Fundrise Attracts $519,000 in One Day

• January 24, 2013

by UrbanTurf Staff

1539 7th Street NW

It appears that the waters have appropriately been “tested” for interest in crowd-funding website Fundrise’s next project.

Yesterday, we reported that the folks at Fundrise had launched an effort called “Testing the Waters” aimed at gauging interest in a property before moving ahead full steam on a crowdfunded investment initiative. The property in question was their next investment offering, a vacant two-story building at 1539 7th Street NW in Shaw.

The site hoped to reach a target of $300,000 in investment interest over the next 30 days to justify moving forward with the project. It didn’t take nearly that long. By the end of the day, they had already exceeded their goal by $200,000.

UrbanTurf checked back on the project page last night at 11pm, and discovered that 205 people had already pledged a whopping $519,000. As The Washington Post’s Jonathan O’Connell reported earlier in the evening, the site crossed the $300,000 threshold in just two hours.

While the $519,000 number only symbolizes investment interest (i.e. no one has written a check yet), it obviously bodes well for the project moving forward.

For more details about the revamped Fundrise process, click here.

This article originally published at http://dc.urbanturf.com/articles/blog/fundrise_attracts_519000_in_one_day/6560