MIAMI—Crowdfunding isn't exactly mainstream, but the concept is certain turning heads from New York to Los Angeles and beyond. Now, we're seeing what appears to be the first-ever crowdfunding deal in Miami.
Atlas Real Estate Partners is turning to Fundrise, a real estate crowdfunding platform, to raise money for a 13,000-square-foot mixed-use development in Wynwood. The project is located at 2301 North Miami Avenue.
“We're excited to allow retail investors to play a role in and benefit from the growth of Wynwood,” says Arvind Chary, managing principal at Atlas. “Atlas prides itself on creating projects that spur community growth and the Fundrise model of crowdfunding investment, particularly for innovative projects, fits well with our mission.”
Investors from around the country can invest in project payment dependent notes tied directly to “2301 North Miami Avenue” on Fundrise's platform. The property is 50% leased with the remaining two leases out for signature, which will bring the building to 100% occupied.
Wynwood, dubbed “Soho South,” is a small, industrial area in Downtown Miami that is becoming one of the city's most popular neighborhoods. 2301 North Miami Avenue sits at the heart of the district, which includes over 70 galleries, retail stores, antique shops, and one of the largest open-air street-art installations in the world.
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