Primior, a leading real estate asset management firm, is pleased to announce the successful entitlement of First Harbor Square, a mixed-use development featuring 181 apartment units and over 15,000 square feet of retail space in the heart of Santa Ana, CA. Primior has collaborated with the city for seven years, aiming to provide much-needed housing, create new jobs, and boost the local economy.
This project is located within a designated Qualified Opportunity Zone (QOZ), offering significant tax benefits and strong return potential for investors.
Understanding Opportunity Zones Opportunity Zones were established through the Tax Cuts and Jobs Act of 2017 to stimulate economic development in distressed communities. There are currently 8,764 census tracts certified as Opportunity Zones by the U.S. Treasury. These zones provide unique tax incentives to investors, making them a smart choice for those seeking to optimize their portfolios while supporting community revitalization.
Investor Tax Benefits Investing in Qualified Opportunity Zones provides several key tax incentives:
- Tax Deferral: Capital gains tax can be deferred on investments in a Qualified Opportunity Zone Fund (QOZ Fund) until the investment is sold or until December 31, 2026.
- Step-Up in Basis: After five years, 10% of the deferred gain is excluded from taxes, increasing to 15% if held for seven years.
- Tax-Free Gains: After ten years, investors can permanently exclude capital gains from their QOZ Fund investments from taxable income.
Since the program’s inception in 2018, Qualified Opportunity Funds (QOFs) have raised an estimated $150 billion in equity. This far exceeds initial projections and signifies the program’s success in attracting private capital to underserved communities.
First Harbor Square is a modern mixed-use development designed to address the growing demand for flexible living spaces. Located in Santa Ana’s thriving Opportunity Zone, the project serves as both an appealing investment and a catalyst for local economic growth.
Primior is at the forefront of real estate and blockchain innovation, with initiatives like Gaia—a platform that tokenizes real estate assets—and USP, a token representing fractional ownership in income-producing properties. This aligns with Primior’s mission to democratize property ownership and make projects like First Harbor Square accessible to a broader range of investors.
Project Milestones Primior is proud to announce the completion of the entitlement phase for First Harbor Square, with the project now entering the architectural feasibility phase. This milestone brings the innovative development closer to reality, offering modern amenities in a prime location poised for growth.
For more information on investing in Opportunity Zones and to learn about First Harbor Square, please contact Primior.