Opportunity Zones + Creative Economy

One of the biggest buzzwords of the year has been Opportunity Zones, a new tax incentive that encourages private investment in census tracts deemed underserved. This is a federal program that affects areas and neighborhoods in all 50 states, many of which have been developing guidelines for best practices like the City of Philadelphia has here: Philly Delivers/ Opportunity Zones

So how are creative industries responding to this new interest in new areas for development?

Some are pointing to coworking spaces, the sweetheart of the new start-up age. These spaces are attractive for all parties; landlords benefit from the coworking groups that sign large master leases, small companies grow because they can operate on relatively minimal overhead costs and the coworking organizations gain traction through cultivating coworking communities through programming and amenities.

Digital Media Content panel @ Kismet Cowork in the Spring Arts Opportunity Zone

The Philadelphia Business Journal recently published a story featuring coworking group Launch Pad, a start-up themselves focusing on secondary and tertiary markets and working to attract the next generation of business leaders. This type of longterm public-private partnership with businesses that double as incubators can act as economic development drivers in smaller markets looking to attract talent.