D.C. awards Fundrise and H Street CDC the R.L. Christian development bid
WASHINGTON, Jan. 25, 2013 /PRNewswire/ — Fundrise (fundrise.com), the online crowd-equity platform for investing in local real estate, today announced that Rise Developments, affiliates and creators of Fundrise and Popularise, and the H Street Community Development Corporation (HSCDC) have been awarded proposal rights to redevelop the former site of the R.L. Christian Library parcel at 1300 H St. NE by the Office of the Deputy Mayor for Planning and Economic Development.
Through its online platform, Fundrise is able to provide local residents the opportunity to invest in local real estate. Together with its partners, Fundrise will bring a new investment model to the R.L. Christian project, changing the norms of both real estate investment and development, by redefining the meaning of public-private partnership on a national level.
“We are very excited about partnering with the District,” said Ben Miller, Fundrise co-founder. “We believe we won this development proposal in part because with Fundrise we were the only company that could allow D.C. residents the ability to invest with us in a city-owned property sale, which was an opportunity previously only available to developers and investment funds.”
By utilizing the Fundrise platform, the awarded proposal for R.L Christian is the first government-owned land nationwide that would allow local residents to invest directly in the real estate development. The project will also give the community the power to engage in conversations about the development process, through Popularise, the online crowdsourcing platform.
The Rise Development proposal includes a plan to build a world-class, mixed-use project that creates a revolutionary new model of community development including affordable arts housing, a local market, as well as access for local public ownership. Fundrise was one of six companies that bid on the R.L. Christian site.
Launched in August 2012, Fundrise (fundrise.com) is the commercial real estate investment platform that democratizes the way people invest in their city. By cutting out traditional middlemen and financial intermediaries, Fundrise gives people the ability to invest directly without unnecessary fees. With Fundrise, people have the power to take part in neighborhood growth, while earning potential financial returns. Headquartered in Washington, D.C., Fundrise was founded by brothers Benjamin and Daniel Miller, along with team members Kenny Shin and Brandon Jenkins. Benjamin and Daniel are also co-founders of Popularise, the online neighborhood crowdsourcing site, as well as Managing Principals at WestMill Capital Partners.
Launched in December 2011, Popularise (popularise.com) is the online crowdsourcing platform focused on local development and community engagement. Through our innovative and social platform, Popularise not only provides an outlet for community groups and real estate developers to showcase local development projects, but also gives residents, businesses and other community stakeholders the power to actively shape their neighborhoods. By tapping into what the community wants, Popularise helps collect market data so that neighborhood developers can help businesses and development projects thrive.
Contact: Molly Fitzgerald