Local input led by the Office of Economic Vitality helped make the case for a new map that adds seven areas and takes effect Jan. 1, 2027.
From the North Monroe Street corridor to the Woodville rural community, new opportunities for business growth, private investment and community redevelopment are coming to Tallahassee-Leon County. Fourteen census tracts in Leon County have been designated as Qualified Opportunity Zones under the federal Opportunity Zone 2.0 program, including seven newly designated areas and seven carried forward from the original program.
The designations follow outreach led by the Tallahassee-Leon County Office of Economic Vitality (OEV), which partnered with FloridaCommerce to host a community workshop and submitted 10 letters of support during the state’s nomination process. Of the 10 areas OEV supported, 7 were designated, including the North Monroe Street tract that includes the former Tallahassee Mall property.
The U.S. Department of the Treasury and the Internal Revenue Service announced the designations on Nov. 5, identifying 6,576 census tracts nationwide. The new designations take effect Jan. 1, 2027, and remain in place for 10 years, providing a long-term framework to encourage investment in economically distressed communities.
Opportunity Zones are a federal economic development initiative designed to encourage private investment in designated low-income communities through capital gains tax incentives. The program allows eligible investors to reinvest capital gains through Qualified Opportunity Funds and potentially receive federal tax benefits. These incentives encourage long-term investment in businesses and real estate, helping attract capital for business expansion, commercial development and neighborhood revitalization.
“When FloridaCommerce asked communities where investment could make the biggest difference, our partners showed up with data, sites and ideas,” said Keith Bowers, director of OEV. “Adding seven new Opportunity Zones is a strong result for Tallahassee-Leon County. Now the work turns to connecting private capital with projects that support business growth, encourage redevelopment and create jobs.”
Leon County’s Opportunity Zones are located along several important commercial and transportation corridors, including North Monroe Street, Tennessee Street, South Monroe Street, Orange Avenue, Crawfordville Road and Woodville Highway. These areas offer opportunities to build on existing infrastructure, commercial activity and proximity to major employment centers to attract new investment and support economic growth.
Among the seven newly designated areas is Census Tract 16.01, which includes the former Tallahassee Mall property along the North Monroe Street corridor. The designation introduces an additional opportunity to attract private capital for commercial redevelopment along this established corridor. Federal tax incentives may help make substantial redevelopment projects more financially attractive to investors while supporting efforts to revitalize surrounding commercial areas.
The new designations also include Census Tract 26.03, which overlaps portions of the Woodville Rural Community in southern Leon County. This designation creates an opportunity to advance economic development priorities identified in the Woodville Sense of Place Plan, including attracting new businesses and expanding access to neighborhood-serving retail and services. For example, Opportunity Zone incentives could help attract private investment in a grocery store, restaurant, or small commercial development within the designated area, responding to needs identified by Woodville residents. These opportunities could complement Leon County’s ongoing septic-to-sewer infrastructure investments, which are helping establish the foundation for future development and economic activity in the community.
The proximity of newly designated Opportunity Zones to Tallahassee International Airport creates additional opportunities to attract private investment that supports the airport’s continued development as a regional economic engine. With ongoing investments in international access, infrastructure, and business-ready sites, the airport is positioned to support growth in aviation-related industries, logistics, advanced manufacturing, and other commercial activities. Opportunity Zone incentives could complement these efforts by encouraging qualifying private investment in nearby designated areas, supporting business expansion, job creation, and the region’s long-term economic competitiveness.
Other designated areas benefit from proximity to major community and economic assets, including Florida State University, Florida A&M University, downtown Tallahassee, and Innovation Park . These connections provide opportunities to draw on the region’s higher education institutions, skilled workforce, transportation infrastructure, and established business activity to attract investment and create jobs.
Building on Local Economic Development Efforts
On April 9, at Lively Technical College, OEV partnered with FloridaCommerce to host a local Opportunity Zone 2.0 workshop as part of a statewide outreach initiative. The workshop drew more than 50 participants, bringing together local government officials, business leaders, developers, and community stakeholders to discuss potential investment opportunities and provide input on proposed designations. OEV thanks FloridaCommerce for including Tallahassee-Leon County in its statewide outreach.
The Opportunity Zone 2.0 program builds upon the original federal initiative established in 2017, introducing updated eligibility requirements and a permanent framework for redesignating census tracts every 10 years. The original Opportunity Zone designations remain in effect through December 31, 2028. Under current IRS guidance, however, new Opportunity Zone investments made after 2026 generally must be in the newly designated zones.
While Opportunity Zone designations offer potential federal tax incentives to qualifying investors, they do not provide direct grant funding or alter existing zoning and land-use regulations. Rather, the program offers an additional financing tool to encourage private investment in eligible businesses and redevelopment projects.
Connecting Investors with Opportunities
To help businesses, investors, developers, property owners and community stakeholders explore the designated areas, OEV has published an interactive map highlighting the locations of Leon County’s 14 Opportunity Zones.
View the Leon County Opportunity Zones Map: https://arcg.is/0ySWeG2
OEV is adding the new zones to its Opportunity Zone marketing and business development work and will help connect investors with opportunities throughout Tallahassee-Leon County. Property owners, developers, businesses, and investors interested in learning more about the Opportunity Zone program or exploring potential investment opportunities are encouraged to contact OEV at OEVforBusiness.org.
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