Crowdfunding Concept Migrating To Real Estate
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.
