Arctaris Invests in Development of 13-Acre Opportunity Zone in Wards 7 and 8 of Washington, DC, alongside Asland Capital Partners and Goldman Sachs

Spurs economic development investment in underserved communities east of the Anacostia River

Arctaris Impact Investors, LLC (“Arctaris”) is pleased to announce its recent investment in the Opportunity Zone in a $ 600 million multi-phased development project covering Wards 7 and 8 of Washington, DC. The project is expected to attract additional capital to the region for inclusive development.

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The $ 600 million multi-phased Opportunity Zone development project is expected to create new jobs and economic vitality in neighborhoods 7 and 8 of Washington, DC. (Graphic: Business Wire)

The investment was catalyzed by the tenure of DC Mayor Muriel Bowser for municipal agencies to use the rental power of the DC government to spur economic development in historically underserved communities. Construction of the new DC General Service Department (“DGS”) headquarters will involve the relocation of the 700-person agency to the Benning Road area, bringing new jobs and economic vitality to the area. The DGS was the first municipal agency to sign a contract for offices east of the Anacostia River as part of the initiative, and the district expects it will encourage other government agencies to follow suit.

Other investors include minority-owned developer Asland Capital Partners and urban investment group Goldman Sachs. The first phase of the project includes the construction of a 150 million dollar office building which will serve as the head office of the DGS. Construction on the project began in May 2021 with a target completion date of December 2022. The second phase of the project is expected to begin in 2022. The full project is expected to provide 241,000 square feet of office space, 130,000 square feet of retail and restaurants. , a 70,000 square foot community grocery store and 1,355 residential units on 13.3 acres.

“This development project is an exciting step in the effort to expand development and generate additional resources in Wards 7 and 8 in Washington, DC,” said Benjamin Bornstein, CEO of Arctaris. “We are delighted to partner with a leading minority-owned development company, Asland Capital Partners, to join the largest group of investors, including Goldman Sachs, in the first phase of this project. The move of the General Service Department to Ward 7 will bring around 700 city workers to the ward every day, which will lead to a demand for food and other daily needs, which we believe will be of great benefit. for the community and will pave the way for later phases of the project. ”

“Asland is delighted to welcome Arctaris to the Asland investor family and we look forward to expanding our relationship in future transactions. Arctaris is a great addition to the unique investment group that is driving transformational change in historically underserved areas of Washington, DC, ”said James H. Simmons, III, CEO and Founding Partner of Asland Capital Partners. “We believe there are huge opportunities in DCs 7 and 8 and we are proud of the work being done here to provide greater opportunities for residents of the Benning Road neighborhood and surrounding areas.”

About Arctaris Impact Investors

Arctaris Impact Investors, LLC is a Boston-based impact investing firm with over 12 years of experience and six funds, with debt and equity investments in the Opportunity Zone. The company manages funds that invest in growth-oriented operating businesses and community infrastructure projects located in underserved communities. Founded in 2009, Arctaris has partnered with the Kresge Foundation, Harvard Business School Prof. Michael Porter Initiative for a Competitive Downtown, and several other foundations, federal and state government agencies to invest in areas of the city. ‘opportunities, downtown areas and targeted rural communities across the United States, with the goal of generating above-market returns on investment while having a positive social impact. For more information, visit or for press inquiries, contact [email protected]

About Asland Capital Partners

Asland Capital Partners, a minority-owned private real estate investment company, was founded in 2019 in New York City by James H. Simmons III. At the intersection of real estate, public policy, urban planning and technology, Asland’s mission is to acquire, reposition and operate the best multi-family, mixed-use and retail assets. retail in revitalizing submarkets across the United States that improve communities and improve the lives of their residents. Asland creates value for both financial shareholders and community actors by focusing on underinvested and / or undermanaged assets. For additional financial and descriptive information on the Company, its operations and its portfolio, please visit the Company’s website at

About Goldman Sachs Asset Management’s Urban Investment Group (UIG)

Bringing together traditional and alternative investments, Goldman Sachs Asset Management offers its clients around the world a dedicated partnership focused on long-term performance. As the primary investment area within Goldman Sachs (NYSE: GS), we provide investment and advisory services to the world’s leading institutions, financial advisors and individuals, leveraging our deeply connected global network and bespoke expert information, in all regions and markets, overseeing over $ 2 trillion in assets under surveillance worldwide as of September 30, 2021. Driven by a passion for our clients’ performance , we seek to build long-term relationships based on conviction, lasting results and shared success over time. Goldman Sachs Asset Management invests in the full range of alternatives, including private equity, development capital, private credit, real estate and infrastructure. Established in 2001, Urban Investment Group within Goldman Sachs Asset Management has committed more than $ 12 billion through real estate projects, social enterprises and loan facilities for small businesses and students, creating economic value and opportunities for underserved communities and families. Follow us on LinkedIn.

Legal disclaimer

Certain information contained in this press release constitutes forward-looking statements. These statements reflect the terms in effect and our best business judgment as of the date of issue. Therefore, actual results may differ from projections and should not be construed as investment advice.

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Sara H. Byrd