Philadelphia Opportunity Zones Already See Investment

It seems like there will be no delay in real estate investors and developers utilizing the new Opportunity Zones in the Philadelphia area.

BisNow is reporting Philadelphia real estate developer Eric Blumenfeld is already planning to make a significant investment in an opportunity zone, Eric Blumenfeld Plans 30-Story Tower In North Broad Street Opportunity Zone.

Eric Blumenfeld, the man behind the multifamily redevelopment of the Divine Lorraine hotel and the conversion of the Metropolitan Opera House into a Live Nation concert venue, plans to build a 30- to 33-story tower at the corner of Broad and Spring Garden streets….

Though Blumenfeld is still soliciting community input as he firms up plans, the Inquirer reports that he is eyeing a $130M project with 250 apartments sitting on top of two floors of office space and ground-floor restaurants.

The retail would open onto an outdoor plaza facing the eponymous mural on the side of the Mural Lofts apartment building. The project, with funding assistance from frequent Blumenfeld partner Procida Advisors, is to be titled Mural West, according to the Inquirer.

From investors looking at Fix and Flips to those looking to make major investments in office buildings or retail, there is a great potential for Opportunity Zones to be the next big thing in real estate investment.