Urban Catalyst Opportunity Zone Fund II

Building on the success of Fund I, which closed in 2020 after raising $131 million, Urban Catalyst launched Urban Catalyst Opportunity Zone Fund II, LLC in 2021 with a two-tower development named Icon/Echo. The company intends to redevelop one side of a city block into multifamily buildings. Icon will comprise approximately 650 units, while Echo will feature nearly 400 units.

Icon/Echo is part of Fund II’s diverse portfolio of ground-up development projects, consisting of a Marriott TownePlace Suites called Keystone and a senior living facility named Gifford Place. Urban Catalyst’s demolition subcontractor began clearing the Keystone site in February 2023. The company expects to complete the 176-key hotel during the first quarter of 2025. For Gifford, Urban Catalyst demolished the project site in 2022 and is scouring the market for construction financing to take the 169-unit senior living project vertical.