Unfortunately, no. Each Opportunity Zone is specific to certain parcels designated by each state as authorized by the Jobs and Taxs Cut Act enacted by Congress.
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How flexible are the boundaries of the Opportunity Zones?
I want to build a project that is located 800 feet from an Opportunity Zone. Can I apply for an exception?
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You can try but they are pretty inflexible.
Unfortunately, the OZ census tracts are set and, absent an error in maps or a technical correction modification, relief is not available. The new regulations do provide guidance for "mixed-fund" treatment where a project overlaps an OZ census tract and non-OZ census tract.
Not flexible. They are definitely defined by law, to be adhered to.
The law is inflexible. Boundaries can be redrawn after the 2020 census has been tabulated and released.
The Opportunity Zones correspond to census tracts listed in IRS Notice 2018-48 and, thus, their boundaries are inflexible. The regulations do provide guidance for properties straddling Opportunity Zones, and even then, a substantial portion of the square footage must be located within the Opportunity Zone for the project to qualify. It's unfortunate that your entity will not be able to raise QOF funds. If it's any consolation, hopefully this is a good project irrespective of tax incentives and your property will benefit economically from being adjacent to the OZ (and you won't feel the pressure to hold on for 10 years). It does pay to be on the lookout for corrections. For instance, in June 2019, the IRS issued Notice 2019-42 to amplify the original IRS Notice and reflect the designation of two additional census tracts in Puerto Rico to the list of Opportunity Zones. However, this change resulted from an administrative error, and not because someone petitioned to have their census tract designated an OZ.
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