Erie Flagship phase 2 is a ground-up development of a roughly 80,000 square foot mixed-use building consisting of 30 residential units and one 25,000 square foot commercial space and a 307-space parking garage. The Project is the second part of a multiphase-phase plan to redevelop a section of downtown Erie. Block #1 (Erie Flagship), on North Park Row, which Arctaris invested ~$12.3 million in, consists of a food hall, grocery store in a former food desert, and 28 residential units is currently open and operational.
Arctaris Impact’s investment will continue to build on the success of Block #1 to revitalize Erie’s downtown corridor by enabling Erie residents to live, work, and play downtown. As a result of the Erie downtown redevelopment, real estate taxes will increase by about $777k4 following the conclusion of the 10-year tax abatement.