Real Estate Investment in the Hands of the 99%

A new skyscraper is set to grace skies over Bogota, Colombia. Instead of one wealthy developer, the tower is being funded by thousands of people, each with their own stake in the property.

Colombia's tallest building when completed, the structure will rise to 853 feet at 66 stories. Called BD Bacatá Downtown, it will be "the first skyscraper built by famous common people" say its developers. "Bogota's tallest building is rising with $145 million supplied by 3,000 investors," writes Fast Company's Michael J. Coren.

"BD Bacata's backers say they will expand this model 'to the 99%' by developing amusement parks, clubs, malls, and resorts with capital from small investors (although most of those '99%' do not have $20,000 in investment capital, twice the annual income of the average Colombian)."

A similar approach to financing urban development is being pioneered in the U.S. by Fundrise, a Washington D.C.-based startup that is currently attracting investors for a building in the city's H Street Corridor.

Full Story: A Crowdfunded Skyscraper Rises In Colombia

Comments

Prepare for the AICP Exam

Join the thousands of students who have utilized the Planetizen AICP* Exam Preparation Class to prepare for the American Planning Association's AICP* exam.
Starting at $245
AICP CTP Storefont Display

The first online AICP* CTP exam prep class

Are you ready to take the AICP* Certified Transportation Planner exam?
Priced at $245 for May exam!
Woman wearing city map tote bag

City Shoulder Totes - New Cities Added!

Durable CityFabric© shoulder tote bags available from 7 different cities.
$22.00
Wood necklace with city map

City Necklaces

These sweet pendants are engraved on a cedar charm with a mini map of selected cities. The perfect gift for friends and family or yourself!
$28.00