within a designated Opportunity Zone (OZ), offers investors significant tax benefits along with high potential returns.

Understanding Opportunity Zones

Opportunity Zones were established as part of the Tax Cuts and Jobs Act of 2017 to spur economic development and job creation in distressed communities. As of now, there are 8,764 census tracts certified as Opportunity Zones by the U.S. Treasury. These zones offer unique tax incentives to investors, making them an attractive option for those looking to optimize their investment portfolios and contribute to community revitalization.

Substantial Tax Benefits for Investors

Investing in Qualified Opportunity Zones provides investors with substantial tax incentives:

  1. Tax Deferral: Investors can defer capital gains tax on the amount invested in a Qualified Opportunity Zone Fund (QOZ Fund) until either they sell their QOZ Fund investment or December 31, 2026, whichever comes first.
  2. Step-Up in Basis: Investments held for at least five years receive a 10% exclusion of the deferred gain, increasing to 15% if held for seven years.
  3. Tax-Free Gains: Investments held for ten years or more benefit from a permanent exclusion from taxable income of capital gains from the QOZ Fund investment.

Impact and Success of Opportunity Zones

The potential impact of Opportunity Zones is immense. Former Treasury Secretary Mnuchin estimated that $100 billion of private capital would flow into these zones. By the end of 2023, an estimated $150 billion in equity had been raised by Qualified Opportunity Funds (QOFs) since the program’s inception in 2018. These funds are tax-advantaged investment vehicles through which Opportunity Zone projects receive funding.

This aggregate measure signifies a huge success, surpassing even the most optimistic projections when the program was first introduced.

First Harbor Square: A Premier Development in Santa Ana’s Opportunity Zone

First Harbor Square is a state-of-the-art mixed-use development that includes residential and retail spaces, designed to meet the growing demand for flexible living arrangements. Located in Santa Ana’s thriving Opportunity Zone, this project not only provides an attractive investment vehicle but also contributes to the economic revitalization of the community.

Project Milestones and Development Phases

Primior is pleased to announce that First Harbor Square has recently completed the entitlement phase and is now entering the architectural feasibility phase. This progression marks a significant step towards bringing this innovative project to fruition, offering modern amenities and a strategic location that is poised for growth.

Click here to learn more about the benefits of investing in Opportunity Zones and to view a map of opportunity zones within Southern California.

Get in Touch with Primior

For more information about this project and how you can benefit from the tax incentives associated with Opportunity Zone investments, please contact Primior. Our team is ready to assist you in making an informed investment decision that aligns with your financial goals.

Contact:

VP of Marketing, Primior

Andrew R. Palacios

andrew@primior.com

+1 (626) 802-0053

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