2019 Lodging Market Feasibility Study
In late 2018, Orange County hired Core Distinction Group to conduct a lodging market feasibility study. The study focused on the Town of Gordonsville, Town of Orange, and Locust Grove (specifically the Route 3 Corridor). It was determined that the markets in the Town of Orange and Locust Grove have the highest viability.
The recommendation for the Town of Orange property segment indicated a newly developed, boutique style hotel with 35-45 guestrooms would sufficiently meet the Town’s and surrounding area’s lodging demands. Access the full Town of Orange report or proforma, which includes return on investment figures.
The recommendation for the Route 3 Corridor in Locust Grove indicated that a newly developed, upper midscale hotel with 65-75 guestrooms would sufficiently meet the lodging demands of Locust Grove. Access the full Locust Grove report or proforma, which includes return on investment figures.
If you are an interested developer, investor, or hotel chain and your looking for your next location, please contact the Office of Economic Development at 540-672-1238 today to learn more.
Opportunity Zone in Orange County
Opportunity Zones are a federal economic development and community development tax benefit established as part of the 2017 Tax Cuts and Jobs Act available to investors with capital gains designed to encourage long-term private investment in low-income urban, suburban and rural census tracts.
Opportunity Zones are designed to spur economic development by providing tax benefits to investors:
- Investors can defer tax on any prior gains invested in a Qualified Opportunity Fund (QOF) until the earlier of the date on which the investment in a QOF is sold or exchanged, or December 31, 2026.
- If the QOF investment is held for longer than 5 years, there is a 10% exclusion of the deferred gain.
- If held for more than 7 years, the 10% becomes 15%.
- If the investor holds the investment in the Opportunity Fund for at least ten years, the investor is eligible for an increase in basis of the QOF investment equal to its fair market value on the date that the QOF investment is sold or exchanged.
For more specific information, visit the IRS website.
The below map identifies the Opportunity Zone in Orange County. For more information or questions regarding our Opportunity Zone, please contact the Office of Economic Development at 540-672-1238.