LIMA, Ohio (WLIO) — The first Opportunity Zone capital investment project in Lima is officially underway with construction beginning on a new townhome development on West North Street.
Drivers traveling through the 800 block of West North Street may have noticed construction activity for the new 18-unit townhome project. The development is the first local project funded through a commitment made several years ago by Arctaris Impact Investors to invest $25 million in Opportunity Zone capital throughout Lima.
The $4 million housing project is designed to help stimulate investment in areas that have traditionally been underserved from a capital investment perspective.
The $4 million housing project is designed to help stimulate investment in areas that have traditionally been underserved from a capital investment perspective.
“Lima is a really good fit because it's got really good infrastructure. It has the institutions here. It's got healthcare, got a great workforce,” said Nihar Sait, managing director of Arctaris.
Lima Mayor Sharetta Smith said the investment will help address housing needs near the downtown area.
“Because of this new capital that is coming into our community, there's going to be new housing in the core of our downtown,” Smith said.
Northwest Ohio Development Group Chief Financial Officer Brandon Weis said the company plans to remain invested in the community long term.
“We are a very vertically integrated company where, you know, we build assets, we build new developments, but then we hold and manage them for the foreseeable future. We don't really ever plan or desire to sell anything. We want to hold on to things, take care of them, make them contribute to the community around them, make it a better place for not only the residents at that specific development, but also the surrounding areas,” Weis said.
Developers hope to have the townhome project completed and ready for occupancy by the end of the year.
Arctaris officials said they are already searching for their next investment opportunity in Lima and are encouraging residential, manufacturing and other developers to reach out to discuss future projects.
