Case Study
OZ-Invested Industrial Development
Tuskegee, AL
Overview
Macon County is a rural county in Alabama’s Black Belt region, where population has been steadily declining for decades. Home to the historic Tuskegee University and site of the training of the Tuskegee Airmen in 1940, Macon County is a majority-minority county where 80% of residents identify as African American. Unlike their neighboring county (Lee County), they have struggled to diversify their economy and attract industry. For these reasons, Joe Turnham, Director of the Macon County Economic Development Authority (MCEDA) describes the Regional East Alabama Logistics (REAL) Park as a game-changing project for Macon County.
In 2020, OPAL began working with MCEDA and the FarPoint development team to help strategize the capital stack for the project including Opportunity Zone investment. At that time, OPAL was in the process of forming a wholly-owned for profit benefit corporation subsidiary called OPAL Investments, BC that would raise the OPAL Fund, an $18.5M impact-oriented qualified opportunity fund that ultimately invested in the project. In 2022, the OPAL Fund closed as the project’s lead equity investor bringing OZ investment to the project.
REAL Park is a unique example of how OZ investment paired with local, state, and federal investment is delivering a transformative job creation project to a rural county. The project is projected to bring hundreds of jobs and millions of dollars of private investment to Macon County over the next decade.
Joe Turnham | Director MCEDA“OPAL is an economic development asset for our AL communities. They bring a tool chest of ideas, resources, and expertise to almost any project. In Macon County, they were an essential investor & adviser that helped to launch the Regional East Alabama Logistics Park (REAL Park) into existence. This catalyst of investment and partnership offered from OPAL will now pay dividends for decades to come for our citizens. Their team has grown in size and scope over the years. They have a fun, sharp and dedicated group of professionals that can solve problems quickly and find ways to pull the toughest economic development projects off. Hat’s off to OPAL, they are part of my personal team now. I couldn’t make it without them”