Why is Wildwood Becoming so Popular?
From Presidential visits to Big Screen Movie productions, from International Tourism Publications and Reality Shows to rapidly growing investment interests, Wildwood, New Jersey is offering a lot more in Cape May County.
Wildwood is an Opportunity Zone!
The Opportunity Zone program was enacted as part of the 2017 federal Tax Cuts and Jobs Act and is designed to drive long-term capital investments into low-income rural and urban communities. This federal program provides opportunities for private investors to support investments in distressed communities through participation in Qualified Opportunity Funds. Investors can defer paying federal taxes on capital gains reinvested in Qualified Opportunity Funds that invest in low-income communities, under rules released by the U.S. Department of the Treasury. Reinvested capital gains are deferred from taxation until exit from a Qualified Opportunity Fund or December 31, 2026, whichever comes first. However the original gains reinvested in Qualified Opportunity Fund investments held for the long term are taxed at reduced rates, with taxable gains discounted by 10% at the 5-year mark and by an additional 5% discount at the 7-year mark. Any new gains from Qualified Opportunity Fund investments held for at least 10 years will be permanently excluded from the capital gains tax.
The 2-mile-long Wildwoods Boardwalk is the premier attraction for Cape May County Tourists, driving 9 million visitors through the Wildwoods every year.
Downtown Wildwood is located steps from, not only the world-famous Wildwoods Boardwalk, but also the Atlantic Ocean and the largest free beaches in the USA!
Downtown Wildwood is part of the $6.3 billion Cape May County Tourism economy and is poised for growth spurred by recent investment and development.
Cape May County continues to grow and outpaces all other New Jersey counties in Food & Beverage, Retail, Recreation and Rental Income.
Cape May County has approximately 19,000 Hotel / Motel units and 15,000 camp sites! This is more than the entire state of New Jersey combined.
Seasonal population in the Wildwoods is over 200,000The Wildwoods Convention Center hosts a year-round schedule of events that drives year-round visitors to Wildwood. http://www.wildwoodsnj.com/calendar.cfm
Byrne Plaza, the newly developed 60,000 square foot outdoor event site at 3400 Pacific Avenue, has created new interest in Downtown Wildwood since opening in December, 2017. Anchored by a huge covered pavilion, Byrne Plaza can accommodate up to 5,000 people for stage based events & up to 100 vendors in 10’ x 10’ tents.
Scheduled programing continues to build and include the following:
Weekly Saturday morning Farmers Market - Seasonal
Weekly Tuesday Night Free Family Movie - Seasonal
Weekly Thursday Night Free Concert - Seasonal
Week Day Fitness Classes - Seasonal
Annual Christmas Holiday event
Multiple weekend long themed events throughout the year