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Crowdfunding Concept Migrating To Real Estate

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(Credit: PAUL J. RICHARDS/AFP/Getty Images)

(Credit: PAUL J. RICHARDS/AFP/Getty Images)

Paul Kurtz Paul Kurtz
Paul Kurtz is a Philadelphia native who has been working as a reporter...
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By Paul Kurtz

PHILADELPHIA (CBS) – There’s an online campaign to help fund a project that will provide space for local artists, small businesses and start-ups.

“This project is Philadelphia’s first crowd funded real estate project,” says Simon Rogers.

Rogers is co-founder of the Transfer Station in Manayunk. He wants to renovate an old building at the corner of Main Street and Green Lane, but he wants to avoid bringing a developer.

So he’s turned to an online platform called Fundrise.

“It’s almost like a kick starter for real estate development,” Rogers said. “So for unique projects like ours that are for the community, it’s a way for the community to engage in the development model themselves.”

The goal is to raise half a million dollars. Neighbors nearby seem to like the idea.

“It sounds like the business plan they have in mind sounds like an awesome resource for everybody in the area so I like the group mentality going into it.”

“Any platform that is created to help fund things like that, community funding projects for the community in the community I think is awesome.”

People can invest for as little as $100.

Rogers says hundreds of people have already expressed interest in jumping in.

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