A Chicago-based social enterprise company, Chicago Trend, is purchasing the Hawthorn Crossings strip mall in north Minneapolis. The company is undertaking a crowdfunding campaign, asking nearby residents to invest a minimum of $1,000 into the project. The goal is to make the strip mall 49% community owned, with the remaining 51% owned by Chicago Trend.
Community Development
Chicago Trend’s CEO, Lyneir Richardson, believes that community ownership of commercial real estate will empower the neighborhood. Richardson has experience in revitalizing Black neighborhoods through commercial property ownership. He has owned six shopping centers across the country and has a proven track record of success.
The social enterprise has partnered with the Northside Economic Opportunity Network (NEON) to bring this project to the community. NEON’s president, Warren McLean, believes that this project will be a huge step in transforming north Minneapolis into a prosperous and sustainable community.
Investment Opportunities
The crowdfunding campaign is open to anyone, with a minimum investment of $1,000. Richardson believes that local people will be more invested in the project’s success if they have a stake in it. The company expects to own the property for at least 10 years and anticipates a return on investment to triple by 2036.
Some community leaders, such as Rev. Alfred Babington-Johnson, founder and CEO of Stairstep Foundation, have already invested in the project. However, others, like Kristel Porter, executive director of the West Broadway Business and Area Coalition, have expressed concerns about the lack of clarity and security for investors.
Original reporting: Sahan Journal — read the source article.
