On April 11, 2025, the Opportunity Zone Summit at Miami’s Frost Museum of Science buzzed with anticipation as Sheri Thompson, Executive Vice President at Walker & Dunlop, took the stage to moderate the “Unlocking Capital” panel. She welcomed a trio of experts—Neil Fairman of Plaza Equity Group, Keith Melton of Walker & Dunlop (standing in for Alex Jugant of Bridge Investment Group, whose flight was delayed), and Michael Van Der Poel of Acre—to share their strategies for revitalizing communities through Opportunity Zones. Their discussion unfolded like a journey, revealing how unlocking capital can tackle housing supply challenges, harness the step-up basis, and pave the way for Opportunity Zone 2.0, offering a roadmap for equitable urban growth.
Thompson set the stage with a striking overview of the program’s impact, highlighting the stark contrast in capital attraction and framing the panel’s mission.
Sheri Thompson
“By 2022, Qualified Opportunity Zone funds held $89 billion, with 77% for residential use, driving housing growth. But by 2024, only $40 to $120 billion was raised for OZ zones, compared to $12 trillion for commercial real estate. We’ll explore ideas for Opportunity Zone 2.0 and unlocking capital.”
Michael Van Der Poel stepped into the spotlight, sharing his journey with Acre, a firm that has invested in 40,000 apartments nationwide. He spotlighted the Little River project, a 200-unit development, as part of their 1,000–1,500 OZ units, and painted a grim picture of the national housing crisis, proposing a bold change to OZ investment rules.
Michael Van Der Poel
“Our Little River project adds 200 units to a thriving area, part of 1,000 to 1,500 OZ units we’ve developed. We face housing supply challenges of 2.9 to 4 million homes, projected at 7 million by 2027, worsened by geopolitics and tariffs. We focus on shovel-ready projects, but changing OZ rules to invest in existing stock would support affordable housing.”
Keith Melton followed, his story centered on Indy Tower, a 250-unit high-rise a few blocks from the venue in the Miami Arts District. He celebrated its role in housing essential workers, detailing how the step-up basis fueled investment and why its reset could unlock more capital for future projects.
Keith Melton
“Indy Tower’s 250 units, a couple of blocks from here in the Miami Arts District, are 100% below 140% of AMI, housing workers like nurses and teachers. The step-up basis—15% for two years, then 10%—drove investment, and resetting it in 2.0, alongside after-tax dollar benefits, would boost capital.”
Neil Fairman then transported the audience to Little Haiti, where the Magic City Innovation District was taking shape with a 349-unit tower. He shared the challenges of unlocking capital due to prior property ownership, noting Miami’s broader capital constraints, and proposed a change for OZ 2.0 to include existing owners, ensuring community benefits through initiatives like the Little Haiti Revitalization Trust.
Neil Fairman
“Our 349-unit tower in Little Haiti couldn’t use OZ funding due to prior ownership since 2014. For 2027, only 3,400 units are slated in Miami, constrained by 4% to 4.5% treasuries and tariffs. We created the Little Haiti Revitalization Trust with $40 million to support residents. OZ 2.0 should value properties at 2018 levels.”
The panel’s stories converged on a shared vision: by addressing housing supply challenges, leveraging the step-up basis, and enhancing Opportunity Zone 2.0, unlocking capital can drive sustainable growth, offering a blueprint for cities like Miami to thrive.
