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The suburbs are second-rate. Cookie-cutter houses, treeless yards, mediocre schools, and more crime than you think. Do your family a favor and move closer to the city.
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The suburbs are second-rate. Cookie-cutter houses, treeless yards, mediocre schools, and more crime than you think. Do your family a favor and move closer to the city.
HOUSTON – (Realty News Report) – Houston’s first major fruit of the Opportunity Zone tax incentives is officially underway in downtown – a 46-story residential tower by the Hines organization.
The new federal Opportunity Zones are the nation’s hottest real estate investment bonanza since the California Gold Rush began in 1848. It gives investors relief from federal capital gains tax.
Hines’s new high-rise residential building is part one of the 630 Opportunity Zones in Texas. The Hines project, a 373-unit tower called The Preston, is now officially under construction on the site of the old Houston Chronicle garage at the corner of Preston and Milam.
“We are breaking ground either today or Monday (April 1),” said Chris Rector, a Hines executive who is managing the tower. Rector made the comments last week at the ULI Urban Marketplace conference in a session about Opportunity Zones, where there was a standing-room-only crowd of folks eager to learn about the new OZ tax breaks.
As far as the new Hines project is concerned, the Opportunity Zone designation will allow Hines to defer and reduce the federal capital gains tax due on the residential tower.
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