Developer Plans to Build Apartments in Opportunity Zone

A local developer is planning to build a 116-unit apartment community in an Opportunity Zone in Greensboro. From the Triad Business Journal:

Developer Jerome Myers has submitted a zoning application to the city of Greensboro for Technology Row, a 116-unit apartment community at 402-404 Penry Road, just west of the Interstate 840 urban loop in east Greensboro. Myers said the property is zoned for 72 units...

The property is in one of 12 Guilford County opportunity zones. An investor who holds an opportunity fund investment for 10 years can qualify for permanent exclusion from capital gains taxes…

The plan is for 96 flats – half to be two bedrooms and two baths – measuring 950 square feet, and the other half to be three bedrooms and two baths, measuring 1,150 square feet.

The remaining 20 units will be townhomes –11 with two bedrooms and 2 1/2 baths, measuring 1,050 square feet, and the others with three bedrooms.