At least one observer thinks theOpportunity Zone program missed the mark in one area.

"Opportunity Zones were notdesigned to be a real estate play," says Steve Sharkey, a partnerbased in Baltimore for DLA Piper. "The guys who put this stufftogether actually were thinking about operating businesses. And itreally has not grabbed hold in that area. It has kind ofunderperformed relative to being fuel for investment into startupbusinesses as opposed to real estate projects."

Sharkey isn't alone in thatassessment. James C. Seiffert and Jameson M. Seiffert of Stites& Harbison wrote that the Opportunity Zone program "has yet totake a major step in connecting private capital with operatingbusinesses in these distressed communities." So far, OpportunityZone Funds have invested in real estate, but they have largelyavoided operating businesses and venture-stagedcompanies.