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Century City Business Park

30th Street Industrial Corridor: OPPORTUNITY ZONE TAX INCENTIVE

The 30th Street Industrial Corridor and the Century City Business Park are located within an Opportunity Zone. Opportunity Zones, formed in the Tax Cuts and Jobs Act of 2017 and established in April 2018, are designated census tracts eligible to receive private investments through Opportunity Funds. Opportunity Funds deploy equity investment capital in Opportunity Zones for eligible purposes, including investment in real estate and small businesses. U.S. investors receive a temporary tax deferral and other tax benefits when they reinvest capital gains into Opportunity Funds for a minimum of five years.

The Opportunity Zones program offers three tax incentives for investing:

  • Temporary Deferral: A temporary deferral of inclusion in taxable income for capital gains reinvested into an Opportunity Fund. The deferred gain must be recognized on the earlier of the date on which the opportunity zone investment is disposed of or December 31, 2026.
  • A Step-Up in Basis: A step-up in basis for capital gains reinvested in an Opportunity Fund. The basis is increased by 10% if the investment in the Opportunity Fund is held by the taxpayer for at least 5 years and by an additional 5% if held for at least 7 years, thereby excluding up to 15% of the original gain from taxation.
  • Permanent Exclusion: A permanent exclusion from taxable income of capital gains from the sale or exchange of an investment in an Opportunity Fund if the investment is held for at least 10 years. This exclusion only applies to gains accrued after an investment in an Opportunity Fund.

Find out more about Opportunity Zones from the City of Milwaukee, the Wisconsin Housing and Economic Development Authority (WHEDA) and the IRS.

Good City Brewing created a Qualified Opportunity Fund to facilitate their expansion at the Century City Business Park in 2018.


 

Good City Brewing Announcement - July 26, 2018

Mayor Tom Barrett and members of the community welcomed Good City Brewing to the Century City Business Park this morning.

Good City Brewing is moving its corporate offices and warehouse operations to the Century City Business Park located on Milwaukee’s northwest side. Their new location will be in the Century City 1 building located near West Capitol Drive and North 31st Street. Century City 1 is a 53,160 sf flex industrial building that was co-developed by General Capital Group and the City of Milwaukee in 2015.

Dan Katt, Good City co-founder, said Century City provides an immediate business solution. “We’ve expanded our brewery 4 times in the 2 years since we opened our doors, and we are simply out of space on the east side. The demand for our beer, especially our flagship Motto Mosaic Pale Ale, and the growth that comes with it, is very exciting.”

The Century City 1 building was built in an effort to spur development and job creation at the Century City site. The building has housed temporary tenants since it was constructed, including the company assembling the floor for the Milwaukee Bucks’ new arena.

“Good City Brewing will find Century City is an ideal location to grow. The site has strong transportation connections along with a nearby workforce that is eager and capable,” Mayor Barrett said. “Good City’s business is on a positive trajectory, and this move will keep the brewery headed in the right direction.”

For more information, click here for Good City Brewing's news release.


 

Additional Site Information Available Below:

 


 

 

Contact DCD

 
Benji Timm
Project Manager
(414) 286-5756
 
Email: DevelopTheCorridor@milwaukee.gov
 
Department of City Development
809 North Broadway
Milwaukee, WI  53202

 

Contact Area Common Council Members

 
District 1 Ald. Ashanti Hamilton
District 7 Ald. Khalif J. Rainey
District 15 Ald. Russell W. Stamper, II

 

Contact Mayor Tom Barrett

 

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