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.
Read the full story: A Crowdfunded Skyscraper Rises In Colombia
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