AS THE REGULATIONS
BECOME MORE CLEAR,
IN THESE DESIGNATED
AREAS ARE RUSHING
TO CLOSE DEALS.
In 2017, Driftwood Acquisitions and Development purchased a 218-room dual-branded Hilton Hotel in Fort Lauderdale, FL, with its joint venture and co-development partner Merrimac
Ventures. The partners commenced ground-up construction on
the development promptly after.
The 2017 Tax Cuts and Jobs Act was released soon after the purchase, outlining the benefits of a new investment program for
some 8,700 designated Opportunity Zones throughout the country. The rules were incomplete, but they did state that you could
not receive the benefits if you owned the property prior to 2018.
BY KELSI MAREE BORLAND