A 37-story belfry in Santa Ana, which was aboriginal proposed 20 years ago, could be amid the latest projects to account from the Opportunity Zones created beneath President Trump’s tax overhaul.
Developer Michael Harrah is authoritative a additional advance to acquisition investors and tenants for his adjourned projects, including a high-rise at North Broadway and 10th Street, the Orange County Register reported. The projects were delayed for years because of admeasurement and cost, but the new tax plan could accomplish the acreage added valuable.
The proposed 493-foot-tall appointment tower, alleged One Broadway Plaza, would amount $450 actor and booty two years to complete. It is amid in Santa Ana’s Opportunity Zones, which actualize cogent tax allowances for investors acknowledgment to the tax overhaul.
The appellation allows owners to adjournment basic assets taxes from beforehand affairs or investments in economically depressed areas. Former Gov. Jerry Brown appointed about 900 tracts as Opportunity Zones, including abundant of city Santa Ana.
Harrah has been aggravating to get costs for the Santa Ana belfry for about 20 years. He has invested added than $90 actor in the “shovel-ready” development.
It’s one allotment of his “mini-city” plan, which would amplitude to the afresh vacated, 173,000-square-foot Orange County Register armpit on Grand Avenue. The absolute plan would accommodate 2.35 actor aboveboard anxiety of mixed-use redevelopment, and amount about $1 billion. He acquired that acreage for added than $60 actor in abstracted affairs in 2014 and 2016. [OC Register] — Gregory Cornfield
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