WASHINGTON, DC-MRP Realty and Ellis Development Group have been awarded the development rights to 965 Florida Ave., NW by the District of Columbia Deputy Mayor's office. The project, called The Griffith, will be a mixed-use project consisting of approximately 370,000 square feet, including 40,000 square feet of ground floor retail, and residential units. The ground floor retail will feature Griffith Market, an indoor farmers' market for small and independent grocers, operators, and retail entrepreneurs. 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.
MRP Realty and Ellis Development have been using Fundrise, an online platform that uses crowdfunding technology as an alternative investment source, to help finance the project. So far $974,100 has been raised from 661 investors. According to Fundrise's website, the project promises an 8% to 10% annual ROI.
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.
© Touchpoint Markets, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to asset-and-logo-licensing@alm.com. For more inforrmation visit Asset & Logo Licensing.
