Gentrification in Raleigh, North Carolina? Luxury apartments coming to city opportunity zone

Richmond-based Capital Square broke ground on 297 apartments and 10,000 square feet of retail space on West South Street. Full story here: https://www.wral.com/luxury-apartments-coming-to-raleigh-opportunity-zone/20323370/ Subscribe to WRAL: https://youtube.com/c/wral5 Follow Matt Talhelm: Twitter: https://twitter.com/MattTalhelm IG: https://instagram.com/matttalhelmwral Facebook: https://facebook.com/MattTalhelmNews Follow WRAL: Facebook: https://facebook.com/WRALTV…

Gentrification in Raleigh, North Carolina? Luxury apartments coming to city opportunity zone

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Richmond-based Capital Square broke ground on 297 apartments and 10,000 square feet of retail space on West South Street.
Full story here: https://www.wral.com/luxury-apartments-coming-to-raleigh-opportunity-zone/20323370/

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Transcript: ALSO KEEP YOU UPDATED AS NEW INFORMATION COMES IN TONIGHT. THANK YOU, MARK. HUNDREDS OF HIGH-END APARTMENTS WILL SOON TOWER OVER ONE OF RALEIGH’S PUBLIC HOUSING COMMUNITIES. THE DEVELOPER OF 3.20, WEST, SOUTH STREET IS TAPPING INTO TRUMP ERA TAX LAWS TO BUILD A LUXURY LIVING IN AN AREA DESIGNATED AS AN OPPORTUNITY ZONE. WE ASKED WRL’S MATT TALHELM TO FIND OUT WHERE THESE OPPORTUNITY ZONES ARE IN RALEIGH AND WHO BENEFITS FROM THEM. I MEAN, THEY’RE TAKING DOWN THE CHURCH FOR GOD’S SAKE, JUST TO PUT APARTMENTS HERE. YOU SHOULD COP DOESN’T HAVE A WHOLE LOT OF FAITH IN THE FUTURE AROUND HER HERITAGE PARK APARTMENTS. IT BOTHERS ME BECAUSE I SEE THINGS BEING BUILT THAT IS NOT AFFORDABLE TO MAKE. SHE’S LIVED IN THE PUBLIC HOUSING COMMUNITY FOR 13 YEARS AND IS NOW PRESIDENT OF THE RESIDENTS COUNCIL. WE WISH TO HEAR THIS IS THE ONLY PLACE I GOT TO GO FAR AS MY INCOME. I CAN’T GO ANYWHERE A WROUGHT IRON FENCE SURROUNDS THE PUBLIC HOUSING NEIGHBORHOOD ACROSS WEST, SOUTH STREET FROM A CHAIN LINK FENCE BLOCKING THIS CONSTRUCTION SITE. WHERE DEVELOPERS ARE BREAKING GROUND ON A 20 STORY TOWER OF NEARLY 300 APARTMENTS. IT’S GOING TO HAVE A HOSPITALITY TWIST ON THE HUMANITY SAID TO HAVE A RESORT STYLE POOL MORE SIMILAR TO WHAT YOU’D SEE IN A HOTEL THAT LUXURY LIVING IS RISING UP IN THE SOUTHERN GATEWAY OPPORTUNITY ZONE. IT’S ONE OF 5 IN THE CITY. THE OPPORTUNITY ZONES ALLOW DEVELOPERS TO DEFER TAXES BY REINVESTING CAPITAL GAINS IN LOW-INCOME URBAN AREAS. ULTIMATELY THEY CAN PAY NO TAXES ON GAINS FROM THE NEW DEVELOPMENT IF THEY HOLD ON TO IT FOR A DECADE WAY, WE FOCUS ON OPPORTUNITIES, HOUSING. WE’RE NOT LOOKING TO DISPLACE ANYONE. IF YOU LOOK TODAY, RIGHT? THERE’S NO ONE THAT’S LIVING HERE ON THIS SITE TODAY. THE AVERAGE RENT IN 3.20 WEST, SOUTH STREET WILL BE AROUND $2600. WE ASKED RALEIGH, MAYOR MARY-ANN BALDWIN, HOW THIS HELPS WITH THE CITY’S SHORTAGE OF AFFORDABLE HOUSING. IT’S REALLY ABOUT HOUSING CHOICE AND MORE BETTER FOR EVERYBODY, NOT BUILDING ANYTHING FOR US. YOU KNOW. IT DOESN’T WORK CALLED THE WORRIES. ALL THIS NEW DEVELOPMENT HAPPENING AROUND HERITAGE PARK WILL FORCE PEOPLE OUT. SO I THINK THEY SHOULD TAKE OUR LIVES. WILEY CONSIDERATION IS 5 G TO FIND THIS BECAUSE THIS WAS HAPPENING. THE DEVELOPER TELLS US RETAIL ON THE STREET LEVEL OF THE TOWER WILL PROVIDE JOBS FOR PEOPLE WHO LIVE NEARBY. MATT TALHELM, WRAL NEWS, RALEIGH. THE WRAL DATA TRACKERS DID SOME DIGGING INTO THE LATEST CENSUS IN DISCOVERED THAT 53,000 PEOPLE WHO LIVE IN RALEIGH AS OPPORTUNITY ZONES,

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