Josh Burrell, Managing Partner, Activated Capital; James Logan, Coatesville Assistant City Manager; Parveen Panwar, Managing Partner, Activated Capital; Scott Turner, White House Opportunity and Revitalization Council Executive Director; and Andrew Willis, Partner, Activated Capital discuss development opportunities in the City of Coatesville at the recent Qualified Opportunity Zone Federal Agency Roundtable.
COATESVILLE — The City of Coatesville announces the Coatesville Impact Fund, developed by Activated Capital of New York. The geographically specific fund was created to focus on commercial and residential development with an intentional emphasis on a dual-impact bottom line: return on capital gains investment, plus positive social impact and community revitalization.
“We anticipate deploying $25 million through the fund in Coatesville and its surrounding areas centered on single-family and multi-family residential and small commercial properties,” says Joshua Burrell, Managing Partner, Activated Capital. “Activated also looks to invest in local businesses that are aligned with the values inherent to the Impact Fund. We look forward to working closely with hard-working entrepreneurs who are currently developing business in Coatesville as well as those people and companies willing to relocate to Coatesville.”
The Fund was established as a result of the QOZ marketing partnership between the City administration and the Coatesville 2nd Century Alliance, and as part of an ongoing strategy to create a more vibrant commercial corridor and strong residential neighborhoods.
What sets the Coatesville Impact Fund apart from others is that it is Coatesville specific. It provides accredited investors the opportunity to realize tax benefits by investing their capital gains, while reaping meaningful benefits of directing those funds towards revitalizing the Coatesville community.
“Our double bottom-line mission is attractive to investors and the City,” says Parveen Panwar, Managing Partner, Activated Capital. “We live in times when people want to know where their food is sourced and how their products are made. We accomplish that by providing high levels of transparency around investment dollars and addressing social impact in Coatesville with three themes: mental health and wellness; financial literacy and education; and economic development and job creation.”
As part of the social impact initiative, the Coatesville Impact Fund closely aligns with the City of Coatesville’s efforts to provide a robust pool of resources to community residents surrounding topics including: home ownership, financial literacy, addressing mental wellness, nutrition and access to healthy food resources, youth counseling, and workforce development.
“We felt the city’s goals aligned with our mission to achieve both social and economic impact,” says Panwar. “After speaking with local residents and tenants who shared stories about their hardships, hopes, and dreams—one of those being home ownership—we found this project resonated with us quite deeply. We analyzed the opportunity from a financial perspective as well and are very excited about investing on behalf of our partners and ourselves as we incorporate a strong social mission.”
Activated Capital launched the Impact Fund before the COVID-19 pandemic. Although Josh and Parveen’s presence in the city has been restricted, they continue to work toward building investor interest in the City of Coatesville.
Part of the 2017 Tax Reform and Jobs Act, Opportunity Zones nationwide are fueling local economies that benefit the people who live and work there, while providing return to investors.
In 1915, Coatesville became the first and only city in Chester County, and today is home to 13,100 residents, including the Coatesville Area School District (CASD). It comprises four census tracts in which 1.9 square miles have been designated as Qualified Opportunity Zones.
Last year, the City of Coatesville and 2nd Century Alliance hosted three QOZ Symposiums to raise awareness of several projects in the Coatesville Opportunity Zone footprint, bringing together more than 200 investors, developers, brokers, residents and other stakeholders. With one Opportunity Zone investor already secured last December, the city is poised to bring on additional partners. Visit: www.coatesvilleqoz.com and www.coatesville.org
