Local developers are hoping to crowdsource — that's right, crowdsource — the funds necessary to acquire, renovate and lease a potentially prime piece of East Atlanta Village real estate. In connection with a new Atlanta-based platform called CrowdVested, Paces Properties is seeking to raise at least $250,000 to buy a commercial center along Glenwood Avenue. Currently, the 26,000 square-foot strip is occupied by The Glenwood, My Sister's Place and several vacancies (and, to be clear, the deal would not include the Graveyard Tavern). Officials characterized the property as having "suffered years of mismanagement." Said CrowdVested CEO Grady Thrasher: "We love East Atlanta, and redeveloping this part of Glenwood Avenue will be a positive for the East Atlanta Village."
Crowdsourcing isn't a new thing, but this is a little more serious than chipping in a couple bucks to help your artsy college friend make a documentary no one will watch. While any Georgia resident can "make an equity investment in the project," the minimum contribution will be $500. A little steep for your average EAV hipster, no doubt; it'll be intriguing to see what kind of support CrowdVested's maiden voyage gets, and from where. Georgia is one of only a few states where accredited and non-accredited investors alike can invest in (and theoretically make some cash from) such projects.
Confirmation of Paces' intentions comes shortly (and completely coincidentally, right?) after talk about another significant EAV-area project hit the presses. The Atlanta Business Chronicle reported Wednesday that Florida-based The Sembler Co. has several parcels on Moreland, Glenwood and Portland avenues under contract. The developer — which was responsible for Town Brookhaven — reportedly has its heart set on 20,000 square feet of retail space near Delia's Sausage Stand.
Crowdfunded or otherwise, it appears East Atlanta is headed for a facelift. Is that a good thing?
— By Curbed Atlanta contributor Tyler Estep
· Sembler plans retail project near EAV [Atlanta Business Chronicle]