The Lupton Building will become office space with open floor plans, kitchens on each floor and lockers and showers in the basement. Greenleaf will invest about $5 million in the renovation — and reap the benefits of buying and renovating in an Opportunity Zone that offers capital gains tax breaks to investors.

"We won't have capital gains tax on the building when we sell it, as long as we hold it 10 years," Codrea said.
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Financial incentives are an important way to attract investors willing to take on the challenges of bringing old buildings back to life, Gray said.