[Photo by R. Lopez]
It's been a hair over two weeks since Fundrise launched their most recent crowdfunding opportunity in Shaw and as of this post, they've raised $290,000 of the necessary $350,000 to fund the project. That's about 83% for those who prefer percentages and fractions. While this is project is certainly raising at a faster clip than any prior Fundrise project, co-founder Daniel Miller points out that each progressive project has raised funds twice as quickly. Perhaps the next one will disappear in a week and a half, then!
In addition to the growing popularity of crowdfunding in general ("It's more understood what we're trying to do,") Miller believes that the buzz around Shaw has also contributed to the quick funding of this project. Mega-projects like Jefferson Market and City Market at O were just going up when they signed the paperwork for the two-story building, so they could see that there was already interest in development in the neighborhood. However, Miller said they saw an opportunity to do something different and more creative than those large projects that connects to the neighborhood on a different scale.
· DC Boutique Retail Rehab [Fundrise]
· All Fundrise Coverage [CDC]