One such investment entity is Chicago-based Decennial Group, which is targeting investment of $1 billion in development projects to leverage the tax incentives created by the 2017 law. Over the next decade the JV could look to invest up to $20 billion for new projects, according to The Real Deal, which also reports that Decennial Group is exploring 250 potential projects in Opportunity Zones around the country, and is in advanced negotiations on at least three projects.
Decennial Group is a joint venture comprised of Scott Goodman, the founding principal of Farpoint Development, a real estate development company; Bob Clark, founder and CEO of Clayco, the full-service development, planning, architecture, engineering, and construction firm; and Shawn Clark, president of CRG, Clayco’s real estate and development company. One of Farpoint Development’s investments is Burnham Lakefront, located within an Opportunity Zone on Chicago’s South Side.
Among Goodman’s development projects is Burnham Lakefront, a 100-acre campus within a recently designated Opportunity Zone that’s the former site of Michael Reese Hospital near the McCormick Place Marshalling Yard on Chicago South Side.
Decennial Group is distinguishing itself from other OZ funds with a renewable energy strategy that’s being led by David Pavlik, cofounder and principal with 11 Million Acres, a leading energy real estate development platform that has structured over $2 billion in renewable energy and infrastructure projects. Glickman is cofounder and former CEO of the economic Innovation Group, which was an architect of the Opportunity Zone program.