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rgosy Real Estate Partners, a private real estate investment manager focused on the lower middle market, has released its Opportunity Zone Economic Impact Analysis. Over five years, in partnership with joint venture partners, Argosy developed 22 properties in Qualified Opportunity Zones, investing $1.4 billion and creating significant economic impact.
The analysis highlights key contributions to local and regional economies, including:
* Estimated total economic impact of $2.6 billion
* Direct estimated economic impact from development and operations: $1.1 billion
* Estimated annual recurring economic output: $148.9 million
* Permanent jobs created: 1,193
* Temporary construction jobs created: approximately 10,000
* Recurring local and state tax revenue over 30 years: estimated $1.3 billion
Argosy's Opportunity Zone program has played a meaningful role in catalyzing investment in underserved areas nationwide, according to David Butler, co-CEO and Managing Partner of Argosy Real Estate Partners.
The economic impact figures were compiled in partnership with The Concord Group, an economic advisory firm, using the RIMS II multipliers to estimate employment and economic output impacts.
