50% of flex office space rented out within the first three months of opening
The State of Texas’ first Opportunity Zone investment project is now open on the Brooks campus. DPR Investments Ltd. purchased 9.4 acres of land on the eastern portion of the Brooks campus along City Base Landing in early 2019. The project includes the Brooks Business Center, 25 flex office spaces for small businesses, and a state-of-the-art climate controlled self-storage facility with 890 units.
“We started this project with high hopes, and I can confidently say we exceeded our own expectations,” said Jimmy Day, DPR Investment owner. “The land being designated as an Opportunity Zone truly means that. It’s an opportunity for meaningful investment on the South Side, and we are already talking to the community about what comes next.”
The total cost of the project was $16 million. DPR Investments Ltd. commissioned five independent studies to determine how the land would be best utilized, with the demand for climate-controlled self-storage evident in each study. They are finalizing plans to develop on the remaining 4.5 acres, to include a portion west of the existing Brooks Spay/Neuter Clinic.
“The community asked for storage space and space for small business, and we were able to provide that,” said Leo Gomez, Brooks President & CEO. “Our Opportunity Zone designation gives us yet another incentive as we continue to attract quality investors, like DPR Investments, to the South Side.”
Brooks is one of 24 Opportunity Zones in Bexar County, as designated by Texas Governor Greg Abbott in March 2018. Established by Congress in the Tax Cuts and Job Act of 2017, Opportunity Zones are designed to encourage long-term investment in low-income communities. The Opportunity Zones program establishes tax incentives to encourage private individuals to invest unrealized capital gains in projects located within high poverty communities.
