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A Crowdfunded Mixed-Use Condo Development in Deanwood
While crowdfunded real estate development is not quite as popular as a few years ago, a mixed-use offering is on the table in DC.
Developer Medici Road is looking to build a by-right mixed use development at 4276 Sheriff Road NE (map), a few blocks from Minnesota Avenue Metro station.
The development would include 13 below market-rate condo units, including penthouse lofts; co-working space; a headquarters for Medici Road; and 6,800 square feet of retail, including a 2,500 square-foot grocer, whose operator has already signed a letter of intent. Michael Weincek is the architect.
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The crowdfunding effort is to looking to raise between $100,000 and $700,000 in preferred equity; investments must be at least $500 and in $500 increments. If the minimum goal is not met by the end of July, the offering would be extinguished and all funds returned to the investors. So far, 12 investors have put in $12,000.
In recent years, Benning Market successfully crowdfunded $257,000 to deliver the first food hall east of the River, just under 1.5 miles away.
See other articles related to: crowdfunding, deanwood, medici road, weincek
This article originally published at https://dc.urbanturf.com/articles/blog/a-crowdfunded-mixed-use-condo-development-in-deanwood/18434.
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