South Parramore Opportunity Zone

Overview

The Opportunity Zone Program is a federal program that provides tax incentives, including temporary deferrals on capital gains taxes when investors reinvest those gains in qualified Opportunity Funds. These funds are in turn invested in communities from designated census tracts (Opportunity Zones).

The city's role in the Opportunity Zone Program is to connect funding with projects, develop an investable pipeline of projects and to leverage these projects to create new opportunities for residents and encourage upward mobility.

Vision

The Parramore Comprehensive Neighborhood Plan focuses on creating a healthy, sustainable and vibrant community that prepares for the future while enhancing, preserving, and celebrating the culture and heritage of Parramore. The Plan is an integral component of the Project DTO - Advancing Downtown Orlando initiative, and is also an important continuation and further refinement of the Pathways for Parramore initiative.

Through numerous community forums and extensive public engagement, Ten Healthy Community Design Principles were established and endorsed - providing special emphasis on promoting inclusive growth, particularly in minority and low-income neighborhoods adjacent to several of the SunRail stations.

South Parramore includes, The Church Street District, which focuses on enhancing this corridor through special events such as car shows and art festivals, in order to promote the area’s unique establishments.

Current activity

Current funding opportunities within South Parramore include:

  • HUBZone Program - the U.S. Small Business Administration limits competition for contracts to businesses in historically underutilized business zones.

  • Urban Job Tax Credit Program (UJTCP) - endorsed by the Florida Legislature to encourage the creation of jobs in urban areas of the state.

  • Minority Women Entrepreneur Business Assistance Program (MEBA) - a financial assistance program established to retain existing minority-owned businesses and to attract new businesses within the target area.

  • Community Redevelopment Agencies (CRA) - South Parramore is located within the City of Orlando’s Downtown CRA and Orange Blossom Trail CRA boundaries.

  • The Orlando Economic Enhancement District Program (OEED)- a Brownfield Designation; utilizing an economic development tool engaging redevelopment of properties by businesses and property owners.

Anchor development

South Parramore has blossomed into the city’s entertainment and sports district, being home to the Orlando City Soccer Stadium, Amway Center and the Dr. Phillips Center for Performing Arts. South Parramore also encompasses the City of Orlando Police Department Headquarters and the City View apartment building.

The Church Street District is located in the heart of downtown Orlando. It was developed around the city’s original train station, still containing the Old Orlando Railroad Depot which is known as a local historic landmark.