CAPITAL HEIGHTS, MD – Numerous Opportunity Zone projects from across the country were submitted for GlobeSt.com's 2019 ADAPT awards. This year, we recognize Hampton Park in Capital Heights, MD as the winner for the most complex execution of an Opportunity Zone project. We will be honoring the project at our awards ceremony in Baltimore on September 16^th. Hampton Park is a mixed-use development of more than 500,000 square feet on 25 acres of land located at the intersection of the Beltway and Central Avenue in Capitol Heights, Prince George's County, MD—a commuter suburb four miles east of Washington DC. The project will be a mixed-use development with retail, office, apartments, hotel and restaurants with outdoor seating. Currently, Hampton Park has a 277,000-square-foot shopping center on 25 acres of land that was originally built almost 50 years ago in 1970 and was anchored by Ames Department Store and Bally's Health Club. In 2003 the major tenant Ames, who occupied 100,000 square feet, filed for a chainwide corporate bankruptcy and left the shopping center without an anchor tenant. Shortly thereafter Bally's also filed for a chainwide corporate bankruptcy. In 2004, The Sanctuary at Kingdom (a Baptist Church founded in 1927 with more than 3,000 members) purchased the property as a home for their new 100,000-square-foot Church and occupied the former Ames building. The sole general partner and manager of the Fund is COZ Manager LLC, owned by affiliates of ARCTRUST and Velocity who have been jointly planning the development of Hampton Park with the cooperation of Prince George's County and the State of Maryland since 2014. In 2017, ARCTRUST and its development partner Velocity Capital purchased a separate parcel to relocate the existing church to facilitate the redevelopment of the property. Hampton Park has received numerous incentives for its redevelopment including Tax Incentive Financing, Moral Obligation Bond Financing, a special Health Enterprise Zone designation, and expedited approvals. At the outset, most of the existing one-story structures will be demolished and be replaced with multi-story apartments, retail, office, and parking buildings. One existing building will be renovated into a new multi-tenant retail building. All approvals for the subject south parcel have been received and construction will start in 2019 with completion expected in phases over a 30-month period. The residential section will feature a new four-story building of approximately 200 apartments with an amenity package including a swimming pool, clubhouse, gym and recreation areas. As part of its long-term commitment to Hampton Park, Prince George's County will own a portion of the land in Hampton Park where it will construct and own a new 115,000-square-foot office building to house the headquarters for the Prince George's County Health and Human Services Division. Upon the relocation of the existing church into their new location, the existing building will be completely renovated into an approximately 56,000-square-foot building leased to Market Fresh Gourmet grocer and other retail tenants, most of which are being relocated from an existing shopping center that is being demolished. In addition, the project will feature a green common area of approximately half an acre in the center of the project to include a pavilion with a restaurant, garden, and outdoor entertainment venue. The entire Hampton Park cost of approximately $140 million is expected to be funded in part by Prince George's County through the issuance of $7.3 million in net proceeds from Tax Incentive Financing and $11 million in Moral Obligation Bonds, a portion of which will be directly applied to the fund's project parts. It is important to note that the TIF is a bond issue supported by the increase in real estate taxes generated at Hampton Park, and the MOB issue is a general debt obligation of the county. The fund will also use private lending sources.