Daniel Huffenus, Real Estate partner and Charlotte office managing partner, spoke with the Charlotte Business Journal on whether or not opportunity zone have really made an impact on development in Charlotte. Dan stated, "Land prices in the opportunity zones have been bid up to the point that the economics aren't much better than any other deals. I think those deals can still make sense but I don't know if it's sparked as much as we probably expected." He noted that long-term hold requirements could be seen as a deterrent to investors, especially since the program could change with a new federal administration.
He added that there is a lot of competition in Charlotte for developable sites, leading to questions about where opportunity zone funds can go. Dan said, "Some funds have raised a ton of money and you just start wondering when money has to be placed, especially when you have a ticking clock on the benefits . . . if that doesn't lead to bad decisions. You worry about their standards being compromised because they feel pressure to place the money." ("Are opportunity zones resulting in a rush of development in Charlotte?," January 27, 2020)