When opportunity zones were introduced, my friend began a large real estate project in an OZ that was already beginning to see gentrification. Once plans were in place, they sold off some highly appreciated assets and rolled the gain into the new buildling. Those gains will be now be deferred for 7 years and will get a 15% reduction.
They are utilizing cost segregation on deprecation on the new building that will create pretty significant deductions while the operating the commercial estate building. After 10 years they will sell off the building for likely a very sizeable gain all tax free.