Arctaris Impact Investors has made an opportunity zone investment in a $600 million multi-phased development project spanning the Ward 7 and 8 neighborhoods of Washington, D.C. The project is expected to attract additional capital to the region for inclusive development.
The investment was catalyzed by D.C. Mayor Muriel Bowser’s mandate for city agencies to use the leasing power of the D.C. government to spur economic development in historically underserved communities. The construction of the new headquarters for D.C.’s Department of General Services (DGS) will involve the relocation of the 700-person agency to the Benning Road neighborhood, bringing new jobs and economic vitality to the area. DGS was the first city agency to sign a contract for office space east of the Anacostia River under this initiative, and the District anticipates that that will encourage other government agencies to follow suit.
Additional investors include minority-owned developer Asland C