Bitterblue Investments’ Closing of Real Estate and Opportunity Zone Funds

Jackson Walker counseled Bitterblue Investments on the formation and initial closing of its Bitterblue 2020 Fund I and Longhorn Quarry Opportunity Zone Fund, both of which have already commenced their investment programs and are actively deploying capital.

Bitterblue Investments (BBI) was formed to finance the significant pipeline of development opportunities for Bitterblue, Inc., a San Antonio-based land development company that specializes in mixed-use development for commercial properties. For more than 70 years, Bitterblue has helped shape San Antonio’s landscape through several mixed-use projects, including the Alamo Quarry Market, Longhorn Quarry, Rogers Ranch, Shavano Business Park, Shavano Park, Oakwell Farms, and Inwood.

The Bitterblue 2020 Fund I (BBI Fund I) is a real estate fund designed to acquire and develop real estate in the San Antonio area.

With the help of a new type of investment vehicle created by the Tax Cuts and Jobs Act of 2017, investors are able to reap significant tax benefits for reallocating, or “rolling over,” capital gains into long-term investments near geographic areas that have been designated as low-income communities. Following the initial closing, the Longhorn Quarry Opportunity Zone Fund (Longhorn OZ Fund) began deploying capital to continue the development of the Longhorn Quarry commercial property.

Situated near the intersection of I-35 and NE Loop 410, Longhorn Quarry contains one of the few remaining large stretches of undeveloped land within Loop 1604 on the growing Northeast side of San Antonio.

The Jackson Walker team was led by partners Bradley S. Knippa (Picture) and David A. Snyder and includes tax senior counsel Argyrios C. Saccopoulos and corporate associates Wilson B. Albright and Jonathan A. Bryant.

Involved fees earner: Wilson Albright – Jackson Walker L.L.P.; Jonathan Bryant – Jackson Walker L.L.P.; Bradley Knippa – Jackson Walker L.L.P.; Argyrios Saccopoulos – Jackson Walker L.L.P.; David Snyder – Jackson Walker L.L.P.;

Law Firms: Jackson Walker L.L.P.;

Clients: Bitterblue Investments;


Author: Ambrogio Visconti