CliftonLarsonAllen LLP (CLA), one of the leading professional services firms in the U.S., has secured $11m in Opportunity Zone funding for a multi-family, ground-up development located in South St. Paul, Minnesota.
CLA is a national leader in the Opportunity Zone space, combining its experience in tax, the real estate industry and investment management services to “offer stakeholders broad insight into the full benefits of the Opportunity Zone program”. Since 2019, the firm has raised $350m for Opportunity Zone projects.
The project, known as The Yards Phase I, will provide the city with “much-needed” rental housing in the form of 154 market-rate apartment units at the corner of Grand Avenue and Concord Exchange.
The development will have views of the Mississippi River and offers an impressive amenities package, including an outdoor dog run, lounge and game rooms, an outdoor pool, party deck, and underground parking. With a Phase I cost of $37 million, the building is expected to open in Q3 2022.
Spearheading the project is The Beard Group, a full-service real estate development company that was approached by the city of South St. Paul to develop this project. Bill Beard, The Beard Group president and CEO, worked closely with CLA Wealth Advisors to secure funding.
CLA played an “instrumental role” in the capital raise, and the firm also provided tax advisory and compliance services, financial model development support, consultations on structure, and guidance on Opportunity Zones, deploying its full suite of services.
Tony Hallada, managing principal with CLA Wealth Advisors, who oversaw the capital raise, said: “CLA is excited to accelerate this project, which will bring new high-quality, multi-family rental housing to this area for the first time in decades. We are grateful for the opportunity to collaborate with The Beard Group and to contribute to the success of this community.”