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“Union Station” project will put $92M toward adaptive reuse of Salt Lake City’s historic Union Pacific train depot as a Marriott Autograph Hotel
SAN JOSE, Calif. (PRWEB) January 14, 2020
Specialty financial administrator NES Financial announced today that it has contracted to provide its purpose-built Opportunity Zone Fund Administration services to Hatteras Sky — an experienced commercial real estate development firm specializing in Opportunity Zone, affordable, historic and conventional real estate development.
The proposed development will feature the conversion of the Union Pacific train depot, including new construction of an eight-story tower, into a mix of a hotel, restaurant and retail space, alongside the existing 17,000 square foot Live Nation event space. The hotel component of the development will be the newest U.S. addition to Autograph Collection Hotels, a part of Marriott International.
The Union Station site is located in one of Utah’s designated Opportunity Zones (OZs), which offers accredited investors the potential to benefit from the OZ program’s tax benefits. The tax incentives associated with the OZ program are designed to encourage long-term investment into economically distressed areas across the country.
Hatteras Sky principals Jason Cordon and Amy Michaelson Kelly were instrumental in launching one of the nation’s first Qualified Opportunity Funds (QOFs), and they currently control an Opportunity Zone portfolio in excess of $780M, including projects already underway in top metro areas across the country. The Union Station development will bring new life to Salt Lake City’s iconic 110-year-old train depot while also creating the first new full-service hotel to open in the area since 2001 — aligning with Hatteras Sky’s mission to “create structures and communities that will be useful, beautiful, and strong for generations.”
“Since the inception of the tax initiative, NES Financial has become the undisputed leader in OZ fund administration,” said Cordon. “Hatteras Sky places a high priority on following industry best practices, so contracting with NES Financial for our fund administration was the obvious choice.”
“We also value the ease of use of NES Financial’s online Investor Portal,” added Kelly. “Our investors get real-time access to fund status and capital account financial data, and it serves as a great platform for sharing documents and sending personal alerts.”
The NES Financial Opportunity Fund Administration Solution leverages technology to streamline the complex administrative requirements of OZ fund management, helping the Opportunity Zones program do the good it was meant to do. For fund managers and investors, this means a purpose-built solution that embeds security, transparency and regulatory compliance at each step of an OZ investment’s life cycle.
“Our platform is designed to help fund managers and investors alike get the most out of this promising new initiative, while also tracking the positive social impact that its creators intended,” said Reid Thomas, Executive Vice President at NES Financial. “The rapid adoption of our solution in the market by clients across the country is a great sign of industry’s commitment to best practices.”
For additional information about the Opportunity Zone Fund Administration Suite, please visit the NES Financial website or contact an NES Financial representative at 1-800-339-1031.
About NES Financial
NES Financial is a specialty financial administrator which serves sectors characterized by high administrative complexity, increased transaction security needs, and challenging regulatory compliance requirements. The company’s purpose-built solutions streamline the administrative processes of these markets — simplifying specialized financial transactions, curtailing fraud and abuse and helping ensure the utmost in security, transparency and regulatory compliance through each step of an investment’s life cycle.
NES Financial, recognized on the San Francisco Business Times’ top Bay Area fintech list, has defined industry best practices in each of the markets it serves — from 1031 exchanges and EB-5 visa funding, to private equity and the landmark Opportunity Zones program. NES Financial services more than 300 funds, administers over $20B annually, and has worked with more than 700 EB-5 projects. For more information, visit nesfinancial.com.
About Hatteras Sky
Hatteras Sky is a commercial real estate development company based in Atlanta, Georgia, that was founded by Jason Cordon and Amy Kelly. The group specializes in tax-incentivized and conventional development, focusing on Opportunity Zones, affordable housing, and historic rehabilitation.
Prior to forming Hatteras Sky, and while building his real estate portfolio, Jason Cordon was a prominent tax attorney in Atlanta with a significant portion of his legal practice concentrated on the representation of investors, developers, and syndicators nationwide in connection with tax-incentivized real estate investments.
Prior to following her passion to start a career in real estate, Amy Kelly was a decorated attorney in Atlanta, spending most of her career at Greenberg Traurig, LLP, an international Am Law 15 law firm, while also serving the Atlanta community through participation with various boards and organizations, including WonderRoot, the Leukemia & Lymphoma Society’s Executive Committee, LEAD Atlanta, ServiceJuris, and others.
Investors can request more information about the investment offering and Union Station project here.
For more information about the firm and its team, visit HatterasSky.com.
For the original version on PRWeb visit: https://www.prweb.com/releases/nes_financial_to_administer_salt_lake_city_opportunity_zone_fund_for_hatteras_sky/prweb16829533.htm