Opportunity Zones are a new community development program established by the United States Congress in the Tax Cuts and Jobs Act of 2017 to encourage long-term investments in low-income urban and rural communities nationwide. The Opportunity Zones program provides a tax incentive for investors to re-invest their unrealized capital gains into Qualified Opportunity Funds (QOF) that are dedicated to investing into Opportunity Zones designated by the chief executives of every U.S. state and territory.
The rules and regulations governing Opportunity Zones are in the process of being finalized. The United States Treasury Department and Internal Revenue Service (IRS) recently issued proposed regulations and other public guidance for this new program; click here.
Click here to access frequently asked questions about Opportunity Zones.
Opportunity Zones in Lowell
There are five (5) U.S. Treasury designated Opportunity Zones in Lowell. They are U.S. Census Tracts:
Please refer to the below map to see the areas that these U.S. Census Tracts cover, and click here to access an interactive map on which you can zoom into Lowell and other geographic areas containing Opportunity Zones.
Investing in Lowell's Opportunity Zones
There are many reasons why one should consider investing in one or more of Lowell's Opportunity Zones. In fact, according to a recently released report by Smart Growth America's LOCUS entitled National Opportunity Zones Ranking Report, Lowell's Opportunity Zone in Census Tract 25017310100, which includes much of the city's downtown, as well as the Hamilton Canal Innovation District and Jackson / Appleton / Middlesex (JAM) Urban Renewal Area, is ranked #6 in Massachusetts for "Smart Growth Potential." Walkability, job density, and housing diversity are used as key criteria for the ranking.
Learn more about the City and its priorities for investment, by clicking here or the below graphic.
Recent News/Press Clippings About Opportunity Zones
- 2/19/2019: Opportunity Zone program already making impact in Midwest
- 2/14/2019: Opportunity Zone Experts Voice Concerns Over Program's Rules, Suggest Fixes In IRS Hearing
- 2/13/2019: Whoops! 3 Opportunity Zone Mistakes People Have Made Already
- 2/6/2019: Developers In Low-Income Areas Work To Catch The Attention Of Opportunity Zone Investors
- 2/1/2019: Opportunity Zones Not Immune From Title Risks For Business Tenants
- 1/15/2019: Proposed Regulations To Benefit Opportunity Zone Investing
- 1/7/2019: Money managers eager to make leap to opportunity zone investing
- 1/3/2019: How Investors Can Ensure Their Opportunity Zone Investment Is A Smart Deal
Available Private Properties For Lease or Sale in Lowell Opportunity Zones*
The following listings are only a sample of available properties within Lowell's Opportunity Zones and should not be construed as a complete list of all available properties. If you are seeking assistance in identifying available properties, please contact the City's Economic Development Office.
- 87 Hale St. (Property Redevelopment Opportunity for Sale)
- 36 Prescott St. (Two Separate Office Condos for Sale)
- 345-347 Market St. (Multi-Family w/Ground Floor Retail for Sale)
- 81 Bridge St. (Office for Lease)
- 189 Market St. (Retail for Lease)
- 23-39 Middle St. (Retail for Lease)
- 41 Wellman St. (Office for Lease)
- 58 Prescott St. (Retail for Lease)
- 450 Chelmsford St. (Retail/Office for Lease)
- 11 Kearney Sq. (Office for Lease)
- 17 Kearney Sq. (Multi-Family Condo for Sale)
- 325 Chelmsford St. (Office for Lease)
- 92 Central St. (Retail/Residential for Sale)
- 336 Central St. (Office/Retail for Lease)
- 40 Church St. (Office/Retail for Lease)
- 151 Warren St. (Office for Lease)
*The City of Lowell cannot guarantee the accuracy of information contained in the above linked property listings.
There are many details yet to be finalized about Opportunity Zones. In addition to the information contained on this page, you may also refer to the following resources: