Redevelopment Areas & Opportunity Zones
Pinellas Community Redevelopment Areas (CRAs)
Community redevelopment is an economic development strategy that many local governments are currently using successfully to eliminate and prevent conditions of blight in their communities. Investing in neighborhood redevelopment is a high priority in each of Pinellas County’s 15 CRAs. From Tarpon Springs to St. Petersburg, redevelopment activity is helping to make Pinellas’ neighborhoods more attractive, safe, convenient, environmentally healthy, and economically strong.
Review the map of CRAs in Pinellas.
Learn more about each CRA in Pinellas County:
Pinellas Opportunity Zones
The Opportunity Zone Program was created as part of the 2017 Federal Tax Cuts and Jobs Act. Opportunity Zones are economically distressed census tracts designated by the U.S. Treasury Department. By investing in an Opportunity Zone, through a qualifying Opportunity Fund, investors can defer and/or reduce their federal capital gains tax liability. These tax benefits increase the longer investments are held. There is no cap on the amount of capital that can be invested and the Opportunity Zone incentives can be applied to a wide range of investments in real estate and operating companies. Pinellas County has 16 Opportunity Zone Tracts.
Learn more about the Opportunity Zones Program and review Opportunity Zone maps from the Florida Department of Economic Opportunity.
Additional information is available through the following Federal links:
Pinellas County Brownfield Program
The Florida Brownfields Program (FBP) is used as a mechanism to voluntarily clean and redevelop brownfields sites and areas which by definition are abandoned, idled, or underused industrial and commercial properties where expansion, reuse, or redevelopment may be complicated by real or perceived environmental issues. (376.79(3), FS)
The Brownfield Program is a cornerstone in Pinellas County’s redevelopment and community revitalization efforts to facilitate infill construction and redevelopment of older properties. Cleaning up and reinvesting in Brownfield properties facilitates job growth, utilizes existing infrastructure, increases local tax bases, removes development pressures on undeveloped open land, and improves and protects the environment.
Connect with us.
For more information about Opportunity Zones and Redevelopment Areas in Pinellas County, contact
Teresa Brydon, Business Redevelopment Manager.