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March 3, 2017 Comments Off on Can Skyscrapers be Crowdfunded? Views: 844 Connect Classroom, New York News, Northeast

Can Skyscrapers be Crowdfunded?

Crowdfunding is used for variety of things. Monetary requests have ranged from assisting people on trips to exotic places, to expensive surgeries, to all manner of investments, such as plays, investments and college educations.

Now commercial real estate developer Rodrigo Niño is relying on crowdfunding to develop real estate. Niño, who heads up the international development firm Prodigy Network, successfully crowdfunded BD Bacatá, a 1.2-million-square-foot, 67-story skyscraper in Bogotá, Colombia, where crowdfunding has been legal for years. Now he’s bringing the concept to the United States. Two projects are open, three are under construction, and all financed through crowdfunding.

Certainly, real estate crowdfunding exists, but mainly as an investment tool. Niño said that if more people become invested in real estate developments, the developed projects will fall in line with participants’ interests.

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