HAWAII’S OPPORTUNITY ZONES Hilo Area
An overview of the potential opportunities for industrial, commercial, and residential investment What is an Opportunity Zone?
INTRODUCTION TO HAWAII’S OPPORTUNITY ZONES These overviews are designed to give investors a high-level overview of the potential opportunities in each of these zones in terms of industrial, commercial, and residential investment possibilities.
OPPORTUNITY ZONES Hawaii designated 25 census tracts as opportunity zones as part of the new federal community development program established by Congress in the Tax Cuts and Jobs Act of 2017 BENEFITS TO INVESTORS to encourage long-term investments in low-income urban A temporary tax deferral for capital gains reinvested in an and rural communities nationwide. Its stated purpose is to opportunity fund. The deferred gain must be recognized on the encourage entrepreneurship and expansion capital for earlier of the date on which the opportunity zone investment is economically distressed areas of the country. sold or December 31, 2026.
A step-up in basis for capital gains reinvested in an opportunity fund. The basis of the original investment is increased by 10% if the investment in the qualified opportunity zone fund is held by the taxpayer for at least 5 years, and by an additional 5% if held for at least 7 years, excluding up to 15% of the original gain from taxation.
A permanent exclusion from taxable income of capital gains from the sale or exchange of an investment in a qualified ADDITIONAL INCENTIVES opportunity zone fund, if the investment is held for at least 10 Almost all the opportunity zones in Hawaii overlay with other years. (Note: this exclusion applies to the gains accrued from an economic development initiatives such as New Market Tax investment in an opportunity fund, not the original gains). Credits, Enterprise Zones and Transit Orient Development (TOD) Zones. There are also many other non-census tract-based NEXT STEPS programs that can be applied such as Low-Income Housing Tax More information can be found at: Credits (LIHTC). Additionally, there may be synergies between https://invest.hawaii.gov/hawaii-opportunity-zones/ investors and their missions and the major property holders and including detailed GIS maps of Hawaii’s opportunity zones. businesses in an opportunity zone. As a next step, potential investors should consult and work with OPPORTUNITY FUNDS their tax attorneys, real estate agents and business advisors to The opportunity zones program provides a federal tax incentive explore investment possibilities in opportunity zones in Hawaii. for investors to re-invest their realized capital gains into opportunity funds that are dedicated to investing in opportunity zones. Opportunity funds are the private sector investment vehicles that invest in opportunity zones. The fund model will enable a broad array of investors to pool their resources in opportunity zones, increasing the scale of investments going to underserved areas. MARKET HIGHLIGHTS FOR 2018 for Island of Hawaii
RETAIL VACANCY RATE 13.38% RETAIL NET ABSORPTION (66,200) SF RETAIL AVG. ASKING BASE RENT $3.06 PSF/Mo
OFFICE VACANCY RATE 11.3% OFFICE NET ABSORPTION 53,859 SF OFFICE AVG. ASKING BASE RENT $1.43 PSF/Mo
INDUSTRIAL VACANCY RATE 1.24% INDUSTRIAL NET ABSORPTION 16,695 SF INDUSTRIAL AVG. ASKING BASE RENT $1.06 PSF/Mo
INVESTMENT SALES VOLUME $369,284,823 INVESTMENT SALES COUNTS 33
Source: Colliers International Hawaii Research & Forecast Report, Hawaii Island Market Year-End 2018
Hilo Opportunity Zones: Investment Drivers
ECONOMIC PORTS Banyan Drive Resorts Port of Hilo Kanoelehua Industrial Area Hilo International Airport Foreign Trade Zone Prince Ku-hio- Plaza CULTURAL Hilo Farmers Market Old Town Hilo Wailuku River, Boiling Pots, HEALTHCARE Rainbow Falls Hilo Medical Center Bayfront Park System Ka Waena Lapa‘au Medical Offices EDUCATION & RESEARCH Wailoa River State Park Hilo Community Surgery Center University of Hawai‘i - Hilo ‘Imiloa Astronomy Center Hawai‘i Community College Merrie Monarch Festival GOVERNMENT U.S. Pacific Basin Agricultural Government Center Research Center State Judiciary East Hawaii Opportunity Zones Pu‘u‘eo-Downtown
EAST HAWAII OPPORTUNITY ZONES The Pu‘u‘eo-Downtown Opportunity Zone (Census Tract 203) encompasses downtown Hilo and is the historic business center of East Hawaii. This zone boasts many assets of potential interest to investors including: Old Town Hilo, Kalākaua Park, Hilo Farmers Market, Hilo Medical Pu‘u‘eo- Center, Ka Waena Lapa‘au Medical Offices, Hilo Community Surgery Center and the natural attractions of the Wailuku River, Boiling Pots and Rainbow Falls. The top occupations in this opportunity zone are Management/Business/Science (37%), Service (25%) and Sales & Office Downtown (22%). Opportunity Zones The Pu‘u‘eo-Downtown OpportunityCensus Zone Tract 203 Census Tract: 203 (Pu‘u‘eo-Downtown) Resident Population: 3,908 Median Household Income: $37,813 (Census Tract 203) encompasses downtownHawaii County Zoning Median Family Income: $70,428 Population with a High School Degree or Higher: 90.2% Hilo and is the historic business center of Median Value for Owner-Occupied Housing Unit: $265,800 District H A W East Hawaii. This zone boasts many assets(river) A I I B E L of potential interest to investors including:(road) T R Census Tract: D Old Town Hilo, Kalakaua Park, Hilo LEHUA ST ARRUDA Agricultural P 203 (Pu‘u‘eo-Downtown) U LN U
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EAST HAWAII OPPORTUNITY ZONES The Villa Franca-Kaiko‘o Opportunity Zone (Census Tract 204) is part of the Hilo urban area and encompasses the administrative center of East Hawaii. This zone boasts many assets of potential interest to investors including: Government Center, State Judiciary and the natural attractions of the Bayfront Park System and Wailoa River State Park. The top occupations in this Villa Franca- opportunity zone are Management/Business/Science (32%), Service (26%) and Sales & Office Kaiko‘o (19%).
Census Tract: 204 (Villa Franca-Kaiko‘o) The Villa Franca-Kaiko‘o Opportunity Resident Population: 3,959 Median Household Income: $29,535 Median Family Income: $27,250 Zone (Census Tract 204) is part of the Hilo Population with a High School Degree or Higher: 90.8% urban area and encompasses the adminis- Median Value for Owner-Occupied Housing Unit: $244,800 trative center of East Hawaii. This zone boasts many assets of potential interest to Census Tract: investors including: Government Center, 204 (Villa Franca-Kaiko‘o) State Judiciary and the natural attractions of the Bayfront Park System and Wailoa • Resident Population: 3,959 River State Park. The top occupations in • Median Household Income: $29,535 this opportunity zone are Management/ • Median Family Income: $27,250 • Population with a High School Degree Business/Science (32%), Service (26%) and *Source: Hawaii Statewide GIS program, DBEDT Research and Economic Analysis Division. Sales & Office (19%). or Higher: 90.8% Opportunity Zones • Median Value for Owner-Occupied Census Tract 203 Housing Unit: $244,800 Hawaii County Zoning
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EAST HAWAII OPPORTUNITY ZONES The University-Houselots Opportunity Zone (Census Tract 205) is part of the Hilo urban area and encompasses one of Hawaii’s major research centers. This zone boasts many assets of potential interest to investors including: University of Hawaii at Hilo and Hawaii Community College , Imiloa Astronomy Center, the U.S. Pacific Basin Agricultural University- Research Center and natural attraction of Ho‘olulu Park and the Merrie Monarch Festival is held in this zone. The top occupations in this opportunity zone are Management/Business/Science Houselots (42%), Service (22%) and Sales & Office (21%).
Census Tract: 205 (University-Houselots) The University-Houselots Opportunity Resident Population: 5,117 Median Household Income: $23,727 Median Family Income: $27,581 Zone (Census Tract 205) is part of the Hilo Population with a High School Degree or Higher: 85.2% urban area and encompasses one of Median Value for Owner-Occupied Housing Unit: $274,500 Hawaii’s major research centers. This zone boasts many assets of potential interest to Census Tract: investors including: University of Hawaii at 205 (University-Houselots) The University-HouselotsHilo and Hawaii Opportunity Community College, Zone (Census Tract 205) is part of the Hilo urban area Imiloa Astronomy Center, the U.S. Pacific • Resident Population: 5,117 and encompasses oneBasin ofAgricultural Hawaii’s Research Center major and research• Median Household centers. Income: $23,727 This zone boasts many assets of natural attraction of Ho‘olulu Park and the • Median Family Income: $27,581 potential interest to investorsMerrie Monarch Festival including: is held in this University• Population with of a High Hawaii School Degree at Hilo and *Source: Hawaii Statewide GIS program, DBEDT Research and Economic Analysis Division. Hawaii Community Collegezone. The top occupations , Imiloa in this opportuAstronomy- or Higher: Center, 85.2% the U.S. Pacific Basin Agricultural nity zone are Management/Business/ • Median Value for Owner-Occupied Opportunity Zones Housing Unit: $274,500 Research Center andScience natural (42%), ServiceCensus attraction (22%) Tract and Sales 203 & of Ho‘olulu Park and the Merrie Monarch Festival is held Office (21%).
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*Source: Hawaii Statewide GIS program, DBEDT Research and Economic Analysis Division. East Hawaii Opportunity Zones Keaukaha- Pana‘ewa
EAST HAWAII OPPORTUNITY ZONES The Keaukaha- Pana‘ewa (Census Tract 206) is part of the Hilo urban area and in many respects the gateway to East Hawaii. This zone boasts many assets of potential interest to investors including: the Port of Hilo, Hilo International Airport, Foreign Trade Zone, New Innovation & Manufacturing Center, Prince Kūhiō Plaza, Kanoelehua Industrial Area, Keaukaha, Keaukaha- Pana‘ewa and Waiākea Hawaiian Home Lands and the Banyan Drive Resorts. The top occupations in this opportunity zone are Management/Business/Science (29%), Service (23%) and Sales & Pana‘ewa Office (26%).
Census Tract: 206 (Keaukaha- Pana‘ewa) The Keaukaha- Pana‘ewa (Census Tract Resident Population: 6,282 Median Household Income: $53,068 206) is part of the Hilo urban area and in Median Family Income: $64,125 Population with a High School Degree or Higher: 92.6% many respects the gateway to East Hawaii. Median Value for Owner-Occupied Housing Unit: $218,400 This zone boasts many assets of potential interest to investors including: the Port of Census Tract: Hilo, Hilo International Airport, Foreign 206 (Keaukaha- Pana‘ewa) Trade Zone, New Innovation & Manufactur- ing Center, Prince Kuhio Plaza, Kanoelehua • Resident Population: 6,282 Industrial Area, Keaukaha, Pana‘ewa and • Median Household Income: $53,068 Waiakea Hawaiian Home Lands and the • Median Family Income: $64,125 Banyan Drive Resorts. The top occupations • Population with a High School Degree or Higher: 92.6% *Source: Hawaii Statewide GIS program, DBEDT Research and Economic Analysis Division. in this opportunity zone are Management/Opportunity Zones Business/Science (29%), Service (23%) and • Median Value for Owner-Occupied Census Tract 203 Housing Unit: $218,400 Sales & Office (26%). Hawaii County Zoning *Source: Hawaii Statewide GIS program, DBEDT Research Analysis and Economic Division. District H A W A (river) I I B E L T
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