WASHINGTON, DC-Fundrise, a crowdfunding platform aimed at the local commercial real estate community, is launching another project to be funded. MRP Realty, along with partner Ellis Development Group, is using the platform to entice residents of the Shaw community to participate in a redevelopment project in their submarket.
Namely, they are seeking to raise funds for The Griffith, located at 965 Florida Ave, NW. It is a mixed-use development consisting of approximately 370,000 square feet, including 40,000 square feet of ground floor retail and residential units above. The project gets its name from the Griffith Stadium, which was located between Georgia Avenue and 5th Street between the years of 1911 and 1965.
The development parcel is currently being sold through the District of Columbia Deputy Mayor's office, and MRP's proposal has been selected to be in the best and final round.
Per Fundrise's model, residents—or anyone for that matter in the District or Virginia—can participate in the project and its returns by investing $100 increments. Maryland's securities law have made it difficult for Fundrise to get permission to market to investors in that state.
The development calls for an indoor farmers' market within what the developers describe as an urban village "authentic to the culture of Shaw and LeDroit Park."
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
