ATLANTA, GA - July 7, 2020 -   NitNeil Partners has structured a Qualified Opportunity Fund for its most recent self-storage project in Huntsville, Alabama.  Earlier this month, t he development partnership acquired a 2.14 acre land parcel located at 2312 Memorial Parkway and plans on constructing a four-story, 100,000 square-foot, climate controlled self-storage facility.  The development will also feature a one acre outparcel along Memorial Parkway for a future restaurant or retail use.  The site, which resides in an Opportunity Zone, is strategically located along a major thoroughfare and in close proximity to Downtown Huntsville, The Medical District, and the burgeoning West Huntsville neighborhood.      

"Huntsville continues to experience tremendous population and job growth which has created a strong demand for best-in-class products and services,"  said Neil Sapra, Managing Principal for NitNeil Partners.   "We are wrapping up similar projects in Austin and Tampa, and believe this project will add a much needed amenity to support future density to Huntsville's urban core." 

By providing tax deferments and relief to investors, the Opportunity Zone (OZ) legislation is designed to spur economic development, job creation and long-term investment in neighborhoods across the U.S.  This marks the Company's second OZ deal.  The project is expected to break ground in August with an anticipated completion date of Summer 2021.