A downtown Richland neighborhood is among 99 areas Gov. Bob Ferguson nominated for the federal Opportunity Zones 2.0 program, with a proposal summary projecting about $300 million in capital investment and roughly 480 new housing units if the designation is certified and projects move forward.

Ferguson announced the statewide nominations Oct. 8 and submitted them to the U.S. Treasury Department. The Tri-Cities Area Journal of Business reported that the proposed Downtown Richland project is the only selection in Benton or Franklin counties. Others were selected in the Yakima and Walla Walla valleys.

According to the Journal, the proposal covers the area bordered by Van Giesen Street on the south, Newcomer Street on the north, Stevens Drive on the west and George Washington Way on the east. The plan aims to create a walkable district centered on housing, economic opportunity, healthcare access and community services.

The Journal, citing the proposal summary, said the projects are estimated to generate about 700 construction jobs and 380 permanent jobs while leveraging an estimated $300 million in total capital investment. Redevelopment would add about 480 new housing units, including affordable housing opportunities, and increase access to healthcare, childcare and community services for an estimated 2,000 residents annually. Those figures are projections tied to the nomination proposal, not secured funding or approved development permits.

Independent trackers of Washington's Opportunity Zone 2.0 nominations list Benton County census tract 102.04 (GEOID 53005010204), entirely within Richland, as the county's sole nominated tract. Nominations are not yet designations. Treasury still must review and certify the state's list. If certified, the new zones are scheduled to take effect Jan. 1, 2027, and keep that status through Dec. 31, 2036.

Opportunity Zones offer federal capital-gains tax incentives to investors who put money into Qualified Opportunity Funds that invest in designated tracts. The updated program, made permanent in 2025 legislation, replaces the first round of zones designated in 2018. Washington nominated 99 tracts from 152 applications after a Commerce-led application process; 36 of the nominated areas represent rural opportunities. Original OZ 1.0 geographic designations remain active through Dec. 31, 2028, overlapping the start of the new program.

Specific redevelopment plans for the Richland tract have not been publicly detailed beyond the proposal summary cited by the Journal. Commerce has encouraged investors to prepare Qualified Opportunity Fund strategies ahead of the January 2027 start date.

Sources

• Office of Gov. Bob Ferguson: Governor Ferguson selects 99 Opportunity Zones to encourage private investment, Oct. 8, 2026
• Washington State Department of Commerce: Governor Ferguson selects 99 Opportunity Zones to encourage private investment, Oct. 8, 2026
• GovDelivery / Washington governor's office bulletin: Governor Ferguson selects 99 Opportunity Zones, Oct. 8, 2026
• Washington State Department of Commerce: Washington Opportunity Zones (OZ 2.0 program page)
• Tri-Cities Area Journal of Business: Richland neighborhood selected for federal investment program, Oct. 11, 2026
• Opportunity Zone Invest: Washington Opportunity Zones 2.0 nominated-tract list (Benton County tract 102.04)
• OpportunityZones.com: Washington State Opportunity Zones (OZ 2.0 nominated tracts including Benton 53005010204)
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