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Fundrise Wants Florida Avenue Parcel, Soliciting Interest From Investors

  • May 16, 2013

by Shilpi Paul

Fundrise Wants Florida Avenue Parcel, Soliciting Interest From Investors: Figure 1
The Griffith.

Fundrise has their eyes on an in-demand Florida Avenue parcel and is calling out to potential investors to help make their case to purchase it.

965 Florida Avenue is a sought-after piece of DC-owned property; after seeking proposals, the city zeroed in on two potential development groups and are comparing plans now. One team consists of MRP Realty and Ellis Development Group, who have chosen to work with Fundrise to facilitate community investment in a project dubbed The Griffith. The other team includes The JBG Cos., and we recently published details of their plan, which includes 200 micro-units.

The property is now live on Fundrise’s website, and the Rise folks are calling out to potential investors to make their interest known. Like their previous “testing the waters” cases, the agreement is not binding, but Fundrise hopes that the interest expressed in dollar signs will add weight to their proposal. “Help us win the right to purchase 965 Florida Avenue NW by demonstrating demand for public investment in publicly-owned properties,” says the website. The offering size is $300,000, a small fraction of the total investment that the developers would be putting into the site.

The Griffith would be a 370,000-square-foot mixed-use project with an “indoor farmers market” on the ground floor and several stories of residential units above. Investors can buy shares at $100 a piece.

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This article originally published at http://dc.urbanturf.com/articles/blog/fundrise_wants_florida_avenue_parcel_soliciting_interest_from_investors/7078

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