In this last of a four-part series, Jenkins Fenstermaker, PLLC, explores the myriad and varied Qualified Opportunity Zones in West Virginia, focusing in on current development projects in North Central West Virginia.
West Virginia finds itself with loads of exciting prospects with the creation of Qualified Opportunity Zones and Qualified Opportunity Funds that were established by the Tax Cuts and Jobs Act (Public Law 115-97). West Virginia's numerous US routes (US 50, 119, and 250), ease of road transportation (via I-79 and I-68), and Corridor D and Corridor H, combined with the state's assorted industries and focus on hospitality and tourism, make the Mountain State an ideal location for potential investors.
Investors from inside or outside the state are encouraged to consult WV QOZ attorneys to explore the opportunities in West Virginia. Exciting development projects in West Virginia abound but further opportunities await.
WV QOZ Attorneys Know the Lay of the Land
There are Qualified Opportunity Zones all over the United States, but the revitalization envisioned by QOZs is especially easy to see right here in West Virginia. WV QOZ attorneys have the advantage of knowing the industries, the economy, and the lay of the land that make West Virginia particularly ideal for qualifying development projects.
North Central WV QOZ: Crossroads of Crossroads
Investors can find QOZs throughout the Mountain State. In addition to Huntington QOZs and Charleston QOZs, North Central WV QOZs boast much potential as well, and the West Virginia attorneys knowledgeable of QOZ opportunities know why. The area is a crossroads of crossroads-the ease of road transportation makes the area desirable to the state's biotech and energy industries as well as the state's automotive, manufacturing, hospitality, and forestry employers-to name just a few. The region is primed for investment in multiple businesses and trades.
North Central WV QOZ attorneys know the local industry, the varied road transportation routes, and also the benefits of having Morgantown Municipal Airport and Clarksburg's North Central WV Airport nearby. The area's proximity to Pittsburgh provides further convenience and adds incentive for developers to take advantage of QOZ opportunities in the area.
Additional Amenities in the North Central WV QOZ
North Central WV has more than a diverse economy; it has local amenities, too. The area is home to nationally recognized high schools, three of which are listed as the top 10 best high schools in West Virginia (Bridgeport, East Fairmont, and Morgantown).
The area of Morgantown is also home to West Virginia University (WVU), a land-grant institution recognized for its high-impact research activities and known for its mission and commitment to creating a diverse and inclusive culture. WVU is also known as a relationship builder with its innovative West Virginia Forward initiative seeking to bring together job growth, lifelong learning, and human capital-three things that are also furthered by the commitment to the community that QOZs endeavors bring.
The natural beauty of the area is inviting as well-numerous lakes, hiking areas, state parks, and ski slopes are all nearby. The variety of outdoor activities adds to the state's growing hospitality and tourism industries and makes the area a desirable location in which to infuse long-term capital.
Current Development Projects in West Virginia
Qualified Opportunity Zones are relatively new, but investors, entrepreneurs, property and business owners, and developers have not wasted any time moving forward with both commercial and residential projects.
Some of the QOZs in North Central WV include:
- The Clarksburg Opportunity Zones of the Central Business District in the City of Clarksburg, Hite Field, and part of Glen Elk;
- The historic downtown area of Elkins;
- Buckhannon's historic downtown district;
- The Flatts, Sunnyside, and White Oak areas of Morgantown; and· Fairmont's downtown historic district and acreage near I-79
Getting started with a QOZ or setting up a Qualified Opportunity Fund involves having a strategy and having some discussions. Contact the WV QOZ attorneys of Jenkins Fenstermaker, PLLC, to investigate development project opportunities in West Virginia. Contact Steve Golder at (304) 523-2100 or (866) 617-4736, or use his online contact form for a consultation.