With its 793-acre Opportunity Zone, the City of Winchester, Virginia, is poised for new investment. Our Opportunity Zone – located in the northwest corner of the city – is home to a handful of sites and buildings just waiting to be developed. Businesses that locate within our Opportunity Zone may be eligible for preferential tax treatment based on development and job creation in the neighborhood.
Below are a few of our Opportunity Zone properties. Click on the plus sign for more information.
A key tourist entry corridor into the city, Berryville Avenue spans one mile along Route 7 leading into the core historic district of downtown Winchester. Located within a corridor enhancement district, Berryville Avenue is zoned B2 to encourage commercial development.
This 300,000 square foot building sits on eight acres of property in a commercial industrial zoned district. The property has been identified by the Economic Development Authority as a catalyst site for mixed-use development as it is located in the northern entry corridor to the city.
The site of the Smalts Property sits on 4.55 acres and is comprised of ten parcels within the Opportunity Zone. The property is located within the National Avenue Corridor Enhancement District and is a combination of commercial and medium density residential zoning. This unique opportunity has potential for a mixed-use development project. Learn more…
The Winchester Towers property is located on 0.2 acres on a prime corner in downtown Winchester. This property would be ideal for new mixed-income and mixed dwelling-type residential use.
An objective identified in the City’s Strategic and Comprehensive plan is to promote decent affordable housing, particularly to serve targeted populations such as young professional and empty nesters.
801 N. Kent Street “Sunshine’s Pride” is a 92,000 square foot former food processing/distribution plant in the city of Winchester that sits on over eight acres of land. The building itself has a ceiling height of twenty to twenty-four feet and is zoned for intensive industrial use. It offers the potential for expansion, has ample parking, and provides excellent access to the I-81 corridor. Learn more…
Located on a prime tourist entry-way corridor this half-acre project site includes six properties that are on the corner of Kent Street and Piccadilly Street in Downtown Winchester. The properties are zoned for commercial use and would be ideal for new mixed-income and mixed dwelling-type residential use. An objective identified in the City’s Strategic and Comprehensive plan is to promote architecturally appealing and walkable urban developments to constantly improve the quality of life for those visiting, working, and living in the City.
Opportunity Zones are designed to spur economic development by providing tax benefits to investors. Investors can defer tax on any prior gains invested in a Qualified Opportunity Fund (QOF) until the earlier of the date on which the investment in a QOF is sold or exchanged, or December 31, 2026. If the QOF investment is held for longer than 5 years, there is a 10% exclusion of the deferred gain. If held for more than 7 years, the 10% becomes 15%. If the investor holds the investment in the Opportunity Fund for at least ten years, the investor is eligible for an increase in basis of the QOF investment equal to its fair market value on the date that the QOF investment is sold or exchanged.
A Qualified Opportunity Fund is an investment vehicle that is set up as either a partnership or corporation for investing in eligible property that is located in a Qualified Opportunity Zone and utilizes the investor’s gains from a from a prior investment for funding the OF. There are three types of properties eligible for OZ investment:
Investments that do not qualify include funds of “sin” businesses, and financial institutions.
Click here to learn more about Virginia Opportunity Zones.