Poppleton Phase II is a ~$70m ground-up development of a ~140k sf mixed-use building consisting of 200 senior / age-restricted residential units, and 7,800 sf of commercial space. The Project is part two of the Center/West Master Plan revitalization effort, wherein La Cite aims to develop 13.8 acres of a historically underinvested Baltimore neighborhood. Arctaris equity was used to secure the title to the land (a vacant plot), resulting in preservation of historic homes and improved relations between the community, the City and the Developer. Arctaris’ investment will also fund ~12 months of architectural and engineering work to create all project designs, drawings, and finalize a budget which will be presented for a construction contractor GMP (Guaranteed Maximum Price). The project seeks tax credit equity and federally-secured construction / permanent financing through HUD and Freddie Mac programs in Q4 2023
La Cite Developer is a minority-owned business with a strong focus on DEI through subcontracting; they lined up 50%+ spend with MWBE architectural and engineering firms during pre-development, and target 25%+ spend with minority sub-contractors in support of the GC. The development creates a stock of quality affordable housing and spurs hiring / broader economic activity in a community with ~63% of families living in poverty.4 This represents Arctaris’ 3rd investment to support community revitalization through grocery stores and affordable housing, (which in turn is intended to reduce crime) improving quality of life for an area known as the site for the TV series “The Wire”.