The Eddy at Grand Junction is a multi-family/campsite project with 96 units of residential workforce housing and a 73-site RV Campsite. The development aims to address the significant rental unit shortfall in the City of Grand Junction and surrounding areas.
This project addressed racial wealth gap by facilitating minority business ownership: Arctaris provided capital to a minority entrepreneur to finance this transaction. The company targets training and hiring a more diverse workforce as it grows.
Specialized Construction Incorporated (SCI) is a 60-year-old asphalt paving, repair, and maintenance provider in Cuyahoga County. SCI is one of the only contractors in the region that performs a specialized type of asphalt paving, single-press paving, which significantly reduces energy consumption and expedites construction time. With deep expertise and extensive experience in specialized paving, SCI has retained long-term customer relationships with municipal and commercial customers in Northeast Ohio for decades.
Arctaris’ investment in SCI retains 40+ living wage construction jobs with the average wage of the labor jobs substantially above industry average. The new owner aspires to create 15 new living wage jobs in the next 5 years.
S&K is a minority-owned home healthcare company formed in 1996 that provides personal care services for the elderly and disabled, with operations in Maryland, New Jersey, Pennsylvania, Virginia and Washington, D.C. The Arctaris investment will allow S&K to expand its footprint in Pittsburgh’s Alleghany County and Altoona’s Blair County.
Arctaris shares S&K’s vision to uplift the most vulnerable residents in underserved communities and provide living-wage jobs. The company consistently recruits credentialed caregivers in urban centers to care for the elderly and physically disabled residents and offers a competitive compensation plan and opportunities for advancement to support its efforts to recruit and retain the best talent. This program has been very effective, with S&K employee retention rates at the top quartile of the industry benchmarks. Included in the investment terms with Arctaris, S&K pledges to create an additional 50 to 100 full-time positions in Pittsburgh.
Northeast Heights is a ground-up development with ~256,000 s/f of build-to-suit Class A office and retail space. Approximately 93% of the building is pre-leased for 20 years to the D.C. Department of General Services to serve as its new headquarters, with food and daily-needs retail expected to occupy the ground floor space.
This mixed-use Ward 7 revitalization project is the first of a 3-phase $600M effort in partnership with the D.C. Mayor’s office to revitalize the historically underserved Ward 7 east of the Anacostia River. The Project is expected to increase daytime foot traffic by 700+ and serve as an anchor in a neighborhood with 23.3% of families living under the poverty line and median income of approximately half of the rest of Washington, D.C. Later phases are expected to include a grocery store redevelopment, 1,300+ residential units, and community spaces. The project developer is a minority-owned business.
Opening within a mixed-use building as a key ground-floor retail tenant, Market Fresh Gourmet will serve residents of the 260+ unit building along with local community members within an area publicly considered a “food desert” by Mayor Scott. The ~8,000 s/f Express grocery store will carry fresh produce, grocery items, baked goods and hot/cold prepared foods.
The Market Fresh project is managed by a 100% African American leadership team with significant industry experience that aims to concentrate sourcing from local minority-owned suppliers. The business will support vital social needs for accessible healthy food in a severely distressed census tract. The store will create 45 living-wage jobs, primarily sourced from the local community.
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”.
Huntsville is a $147M mixed‐use development will that will consist of two multifamily rental buildings (540 units/460k sf) with a grocery store in a food desert and ground‐floor retail (56k sf). The development is considered important to an area where $6.7bn in private investment led to creation of 14k+ new jobs over the past 5 years, upwards of 25k new jobs are projected over the next 18 months, downtown Huntsville’s population grew 60% from 201017 while residential supply grew by only 3%, and only ~6% of the projected ~9000 new housing units in near-term planning / development phases are expected to reside downtown.
The project aims to tackle food security challenges in a USDA-designated food desert, prioritize hiring MWBE subcontractors, leasing agents, a property management firm, and provide a commitment to retain at least 1 MWBE retail tenant, and create 600+ construction jobs and 200+ permanent jobs in an area (tracked by US Census) with income ~21% below US average and ~17.5% of people living below the poverty line.
300 Nevins is a 654-unit ground-up mixed use/mixed income development in the Gowanus neighborhood of Brooklyn, NY. Of the total residential units, 25% or 165 units will be designated as affordable, and the building will include ~40k SF of retail space.
The Gowanus Rezoning Initiative helps to increase racial and economic integration of BIPOC New Yorkers in a historically low-diversity neighborhood through higher housing density. The rezoning efforts along with the 421a, a NY property tax break, will allow 300 Nevins (which is providing 165 units of long-term high-quality 60% of AMI affordable housing to an expensive and desirable neighborhood) and similar projects to build substantial affordable units in the area. The developer has also pledged to use diverse contractors.
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