Capital Square engaged FTI Consulting to assess the economic and fiscal impacts of the mixed-use real estate development project, Opportunity Zone Fund VI (\u201c320 West South Street\u201d), originally addressed at 320 West South Street and now utilizing the address of 319 West Lenoir Street, which will be located in the vibrant Warehouse District of Raleigh, North Carolina. This analysis covers the potential economic benefits to the Raleigh region resulting from the construction and operational phases of the project.<\/p>\n\n
FTI calculated the economic benefits of the 320 West South Street project using information provided by Capital Square regarding its financial activities, the number of available apartments for rent and the planned square footage available for rent by commercial tenants (e.g., restaurants or retail stores) for 320 West South Street. This information and federal data on the estimated number of employees per square foot of commercial space were used as inputs into IMPLAN \u2013 an economic impact model used by academia, consulting firms and government agencies at all levels. IMPLAN works by transforming direct employment or expenditures into their \u201cindirect\u201d effect on supply chains and the \u201cinduced\u201d effect of consumer spending (e.g., the wages earned by a construction worker being later spent on groceries).<\/p>\n\n\n\n