Arctaris Impact Celebrates Opening of $152M Opportunity Zone Project in D.C.’s Ward 7

Investment will House the Department of General Services (DGS) and Spur Economic Development in Underserved Communities East of the Anacostia River

BOSTON–(BUSINESS WIRE)–Arctaris Impact Investors, LLC (“Arctaris”) is pleased to announce the completion of Northeast Heights, a new Qualified Opportunity Zone multi-use development located in Ward 7 of Washington, D.C. The six-story, 281K-square-foot Class A office building is expected to expand development and drive additional resources and daytime foot traffic into a neighborhood that has experienced severe underinvestment.

On June 5th, Arctaris Managing Directors Ben Bornstein and Nihar Sait joined D.C. Mayor Muriel Bowser and other distinguished guests for an official ribbon cutting outside of the beautifully designed LEED (Leadership in Energy and Environmental Design) certified building.

This investment was catalyzed by Mayor 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 new Class A office building has been pre-leased to the District’s Department of General Services (“DGS”) and will serve as the new headquarters for the nearly 700-person agency. 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 it will encourage other government agencies to follow suit.

“Arctaris is proud to be part of the coalition led by Mayor Bowser, combining forces with like-minded, community-oriented investors to help bring new vitality and economic activity into Ward 7,” said Ben Bornstein, Managing Director of Arctaris Impact. “We hope to participate in further investment in Wards 7 and 8 to benefit residents and strive toward a more equitably served city with greater opportunity for all community members.”

Arctaris Impact partnered on NE Heights with Asland Capital Partners, a minority-owned real estate investment firm led by prominent African American investor James Simmons III, the Urban Investment Group within Goldman Sachs Asset Management (Goldman Sachs) and others, with a collective goal to support economic development, reduce the racial wealth gap, and drive overall revitalization east of the Anacostia River.

“We are thrilled and proud to have played a part in the first phase of a project set to transform an entire community,” said Asland Capital Partners CEO James Simmons III. “We are thankful for the project’s many partners, including Goldman Sachs, Arctaris and Mayor Bowser, whose unwavering collaboration and support has been instrumental in transforming this vision into reality. We eagerly anticipate witnessing the positive impact the state-of-the-art Department of General Services headquarters will have on the residents of Ward 7.”

Erie Insurance (“ERIE”), a long-standing investor in the Arctaris Opportunity Zone Funds, has invested in this development as part of a $20.5 million commitment made to Arctaris to fund companies and development projects in underserved communities within ERIE’s footprint. ERIE and Arctaris have partnered together to invest in projects in Baltimore, Pittsburgh, Washington, D.C., and in the company’s hometown of Erie, Pennsylvania.

“Erie Insurance is pleased to partner with Arctaris and make an Opportunity Zone investment helping to create a world-class building that houses D.C. government offices and offers space for other businesses and amenities to support the Northeast Heights neighborhood,” said Christina Marsh, Chief Diversity and Community Development Officer at Erie Insurance. “When our team considers social impact investment opportunities, we specifically look for projects that align closely with our company’s values built on dignity and respect. Serving others and supporting people and redevelopment efforts that help create thriving communities for generations is core to who we are.”

“It’s evident that this new six-story building will serve as a beacon in the community that signals additional revitalization and job opportunities will be coming to Northeast Heights. ERIE is proud to be part of this redevelopment,” added Marsh.

In line with the rest of the Arctaris real estate portfolio, driving overall neighborhood revitalization and supporting minority owned businesses, this development has created approximately 1,500 living-wage jobs. Many of these jobs were sourced locally from diverse and underrepresented groups throughout the development phase.1 In the long term, the Northeast Heights development, including future phases, is anticipated to create approximately 690 permanent jobs across retail, restaurant, anchor tenant, pharmacy and office operations.2 These jobs are expected to be highly accessible to local community residents and will increase commercial activity in the community and support local retail businesses.

About Arctaris Impact Investors

Arctaris Impact Investors, LLC is a Boston-based impact investment firm with experience spanning more than 13 years over seven 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 or for press inquiries contact

About Erie Insurance

According to A.M. Best Company, Erie Insurance Group, based in Erie, Pennsylvania, is the 11th largest homeowners insurer, 13th largest automobile insurer, and 13th largest commercial lines insurer in the United States based on direct premiums written. Founded in 1925, Erie Insurance is a Fortune 500 company and the 19th largest property/casualty insurer in the United States based on total lines net premium written. Rated A+ (Superior) by A.M. Best, ERIE has more than 6 million policies in force and operates in 12 states and the District of Columbia. News releases and more information are available on ERIE’s website at

About Asland Capital Partners

Asland Capital Partners invests in residential and commercial assets in emerging submarkets within major U.S. growth cities, including New York, San Francisco, Chicago and Washington, DC. Specializing in multifamily, mixed-use and retail assets, the firm is focused on the revitalization of communities through the rehabilitation and repositioning of undervalued and underinvested assets. Asland’s principals have invested over $1 billion of equity into workforce and affordable multifamily housing developments over the past decade, repositioning approximately 180 assets consisting of 11,200 multifamily units, 2 million square feet of mixed-use space and 170,500 square feet of retail space. For additional financial and descriptive information on the Company, its operations and its portfolio, please refer to the Company’s website at

About the Goldman Sachs Asset Management Urban Investment Group (UIG)

Bringing together traditional and alternative investments, Goldman Sachs Asset Management provides clients around the world with a dedicated partnership and focus on long-term performance. As the primary investing area within Goldman Sachs (NYSE: GS), we deliver investment and advisory services for the world’s leading institutions, financial advisors and individuals, drawing from our deeply connected global network and tailored expert insights, across every region and market—overseeing more than $2.6 trillion in assets under supervision worldwide as of March 31, 2023. Driven by a passion for our clients’ performance, we seek to build long-term relationships based on conviction, sustainable outcomes, and shared success over time. Goldman Sachs Asset Management invests in the full spectrum of alternatives, including private equity, growth equity, private credit, real estate and infrastructure. Established in 2001, the Urban Investment Group within Goldman Sachs Asset Management has committed over $10 billion through real estate projects, social enterprises and lending facilities for small businesses and students, creating economic value and opportunities for underserved communities and families. Follow us on LinkedIn.

1 Per Asland Capital Partners and Dr. Amy K. Glasmeier and Massachusetts Institute of Technology, “Living Wage Calculator,” Living Wage Calculator (

2 Approximately 580 of these projected jobs are direct impacts of the development, while 110 are indirect impacts. Estimates are sourced from the project’s 2019 Tax Increment Financing Application and are subject to revision as unrelated parties move forward with future phases of development.


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