May 14, 2019
International law firm McGuireWoods partnered with its public affairs subsidiary McGuireWoods Consulting to launch its National Opportunity Zone Development Team. The team is under the direction of McGuireWoods partners Gregory A. Riegle and Dennis W. Mensi.
The team is in place to work with Opportunity Zone investors on issues such as tax structuring and fund formation, as well as to establish best practices for matching opportunity zone projects with private equity capital and state and local incentives. Another focus of the team will be to help those involved with Opportunity Zones make their way through governmental rules and regulations pertaining to O-Zone investments.
“The designated zones logically encompass a number of markets where our firm has well-established real estate, tax and fund formation experience, and can present many varied real estate investment opportunities,” said Riegle, who also co-leads the law firm’s real estate capital markets industry team.
The McGuireWoods lawyers offer experience with tax management and capital gains after asset sales. Meanwhile, McGuireWoods Consulting can identify public-private partnership opportunities, which can be used in conjunction with the Opportunity Zone program. Furthermore, the consulting arm is on hand to help with site selection, education and awareness, community support and incentive negotiations.
McGuireWoods Partner Doug Lamb indicated that, at this time, government entities and developers are figuring out if Opportunity Zones will actually help reduce cost of capital for projects, as well as how to pair incentives with additional development tools. As such, “We could see a mix of market participants, who are unfamiliar with each other’s business models and risk appetites,” Lamb said, adding that this is where the National Opportunity Zone Development Team can be helpful. “McGuireWoods and McGuire Woods Consulting are experienced in meeting the challenges, by arranging capital that could arise in such situations,” he added.
Pictured: Gregory Riegle, Dennis Mensi
For comments, questions or concerns, please contact Amy Sorter