Opportunity Alabama (OPAL) Company Profile
Background
Overview
Opportunity Alabama (OPAL) is a 501(c)(3) nonprofit organization established in 2018, dedicated to fostering sustainable economic development in underserved communities across Alabama. The organization focuses on connecting investors with opportunities in Alabama's Opportunity Zones, aiming to enhance the quality of life and built environment in economically distressed areas.
Mission and Vision
OPAL's mission is to bridge capital gaps in low-income communities by facilitating investments that remediate blight, combat community deterioration, and preserve the traditions and architecture of the areas they serve. Their vision is to create a national model of sustainable economic development through community-led, place-based investments.
Industry Significance
Since its inception, OPAL has been recognized as a national thought leader in tax incentive-driven economic development, attracting millions in national philanthropy and federal funding. The organization collaborates with developers, property owners, economic development professionals, local community leaders, and investors to support projects that move communities forward, including new workforce housing, market-rate housing, mixed-use development, historic revitalization, and industrial development.
Key Strategic Focus
Core Objectives
- Facilitate investments in Alabama's Opportunity Zones to stimulate economic growth.
- Provide technical assistance and access to capital for projects that improve quality of place and enhance the built environment.
- Support the development of new workforce housing, market-rate housing, mixed-use developments, historic revitalization, and industrial projects.
Areas of Specialization
- Economic development in low-income and economically distressed communities.
- Connecting investors with opportunities in Opportunity Zones.
- Providing pre-development assistance to property owners and emerging developers.
Key Technologies Utilized
- Data-driven approaches to identify and assess investment opportunities.
- Financial modeling and analysis tools to structure and evaluate projects.
Primary Markets Targeted
- Alabama's Opportunity Zones, particularly in rural and underserved urban areas.
Financials and Funding
Funding History
- Total Funds Raised: Specific figures are not publicly disclosed.
- Recent Funding Rounds:
- December 2021: Received a grant from the Tipping Point Fund.
- September 2020: Awarded a grant from the U.S. Department of Commerce, Economic Development Administration.
Notable Investors
- Tipping Point Fund
- U.S. Department of Commerce, Economic Development Administration
Utilization of Capital
The capital raised is utilized to support various initiatives, including:
- Developing a statewide pipeline of investable low-income community businesses.
- Creating in-house investment vehicles, such as Opportunity Funds, to facilitate investments.
- Providing technical assistance and access to capital for projects in Opportunity Zones.
Pipeline Development
Key Pipeline Candidates
OPAL focuses on projects that:
- Remediate blight.
- Improve economic and societal conditions.
- Combat community deterioration.
- Preserve the traditions, architecture, and appearance of communities.
Stages of Development
- Identifying and assessing potential projects.
- Providing pre-development assistance to property owners and developers.
- Structuring and facilitating investments.
Target Conditions
- Low-income and economically distressed communities within Alabama's Opportunity Zones.
Anticipated Milestones
- Raising $10 million for 20 or more high-growth Alabama businesses.
- Creating over 100 jobs through these investments.
Technological Platform and Innovation
Proprietary Technologies
- Data-driven investment identification and assessment tools.
- Financial modeling and analysis platforms.
Significant Scientific Methods
- Comprehensive "Ala-vestor" identification and intake system.
- In-house investment vehicles, including Opportunity Funds.
Leadership Team
Key Executives
- Alex Flachsbart: Founder and CEO.
- Lindsay Edwards: Chief Investment Officer.
- Becky Carpenter: Chief Development Officer.
- Megan Warren: Chief Compliance Officer & Director of Accounting.
- Demetrius Faulk: Commercial Real Estate Associate.
- Meri Margaret Fank: Development Associate & Director of Marketing.
- Carlos Hernandez: Coordinator – Asset Management / Accounting & Compliance.
Competitor Profile
Market Insights and Dynamics
- Alabama's Opportunity Zones present significant opportunities for economic development, attracting both local and national investors.
- There is a growing emphasis on sustainable and community-led development projects.
Competitor Analysis
- Alabama Association of Independent Colleges: Focuses on supporting independent colleges in Alabama.
- Alabama Capital Access Collaborative: A member of various initiatives aimed at supporting capital access in the region.
