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Archive for March, 2020

How Arctaris Avoids Gentrifying Opportunity Zones

While the Opportunity Zones initiative is bringing much-needed economic development to distressed neighborhoods throughout the country, concerns about whether these neighborhoods will succumb to gentrification and displacement have been raised by community leaders and residents. To help shed light on the matter, we asked Jonathan Tower, Managing Partner of Arctaris Impact Fund, to weigh in on gentrification in Opportunity Zones.

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The Ambitious Plan to Create a Ski Utopia in Maine

But what if somebody tried to create a ski utopia? And what if they waged their campaign in the hardscrabble hinterlands of western Maine? Arctaris Impact Fund, a Boston investment firm that specializes in shoring up struggling local economies, is doing just that. On January 31, Arctaris spent $6.5 million to purchase a beloved but troubled backwoods ski mountain—Saddleback Maine, which has been shuttered for the past five seasons. Arctaris plans to radically renovate the base lodge this summer. It’ll open the lifts in December and will eventually spend $38 million in hopes of turning Saddleback into a funky and humane nirvana, replete with affordable housing, fair compensation, day care, and bus transport for its workers—and also, yes, crazy-steep trails and a laid-back lodge where the PBR will flow at an amiable people’s price.

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