First deal in the nation to combine PACE Funding and Opportunity Zone Funding
EKN Development Group, in conjunction with PEG Companies, complete first deal in the nation to combine PACE Funding and Opportunity Zone Funding. The new 175-key Hyatt House hotel, located at 315 First Ave., near Mayo Clinic’s downtown campus is currently under construction. The property was the site of the former American Legion Post 92, where Mayo Clinic founders William J. Mayo and Dr. Charles H. Mayo were members in the early 1900s. The new Hyatt House will serve the patients and clients of Mayo Clinic, filling a great need in the area.
It is notably the first Opportunity Zone fund project in the nation to include PACE funding to date. The new federal Opportunity Zone program, part of the December 2017 Tax Cuts and Jobs Act, was established to spark development in federally designated areas by offering investors generous tax incentives.
Read the full PACE equity case study below: