Arctaris Impact Investors: Successful Pennsylvania Opportunity Zone Sale, 50-100 New Jobs for Braddock
Braddock, Pa., Facility to reopen, Bringing Jobs After Investment
Table of Contents
- Braddock, Pa., Facility to reopen, Bringing Jobs After Investment
- Braddock facility Reopens: Your Questions answered
- What’s happening in Braddock, PA?
- Who is behind this project?
- What will Consumer Fresh Produce do with the facility?
- How many jobs are expected to be created?
- Why is this important for Braddock?
- What was the facility used for previously?
- Why did Arctaris invest in the facility?
- What role did Allegheny County play in this project?
- What about the Richard King Mellon Foundation and Erie Insurance?
- What is Arctaris Impact Investors?
- What other projects has Arctaris been involved in within the Pittsburgh region?
- What is Arctaris’ overall strategy?
BRADDOCK, Pa. (AP) — A vacant manufacturing and cold storage facility in Braddock, Pa., is slated to reopen under new ownership, bringing with it teh promise of jobs for the economically challenged community.
Arctaris Impact Investors Sells Facility
Arctaris Impact Investors LLC, a national firm specializing in investments in underserved areas, announced Wednesday it has sold the facility, located in a designated Opportunity Zone, to Consumer Fresh Produce, a Pittsburgh-based distributor. Arctaris had originally invested in the property in July 2024, partnering with RDC, a Pennsylvania developer, to renovate the site and attract a tenant that would boost local employment.
New jobs expected
Consumer Fresh Produce plans to utilize the facility as a cold storage and distribution hub, with operations expected to generate between 50 and 100 jobs in Braddock, a former steel production center grappling with poverty rates exceeding the Allegheny County average.
Background of the Facility
The facility was initially constructed for a vertical farming operation that ceased operations in late 2022, resulting in the loss of more than 40 jobs. Arctaris, recognizing the facility’s potential and the need to restore employment opportunities, invested in converting the space into a general industrial and food processing center with cold storage capabilities.
Public and Private Partnerships
Allegheny County contributed $1 million in economic growth funds to support the renovation efforts, which helped attract Consumer Fresh Produce. The sale was finalized in March.
Investor Quotes
andrew Gibbs, Principal at Arctaris Impact Investors, emphasized the importance of the project for the region’s revitalization. “we anticipate that Consumer Produce will be an crucial partner in the revitalization of the broader region by creating jobs and helping to provide necessary food storage for the region,” Gibbs said. He also noted the necessity of collaboration among community leaders and financial partners, such as the richard King Mellon Foundation, Allegheny County, and Erie Insurance, to ensure the success of such ventures.
Richard King Mellon Foundation’s Role
The Richard King Mellon Foundation played a significant role, awarding Arctaris $4 million in 2021 to establish a $20 million Opportunity Zone investment program aimed at creating jobs in economically distressed communities within Allegheny and westmoreland Counties.
Erie Insurance’s Commitment
Erie Insurance also contributed to the project as part of a $20.5 million social impact commitment to fund companies and development projects in underserved communities within its operational footprint. erie Insurance and Arctaris have collaborated on similar projects in other cities, including baltimore, Lima, Ohio, Pittsburgh, and washington, D.C.
Broader Impact in the Pittsburgh Region
This investment represents the second project under Arctaris’ $20 million program in Allegheny and Westmoreland Counties. In October 2021, arctaris invested in S&K Holdings, Inc., a home healthcare company providing services for the elderly and disabled. This investment enabled S&K to expand its operations in Allegheny and Blair Counties, improving access to healthcare and creating medical career opportunities.
Arctaris anticipates announcing a workforce housing project in the Pittsburgh region later in the year.
nihar Sait,Managing Director and Head of real Estate at Arctaris,stated that ”At Arctaris,we recognize that effective community redevelopment requires a holistic,multifaceted approach that reflects the needs of the community. The Braddock investment is part of our strategy to invest in multiple community development verticals including operating companies, industrial facilities, and residential housing.”
About Arctaris Impact Investors
Arctaris Impact Investors LLC is an investment firm managing funds that invest in businesses,real estate,and infrastructure projects in underserved communities. Founded in 2009, Arctaris Impact has partnered with various organizations to invest in opportunity Zones, inner cities, and targeted rural communities throughout the U.S.
Braddock facility Reopens: Your Questions answered
What’s happening in Braddock, PA?
A vacant manufacturing and cold storage facility in Braddock, Pennsylvania, is reopening under new ownership. This is expected to bring new job opportunities to the economically challenged community.
Who is behind this project?
Arctaris Impact Investors LLC, a national firm specializing in investments in underserved areas, sold the facility to Consumer Fresh Produce, a Pittsburgh-based distributor. Arctaris initially invested in the property in July 2024, partnering with RDC, a Pennsylvania developer, to renovate the site and attract a tenant.
What will Consumer Fresh Produce do with the facility?
Consumer Fresh Produce plans to use the facility as a cold storage and distribution hub.
How many jobs are expected to be created?
The operations are expected to generate between 50 and 100 jobs in Braddock.
Why is this important for Braddock?
Braddock is a former steel production center grappling with poverty. The reopening of the facility and the creation of new jobs is a positive step for the local economy. Poverty rates in Braddock exceed the Allegheny County average.
What was the facility used for previously?
The facility was initially constructed for a vertical farming operation, which ceased operations in late 2022, resulting in the loss of over 40 jobs.
Why did Arctaris invest in the facility?
Arctaris recognized the facility’s potential and the need to restore employment opportunities in the community. They invested in converting the space into a general industrial and food processing center with cold storage capabilities.
What role did Allegheny County play in this project?
Allegheny County contributed $1 million in economic growth funds to support the renovation efforts, which helped attract Consumer Fresh Produce.
What about the Richard King Mellon Foundation and Erie Insurance?
Richard King Mellon foundation’s Role
The Richard King Mellon Foundation Awarded Arctaris $4 million in 2021. This was to establish a $20 million Opportunity Zone investment program to create jobs in distressed communities within Allegheny and Westmoreland Counties.
Erie Insurance’s commitment
Erie Insurance contributed to the project as part of a $20.5 million social impact commitment to fund companies and progress projects in underserved communities within its operational footprint.
What is Arctaris Impact Investors?
Arctaris Impact Investors LLC is an investment firm that manages funds investing in businesses, real estate, and infrastructure projects in underserved communities. founded in 2009, Arctaris has partnered with multiple organizations to invest in Opportunity Zones, inner cities, and targeted rural communities.
What other projects has Arctaris been involved in within the Pittsburgh region?
This is the second project under Arctaris’ $20 million program in Allegheny and Westmoreland Counties:
October 2021: Arctaris invested in S&K Holdings, Inc., a home healthcare company, enabling the expansion of operations, access to healthcare, and increased medical career opportunities.
future: Arctaris anticipates announcing a workforce housing project in the Pittsburgh region later in the year.
What is Arctaris’ overall strategy?
Arctaris aims for a holistic and multifaceted approach to community redevelopment, investing in multiple areas, including operating companies, industrial facilities, and residential housing.