Montreal, QC, Q3/2021 – Local Logic, is digitizing the built world to make it universally understandable and actionable for consumers, investors, developers, and governments with the ambition of helping build cities that are more sustainable and equitable for the people that live in them.
To achieve that dream, we’ve built a digital twin of cities, quantifying the built world using data and AI to interpret over 30BN data points that impact the $217T real estate market throughout the US and Canada.
We understand the acute pain of developers and investors trying to find and interpret zoning data. Today, we are proud to launch local zoning and US Opportunity Zones in our real estate analytics platform to alleviate that confusion and make access to this information more efficient and actionable.
Quickly knowing how a site is currently zoned and determining its maximum buildable area and potential allowable uses is a critical need in early site assessments and acquisition due diligence. Zoning is determined by individual municipalities and codes differ market to market. Whether working in one city, expanding into the suburbs (and therefore other jurisdictions with different codes) or working in different parts of the country, understanding local zoning requirements can be difficult, convoluted and tedious.
Some developers and investors wish to avoid the lengthy, expensive and sometimes contentious process of seeking zoning variances and are looking for sites that are already approved to accommodate their project type. For others, understanding those code limitations helps inform what can be built and therefore the potential return on investment for that site.
Why this is a game-changer
This launch solves these concerns by making this critical zoning data easily available for more markets within our real estate platform. When a pin is dropped or a specific address is searched, site specific zoning appears on the right side of the Local Analytics platform and the map updates to show the outline of the zone around the site. The zoning information is available in over 1,000 cities, including New York, Chicago, Atlanta, Austin, Dallas, Miami, Tampa, Orlando, Washington, DC, Las Vegas, Denver, San Diego, Seattle, and Toronto. Stay tuned as we add more geographies and depth of coverage.
The municipal zoning data in our platform is powered by our partner, Zoneomics, a real estate intelligence platform that extracts and standardizes the latest zoning data from thousands of sources around the clock and then delivers insights in multiple popular formats including a map-enabled web platform, quick zoning reports, zoning data APIs and bulk data.
The launch of our US Opportunity Zones feature includes coverage throughout the continental United States. Opportunity Zones (“OZs”) were created through federal legislation in 2017 to spur investment in low income areas. The designation encourages new development and long term investment within the OZ, by allowing developers and investors to defer and significantly reduce capital gains taxes owed on any appreciation on the value of the property, depending on the investment hold period. The US Treasury Department noted that over 8,760 census tracts have been designated as OZs. These communities are the home of over 35 million Americans.
In the analytics platform, these geographic boundaries are instantly outlined on our customizable heat map. Some investors are looking to place capital specifically within OZs. This new feature allows them to easily and reliably search whether a specific address is designated and to understand the locations of these zones within the context of other investment criteria for a market, including access to transit, retail and schools.
To check out our OZs and local zoning data, start your free trial of Local Analytics today by clicking below.