The "opportunity zone" incentive doesn't require investors to disclose whether they will take the federal tax break available under the federal program.
That makes it tough to know exactly which projects were spurred by the program launched in 2017.
The Arizona Republic took a closer look at opportunity zones. The location of some of the Phoenix area's opportunity zones may surprise you.
Here are five notable projects in Arizona in which the developers tout opportunity zone benefits.
A $36 million convention center hotel in downtown Tucson is being developed by Scottsdale-based opportunity fund Caliber.
The 170-room DoubleTree by Hilton hotel is going up next to the city's convention center. A 300-space parking garage for the hotel is being funded by the area's Rio Nuevo Improvement District. Tucson donated the land.
City officials and neighborhood advocates call it a much-needed project.
A proposed $250 million Phoenix Rising stadium that will seat approximately 21,000 fans is planned to replace the soccer team's temporary venue, near where loops 101 and 202 connect at the Tempe/Scottsdale city limits.
The development, which could grow to 30 acres and include restaurants, a hotel and apartments, is going up in the Salt River Pima–Maricopa Indian Community's large opportunity zone.
One of the team's owners said it was partnering with Goldman Sachs to create a zone fund to finance it.
On Main Street in Mesa, Caliber is investing nearly $60 million to redevelop eight historic buildings with 100,000 square feet of space that will tie to Arizona State University's expansion in the areas.
In central Phoenix, Defer Gain is partnering with Pacific Oak Capital Advisors to spend $61 million to build three apartment projects with rents below the area’s average.
Construction on the first project, the 140-unit Imperial Apartments near 20th and Roosevelt streets, recently started.
A 96-bed behavioral health center near downtown Phoenix at 14th Street and McDowell Road will offer care for patients with medical and psychiatric conditions.
Scottsdale-based Caliber bought the facility earlier this year and plans to spend $9.5 million renovating it. The center is expected to bring 80 jobs to the area, according to Caliber.