Opportunity Zones: A Report Card and Future Outlook Webinar
Recorded On: 08/10/2021
The Opportunity Zone tax incentive aims to stimulate investment in real estate and businesses located in under-invested, low-income communities designated as an Opportunity Zone (OZ). This panel will grade how the program has done since its inception in 2018. Has it achieved its legislative intent? Did the incentive generate the volume of capital anticipated? What is the expected impact on OZ investors and investment sponsors when one of the OZ benefits sunsets on December 31, 2021? Finally, the panel will comment on potential legislative updates.
Moderator: Michael Fitzpatrick, Partner, Baker Tilly
Louis Dubin, Managing Partner, Redbrick LMD
Jill Homan, President, Javelin 19 Investments
Michael O'Mara, Senior Vice President Capital Markets, Avison Young
- Louis Dubin is a founding member of Redbrick LMD, an opportunistic real estate investment and development company.
- Mr. Dubin has invested over $700 million of equity in U.S. based real estate investments and acquisitions with a gross value of approximately $3 billion.
- He has completed over 30 real estate developments and investments, including land development, resort, residential for sale and rental, office, self storage, and master planned communities. Some of the more notable projects include St Elizabeth's East Campus (DC), Poplar Point (DC),the former U.S. Coast Guard HQ (DC), Deer Crest (Park City, UT), 838 Fifth Avenue (New York, NY), Waverly at South Beach (South Beach, Miami), Parkside at Ashburn (Ashburn, VA), Parc Reston (Reston, VA), and 2233 Wisconsin Avenue (DC). Further, Mr. Dubin invested in Westbrook Homes in his capacity as CEO of his previous firm.
- Mr. Dubin is a past winner of Institutional Investor’s Real Estate Deal of the Year.
Michael Fitzpatrick (Moderator)
- Michael Fitzpatrick is a partner of Baker Tilly Virchow Krause, LLP, the 11th largest accounting and consulting firm in the U.S., and has been with the firm since 2000.
- He chiefly works within the firm’s wholly-owned FINRA-member broker-dealer subsidiary, Baker Tilly Capital, LLC, where he specializes in structuring and offering Opportunity Zone private placement investments.
- Fitzpatrick is also an expert on New Markets Tax Credits (NMTC) where he consults with community development clients in the areas of applying for NMTC and monetizing them to make socially motivated investments.
- He is currently serving a second term on the Board of Partners of Baker Tilly Virchow Krause, LLP and is the past board chair of Agrace Hospice, Inc.
Javelin 19 Investments
- Jill Homan is president of Javelin 19 Investments, a Washington, D.C.,-based real estate development, investment and advisory firm focused on the Opportunity Zone ("OZ") incentive.
- She has more than 15 years' experience in real estate development totaling almost $500 million in capitalization.
- Jill is co-developing projects in OZs and has successfully raised and closed OZ capital. She has applied her knowledge of emerging communities and expertise in policy and real estate to advise investors and family offices on the OZ incentive.
- She earned MBA and MPP degrees from Duke University, focusing on finance and authoring a thesis on urban revitalization.
Senior Vice President Capital Markets
- Michael O’Mara serves as a senior vice president of capital markets for Avison Young, focused on CRE investments, acquisitions, disposition and 1031 exchange work on a national basis.
- He is a member of LOCUS | Smart Growth America in Boston, Massachusetts, working with regional and national economic development agencies, sponsors, and Opportunity Zone funds to help spur economic development and social impact investments.