Real-estate crowdfunding firm takes first bite of Philly market

The goal is to raise $500,000 for what is, as of Monday, Fundrise's first-ever project based in Philadelphia. The Green Lane property also represents the first equity crowdfunded real estate project in Pennsylvania, according to Dan Miller, a co-founder of Fundrise.

The Transfer Station will be housed at 4120 Main St. while they work with real-estate crowdfunding firm Fundrise to raise money for a permanent space on Green Lane. (Neema Roshania/WHYY)

The Transfer Station will be housed at 4120 Main St. while they work with real-estate crowdfunding firm Fundrise to raise money for a permanent space on Green Lane. (Neema Roshania/WHYY)

MANAYUNKA vacant commercial property in Manayunk will soon serve as the staging ground for a new co-working venture.
Brothers Simon and Adam Rogers are using 4120 Main St., the former home of Restoration Hardware, to launch the Transfer Station. The pair’s lease at the 8,500 square-foot building began Oct. 1.

“It feels incredible to walk in and say, ‘This is where we’re going to make it happen,'” said Simon Rogers.

The pop-up operation, which will be referred to as Transfer Station East, will closely mirror what the two hope will permanently occupy another Manayunk property less than a mile away.

The temporary space will feature, among other things, a retail gallery and a co-working area. The single-floor setup is expected to serve roughly 130 people.

“We can make it feel more like an open marketplace like Reading Terminal Market,” said Simon Rogers.
Artists and others will be able to sign up starting this week.

As the Main Street property is prepped for tenants, the brothers are also working to secure funding to purchase and renovate a single-story building on Green Lane, to be known as Transfer Station West.

The plan is to add at least one story to the property and use its cavernous basement.

The two have an agreement of sale, but will need more than $2 million to make their complete concept a reality.

To help with that effort, Simon and Adam have teamed up with Fundrise, a crowdfunding platform specifically geared towards real estate projects.

The goal is to raise $500,000 for what is, as of Monday, Fundrise’s first-ever project based in Philadelphia.

The Green Lane property also represents the first equity crowdfunded real estate project in Pennsylvania, according to Dan Miller, a co-founder of Fundrise.

Simon Rogers said it will take 12-18 months to finish work on the building.

Transfer Station East will likely be open for the next several months, potentially right up until Transfer Station West opens its doors.

Source: NewsWorks – BY AARON MOSELLE OCTOBER 8, 2013 MANAYUNK
Link: http://www.newsworks.org/index.php/local/item/60627-real-estate-crowdfunding-firm-takes-first-bite-of-philly-market-with-manayunk-co-working-space

Tags: , ,

HEADLINE NEWS

U.S. News & World ReportNo Cash for Hate, Say Mainstream Crowdfunding FirmsU.S. News & World ReportThe block on mainstream crowdfunding is just the latest blow to far-right activists operating online. In the last 24 hours, neo-Nazi website the Daily Stormer had its domain regi [...]

ForbesWhat Works In Equity Crowdfunding -- Insights From ResearchForbesAs we have recently celebrated the fourth anniversary of the signing of the JOBS Act into law, it is a good time to take stock of the effect that the legislature had on equity crowdfunding in the United States. It [...]

Technical.ly BaltimoreArbit took to crowdfunding to seek out investorsTechnical.ly BaltimoreThe Baltimore-based social polling company is seeking to raise a maximum of $425,000 through equity crowdfunding, a funding instrument that was first officially made available last year with re [...]

Crain's Cleveland Business'Smaller' gifts can go long way for Clinic's crowdfunding platformCrain's Cleveland BusinessFor an institution accustomed to securing multimillion-dollar donations, Cleveland Clinic's latest fundraising effort has some relatively [...]

ForbesMoney Makes Small Businesses Go Round: Ensuring Access For AllForbesIn 2008, a new form of financing — rewards-based crowdfunding — premiered. With money raised on crowdfunding platforms like Indiegogo and Kickstarter, startups and companies with a new product idea connect direc [...]

Manchester Evening NewsManchester video company Juke Media supports crowdfunding campaignsManchester Evening NewsNuuk Digital have raised over £12m creating and designing crowdfunding campaigns in just 18 months, including campaigns for Smacircle – an e-bike that fits in your backpack [...]

EE TimesEngineer Looks to Crowdfunding to Stoke Kids' Interest in ElectronicsEE TimesProtoBricks launched on the Indiegogo crowdfunding platform Tuesday (Aug. 15). The goal is to raise $100,000 within the next 40 days to bring the product to the shipping stage, expected to begin [...]

Indiana pioneers crowdfunding community projectsWTHRA downtown Greensburg mural made possible by community donations, Patronicity.com, the Indiana Housing and Community Development Authority and other local organizations, as seen on Aug. 3, 2017. (Main Street Greensburg Photo via ... [...]

CNETKickstarter alternatives: Choosing a crowdfunding platform - CNETCNETCNET@Work: Before launching a crowdfunding campaign, it's worth exploring the differences between Kickstarter and its competitors.and more » [...]

Global Crowdfunding Market 2017-2021 - Market to Decline at a CAGR of 16.96% - Research and MarketsBusiness Wire (press release)Global Crowdfunding Market 2017-2021, has been prepared based on an in-depth market analysis with inputs from industry experts. The report covers the market [...]

CFB Finance

Marketwired

  • Crowdfunding
  • Crowdfund
  • Peer to Peer Lending
  • FinTech
  • Reg A+
  • Reg CF
  • Crowdfunding USA

Press Release

Live Crowdfunding .tv

What's Next Step in Regulation A+ JOBS ACTS Title IIII :L Interview : Steve Cinelli with Brian Korn Securities and Crowdfunding/Peer-to-Peer Lending Lawyer, Watch more video library | Conference | Interview | Campaign Showcase | Research | Education |