PRNewswire/ – City dignitaries, development professionals, and members of the general public today gathered with PEG Companies to break ground on Paperbox Lofts, Utah’s. First development to take advantage of the federal Opportunity Zone Investment program created by the December 2017. In addition to designating 39 apartment units as affordable housing for people earning 60 percent or below the area’s median income, PEG and its development partner Clearwater Homes Utah are also pleased to support the community by developing Paperbox Lofts in a Qualified Opportunity Zone, one of about 8,700 federally designated geographical areas throughout the United States. “Not only does Paperbox Lofts showcase PEG’s great work as a leader in the Opportunity Zone space, it is also a great example of this exciting, innovative program at work. Policy experts designed this program to stimulate economic activity across the country – and that’s exactly what you are seeing here,” said PEG CEO Cameron Gunter. “While many real estate developers across the country are rushing to identify QOZs where they can build, PEG is fortunate to be operating well ahead of the curve. We saw the merits of the program from its inception, allowing us to be first to market with projects like this.” As part of an ongoing effort to alleviate parking woes in the area, PEG and Clearwater have confirmed plans to construct the first standalone mechanical car lift system in Utah., a 7-level, 112-parking space system that will maximize space at Paperbox Lofts by stacking and organizing vehicles. Png Automated Parking at Paperbox Lofts Paperbox Lofts will be the first development in Utah.