Northeast Kentucky OZ Fund, LLLP has closed on its acquisition of 385-acres of developable property in South Shore which will become the home of the South Shore Industrial Park.
The property is located within a federally designated opportunity zone and is being developed by Northeast Kentucky Development (NEKYD) for industrial use.
“The South Shore Industrial Park is the best tract of developable land on the Ohio River from Cincinnati, Ohio, to Huntington, West Virginia, and we are looking forward to bringing this project to life,” said Sam Howard, Managing Member of NEKYD.
NEKYD is preparing a master plan for the development of the property and will seek to attract both regional and national businesses to this prime location, Howard added.
About South Shore Industrial Park
The South Shore Industrial Park is 385-acres of prime industrial real estate, ideal for businesses in the manufacturing, distribution and logistics, sectors. With 138 kilovolt American Electric Power dedicated electric service on site, major manufacturers would also benefit from securing a spot within the industrial park, Howard stated.
South Shore Industrial Park has railway access, making it easy for businesses to move raw materials and finished products throughout Kentucky and the rest of the United States, Howard said.
Businesses located in the industrial park will also benefit from direct access to an Ohio River Port that has already been permitted through the army corps of engineers, he said.
Combined with its immediate highway access and nearby Northern Kentucky International Airport, the South Shore Industrial Park is perfectly situated for transportation and logistics, Howard states.
The location is truly ideal and within 100-miles of Cincinnati and Columbus Ohio, along with Charleston, West Virginia, and Lexington. The industrial park is within 150-miles of Louisville.
Businesses locating in the park will also benefit from close proximity to the Braidy Industries aluminum rolling mill that is being built at the East Park Industrial Park near Ashland.
The company is investing $1.6 billion in the region, helping to make the area even more attractive for those in the automotive, aerospace and other sectors, to locate in Northeast Kentucky.
About Opportunity Zones
The US Government has designated specific census tracts as opportunity zones in to encourage investment into these areas. “Opportunity Zone legislation makes it more attractive for investors to invest in rural areas that otherwise don’t see significant investment activity. In rural Kentucky, there has been a lack of private capital investment and NEKYD intends to change that,” said Howard.
The Tax Cut and Jobs Act, along with the Investing in Opportunity Act, established a mechanism for investors with capital gains tax liabilities to defer or even eliminate their capital gains tax by investing their gains in projects based within these designated zones, Howard said.
Those interested in learning more about opportunity zone legislation may visit http://www.thinkkentucky.com/OZ/, www.irs.gov or www.nekyd.com.
According to its website, Northeast Kentucky Development (NEKYD) is dedicated to promoting and developing opportunity zone properties throughout Kentucky.
With a mission to drive investment in the region, they are acquiring and developing properties, in addition to providing information about opportunity zone legislation.
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