A national company that is spending $40 million to help revitalize Erie got a tour Friday of its investment.
The majority of the $40 million is going towards urban core revitalization projects in partnership with the Erie Downtown Development Corporation.
Over the summer, Arctaris Impact Investors launched a $40 million project to help rebuild Erie’s downtown corridor. The Boston based company invests in low income communities throughout the country.
“In Erie’s case, the real objective is revitalizing the urban core, making downtown Erie a place where people will want to live, work, eat and play.” said Jonathan Tower.
Tower says the working partnership with the EDDC is very important.
“We don’t just show up in town supposing we know what Erie wants to be in the future, what it’s top objectives are. We engage with local partners, we listen to the community, and then we achieve their objectives.” Tower said.
Their goal is to make Erie a place that people would want to live and work. They got a tour of the 12 properties that EDDC owns in downtown Erie. Seven of those twelve properties will be open by next year.
“So, they are all at different stages of construction, and we just wanted to get them inside of these buildings and around the footprint to see all the work and all the progress that is happening in downtown Erie.” said John Persinger.
While construction zones are hard at work right now, the final project will be a big transformation for the City of Erie.
“A thriving downtown will help the entire Erie region, because it will create new economic opportunities for businesses, for jobs, for the people that live down here, but for also the people throughout the region.” Persinger said.
Persinger said that in addition to the seven projects set to be ready by next year, three more will open in 2022 and two more in 2023.