View of Outside Deck of “Top of Fourth” Rooftop Bar at Courtyard by Marriott on Fourth St in downtown Winston-Salem
Courtyard by Marriott To Open | Opportunity Zone Hot Spot in Winston-Salem!
Our team at Commercial Realty Advisors is excited to see the completion of Winston-Salem’s Courtyard by Marriott, as finishing touches are applied in advance of the downtown Fourth Street’s 126-room hotel opening in March of 2020.
Although we are co-developing the hotel, Virtua Partners, of Scottsdale, Arizona, purchased the property in the summer of 2019, and joins Hotel Equities of Atlanta to take over management once the completed hotel opens in March.
The addition of this new hotel in downtown Winston-Salem rounds out the region’s booming hospitality market. The new space will feature a full-service restaurant, fitness center, swimming pool, meeting/banquet space, large courtyard and access to a public parking deck. The most unique feature of the hotel is the rooftop bar, called “Top of Fourth”, which provides expansive views of our vibrant downtown. Accessible from both within the hotel and through an exterior entrance, the bar solidifies this hotel as a hot new destination spot for the city.
But that’s not the only significance of this property. The Courtyard by Marriott is one of Winston-Salem’s first Opportunity Zone projects.
What exactly are Opportunity Zones and how will this program benefit Winston-Salem? Developed by the Trump administration and approved through The Tax Cuts and Jobs Act of 2017, the Opportunity Zone incentive is a tool to encourage long-term investment in specially designated low-income, distressed and rural communities across the nation with the goal of increasing jobs and housing. Simply stated, Opportunity Zones provide a tax incentive for investors to defer and reduce any of their capital gains liabilities (profits earned from the sale of shares of stock, a piece of land, a business and other taxable incomes) and eliminate future taxes by investing at least 90% of their capital into Opportunity Zone properties. Potential profits in these new types of commercial real estate properties are like other investments on steroids–very attractive incentives for potential investors and receiving communities alike. Consult your tax and legal advisors to determine whether the program is right for you.
The state of North Carolina has 252 Opportunity Zone census tracts, and the city of Winston-Salem identified 10. (Click here to see the Winston-Salem tract map.) In addition to downtown, where the Courtyard by Marriott will be located, other tracts include property in Martin Luther King Jr. Drive, Whitaker Park, Winston-Salem State University and Union Station, Innovation Quarter, Smith/Reynolds airport, and the communities including Happy Hills, the Lakeside Villas and Boston Thurmond.
Commercial Realty Advisors currently has several Opportunity Zone properties available. If you are interested in learning more about how to invest in the Triad’s Opportunity Zone properties, contact an expert broker at Commercial Realty Advisors today.