And though St. Louis Mayor Lyda Krewson recently ended the exploration of privatizing St. Louis Lambert International Airport, experts say private investors could have potentially used Opportunity Zones to raise money for capital improvements and other work at the airport.

While Opportunity Zones have been established across the country, St. Louis is on the the radar of institutional investors chasing higher yields than they can get on the coasts, said CliftonLarsonAllen’s Pope. There are more opportunities here because St. Louis is not as far along in the redevelopment cycle as similar-sized cities like Nashville, he said, and investors are looking for places to park their capital. He expects more sizable investments for local projects this year.

“St. Louis is getting brought up pretty regularly as a potential investment spot for people — these Midwest cities that are starting to urbanize,” Pope said.

Pratt at Green Street agrees. While Green Street has used Opportunity Zones to reinvest some of their own gains, he has been pleasantly surprised with the interest from outside investors in the area’s real estate projects.

“Some of it is the resurgence of the St. Louis region, particularly the city,” Pratt said.