Opportunity Zone - City of Oakland has approved the proposal to construct a 5-story mixed-use building, with 18 residential units including three low-income units, and One (1) nonresidential / commercial floor area on the ground floor, and density bonus allowances for a height of 70-feet 18 Units with a Mix of: 2-Bedroom & 1 Bath: 9 2-Bedroom & 2 Bath: 4 3-Bedroom & 2 Bath: 4 4-Bedroom & 3 Bath: 1 Zoning: RU-5, Urban Residential Zone-5. It is also in an Opportunity Zone. "The Opportunity Zones are meant to spur economic development and job creation in distressed communities by providing tax benefits to investors. Investors receive capital-gains tax deferral, reduction in basis for long-term investments and other tax incentives. Investments made by individuals through Qualified Opportunity Funds in these zones would be allowed to defer or eliminate Federal taxes on capital gains. You can get the tax benefits, even if you don’t live, work or have a business in an Opportunity Zone. Investments are not administered or overseen by the City of Oakland."