Primior, a leading real estate development and investment management firm, broke ground on its First Harbor Plaza development in Santa Ana on Wed., June 26, 2019. Two major tenants are already in place for the mixed-use project, Chase Bank and Optima Salon Suites.
At the intersection of N. Harbor Blvd. and W. 1st St., First Harbor Plaza is a 40,129-sq.-ft. restaurant, retail, office and medical property located in one of Santa Ana’s busiest areas with high traffic counts of some 71,000 cars daily. The surrounding area has a population of just over 784,000 within five miles. A key draw of the property is its location in a recently established Opportunity Zone.
“We are very pleased to be developing one of the first properties of this type in Santa Ana under this important program,” said Primior CEO Johnney Zhang. “The positive impact this innovative financing model will have on the local community in terms of strong economic opportunities and an enhanced quality of life has led us to seek out areas where we can make a contribution.”
The Opportunity Zone program was created by the 2017 Tax Cuts & Jobs Act to revitalize economically distressed communities through private investment as opposed to taxpayer dollars. Opportunity Zones have now been designated in all 50 U.S. states, the District of Columbia and five U.S. possessions.
To motivate participation in the program, taxpayers investing in a Qualified Opportunity Zone via an Opportunity Fund can benefit from capital gains tax incentives available exclusively through the program. Moreover, in comparison to other programs that encourage private investment in low-income areas through tax advantages, the Opportunity Zone program is less restrictive, costly and reliant upon government agencies.
First Harbor Plaza includes two structures. Building 1 encompasses some 14,400 sq. ft. in two large anchor suites and five smaller spaces on the first floor, with the same configuration on the second floor. Chase Bank occupies the premium, first-floor corner space in that building. Building 2 includes approximately 3,880 sq. ft. on the first floor, two suites on the second floor totaling 3,778 sq. ft. and a third-floor suite of 3,778 sq. ft. to be occupied by Optima Salon Suites.
Primior offers a uniquely integrated suite of real estate services designed to produce superior levels of value, income generation and return on investment. Its investment properties include single development projects, REITs and Opportunity Funds.