118 OPPORTUNITY ZONE MAGAZINE | ISSUE 2 • VOLUME 2
SANDSTONE PARTNERS WINS AMERICA ’ S MOST IMPACTFUL PROJECT IN DENVER in the market due to the undersupply of hotel rooms in the area , and provide excellent locally sourced food and drinks at an accessible price point to our customers . We also aim to generate excellent risk adjusted returns for our shareholders and partners .
WHAT DID IT MEAN FOR YOU TO WIN THIS OZ COMPETITION ?
Despite being smaller than the other participants in terms of project and team size , we still came out on top . We are even more confident in the success of this project after seeing how well it was received at the Opportunity Zone Expo in Denver . Participating in America ’ s Top Project competition gave us exposure to industry professionals that we otherwise would have never met .
WHAT ADVICE WOULD YOU LIKE TO GIVE OTHER COMPANIES COMPETING IN UPCOMING COMPETITIONS ?
Know your audience , be persistent , and believe in yourself and your project .
HOW WOULD YOU DESCRIBE YOUR COMPANY ?
Sandstone Partners is based in Hudson , NY , only three blocks from the project site . The company was founded in 2018 . Sandstone Partners brings design excellence , financial expertise , and creativity to real estate projects in the Mid- Atlantic and New England . We target underperforming mixeduse , hospitality , and multifamily properties executing business plans ranging from value add to ground-up development . Our conservative underwriting , strong attention to detail , and user focused philosophy results in exceptional returns for investors . The firm ’ s innovative design not only allows us to deliver strong profits for investors but also enhances the community in which our projects are located . We pride ourselves on a culture that values integrity and collaboration in everything we do . Drawing on our deep understanding of real estate , cultural trends , and demographics , we seek unique development opportunities often overlooked by others that truly change a neighborhood .
WHAT ARE YOUR TOP BUSINESS GOALS FOR THIS YEAR ?
To round out the capital raise for this project and commence construction for The McKinstry .
WHAT ARE YOUR PLANS FOR THE FUTURE ?
We see this as the first of several similar projects that we do in this region . We are already identifying a few potential future site acquisitions throughout the Catskills , Hudson River Valley , and the Berkshires . We intend to develop several independent boutique hotels and mixed-use projects in the region .
WHAT DO YOU THINK WE CAN EXPECT FROM THE BIDEN ADMINISTRATION WHEN IT COMES TO OZS ?
We think the Biden administration will continue to push their proposal for a significant increase in the capital gains tax rate and close or reduce the 1031 exchange loophole , which means that projects located within the federal Opportunity Zones will become much more attractive .
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