Arctaris Impact Investors, a leading impact investment firm, is pleased to announce its recent investment in Grand Concourse, a minority-owned, mixed-use development located in the Bronx, New York. This project required nearly $30 million from multiple Community Development Entities (CDEs), including $8 million in New Market Tax Credits (NMTC) from Arctaris Impact CDE. This Grand Concourse project plays a key role in revitalizing a distressed part of the Bronx and creating a grocery store in an urban food desert.
The project encompasses the renovation of a historic building, creating a 50,363-square-foot commercial space with a Fine Fare brand grocery store as the anchor tenant. Negotiations are underway for one to two additional tenants serving low-income communities throughout the Bronx, potentially a medical service provider or a charter school.
This investment is expected to create 100-150 permanent jobs in the Bronx, significantly impacting employment opportunities for the local community. The Grand Concourse project will generate approximately 70 jobs for the grocery store alone, with additional job opportunities available with the remaining tenants.
The supermarket operator is committed to fostering an inclusive and diverse workforce. The majority of the positions offered at the supermarket do not require advanced degrees or high school diplomas, making them accessible to a wide range of applicants. The supermarket operator has a history of hiring employees from the same communities in which the supermarket operates, promoting economic growth within the local area.
Furthermore, the supermarket operator will provide on-the-job training to ensure equal opportunities for career advancement for all applicants. The operator actively recruits employees through various channels, such as job fairs, open houses, and an employee referral program designed to encourage existing employees to refer potential new hires.
Uche Osuji, Managing Director of Arctaris Impact Investors commented, “The Grand Concourse remains an integral artery in the Bronx community. Arctaris is excited to help finance the establishment of a grocery store in this food desert that also provides significant economic and social benefits.”
About Arctaris Impact Investors, LLC
Arctaris Impact Investors, LLC is a Boston-based impact investment firm with experience spanning more than 14 years over 7 funds. The firm manages funds which 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 Professor Michael Porter’s Initiative for a Competitive Inner City, and multiple other foundation, federal and state government agencies to invest in Opportunity Zones, inner cities and targeted rural communities throughout the U.S., with the aim of delivering above-market investment returns alongside positive social impact. For more information visit https://arctaris.com or for press inquiries contact Lily@arctaris.com.
Legal Disclaimer Certain information contained in this press release constitutes forward-looking statements. These statements reflect prevailing conditions and our best business judgment as of the date of issuance. As a result, actual results may vary from the projections and it should not be relied upon as investment advice.
View source version on businesswire.com: https://www.businesswire.com/news/home/20240118737445/en/
