Opportunity Zone Development Fund breaks ground on first project

Opportunity Zone Development Fund, an Arizona-based limited liability company, recently completed its land acquisition and is in the process of developing the improvement plan that must be adopted to qualify the partners’ capital to receive the Opportunity Zone Tax benefits.

The first project is an A+ location on the first corner west of Interstate 17 and SR 260 in Camp Verde, Ariz. The partnership will build an IQ Car Wash to serve the 19,000 residents in the rural community.

“The IQ Car Wash provides a high-quality, friendly environment using state-of-the-art technology,” said fund manager Robert Witt. “The car wash will hire seven employees and offer two automatic car washes, four self-serve auto washes and two self-serve RV washes. It’s strategically located across SR 260 from the Verde Ranch RV Resort and sits at the gateway to the Verde Valley.”

The IQ Car Wash is the culmination of a year of research, and Witt is ecstatic to announce IQ Car Wash is bringing the innovative brand to Camp Verde. The “Smarter, Cleaner, Greener” car wash uses 3D mapping technology, high-tech equipment, premium biodegradable soaps, less water and less energy to provide a better wash than the competition.

“IQ Car Wash is doing an amazing job in small, underserved markets in the United States. They are expanding aggressively and profiting from the service they provide to customers in markets that are similar to Camp Verde around the country,” noted Witt. “The opportunity zone tax benefits really help open these small markets to investors, and the company hopes this is the first of many projects that provide community benefits and reward the partners willing to invest.”