Two new hotels opened their doors in Opportunity Zones this week.
The Hyatt House extended stay hotel opened in downtown Rochester, Minnesota, just steps from the Mayo Clinic. The hotel appears to be Rochester’s first Opportunity Zone project and is part of a multi-billion dollar economic development initiative to revitalize downtown.
DoubleTree by Hilton is now open to guests in an opportunity zone in Tucson, Arizona. DoubleTree is located next to the Tucson Convention Center and is expected to meet the city’s growing visitor demand. Developers expect the hotel to have an average annual economic impact of $ 12.1 million.
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The medium-sized, mixed-use apartment building laid the foundation stone in Seattle’s Opportunity Zone
In partnership with Trent Development and Cresset Diversified Real Estate Capital, real estate development company Hatteras Sky broken ground on a new mixed-use midsize development in a Seattle Opportunity Zone. The project is less than a mile from a future train station and will include 206 residential units. The opening is expected in 2023. “As one of the largest skilled opportunity zone managers in the country, we have seen firsthand the positive impact of these projects that can impact a community, their local businesses and their people,” said Avy Stein, founder and co-chair of Cresset. “We are excited to partner with world class partners such as Hatteras Sky and Trent Development and look forward to bringing this project to life.”
Hyatt House opens in Rochester, Minnesota Opportunity Zone
Earlier this week Hyatt House extended stay hotel opened in downtown Rochester, Minnesota. This 172-room hotel is Rochester’s first Qualified Opportunity Zone project and is just three blocks from the Mayo Clinic. The extended stay hotel has a fully equipped kitchen, spacious bathroom, laundry service, pool, fitness center and is pet friendly. “I think it will be a great addition to the city near the Mayo Clinic and how we’re set up for longer stays to really cater to people who really need to be in town for several weeks,” says Mike Fox General Manager, Hyatt House.
DoubleTree by Hilton opens in the Opportunity Zone in downtown Tucson
DoubleTree by Hilton earlier this week opened its doors in downtown Tucson, AZ. CaliberCos Inc. and Ryan Companies US Inc. laid the foundation stone for their first Opportunity Zone project in Arizona in May 2019. As the only hotel attached to the Tucson Convention Center, it is expected to support Tucson’s downtown overhaul plan and help meet growing visitor demand. The 170 room hotel is expected to have an average annual economic impact of $ 12.1 million. “At Ryan Companies we strive to create places where people can thrive,” said Chuck Carefoot, senior vice president of construction for Ryan Companies. “We are honored to be part of the revitalization of downtown Tucson and the opening of this hotel is an exciting milestone for the city.”
Six Indiana parishes selected for the Indiana Rural Opportunity Zone Initiative
Six Indiana parishes, including the city of Princeton, were selected to participate in the Indiana Rural Opportunity Zones Initiative. The program encourages long-term private equity investments in low-income and rural communities in Indiana. The Indiana Office of Community and Rural Affairs, the Purdue Center for Regional Development, the Purdue Extension Community Development, and the Indiana Housing and Community Development Authority will partner to provide technical assistance and capacity building assistance to rural areas.
“More rural communities will have the materials they need to attract capital to their designated areas,” said Suzanne Crouch, Indiana governor Lt. “With our state’s housing authority, which is now involved in the initiative, we are dealing with a critically important piece of economic development and talent attraction on an individual economic level.”
