On Friday, crowdfunding platform Small Change announced its latest offering, an investment in Pittsburgh’s Buvinger Building, has successfully secured its initial $238,500 funding goal before the initiative was closed.
As previously reported, the investment strategy consisted of a two-phase strategy to add value. Phase 1, in which the upper two floors are converted from one to four units, will be implemented immediately, to better capture market demand. Phase 2, in which the under-performing retail tenant will be replaced, will be implemented no later than the end of 2019, and sooner if the retail tenant decides to leave. Rent is approximately 50% of market rate in the retail space. Small Change founder and president, Eve Picker, recently revealed:
“We knew the project would make an impact: it’s a beautiful, historic building in a great, historic neighborhood. And we’ve been incredibly pleased with the response, with investors coming in from all over the country, and even the world!”
While sharing details about the project, developer Shawn Kichline stated:
“We’re taking the bones of this building and turning it into something appropriate for the neighborhood today. Small Change has injected energy, momentum and buy-in into the project. Crowdfunding made this possible.”
The Buvinger Building is Kichline’s first solo venture since leaving the Pittsburgh office of Milhaus Development. The funds from the initiative will be used to purchase and renovate the historic building. Small Change noted local architecture firm, Moss Architects, has finalized drawings for the upper floor conversion to residential units, permitting is underway and initial demolition work has revealed some lovely original features, such as the 1880s hardwood flooring.
“Pittsburgh and its gorgeous buildings are on everyone’s radar We offer an opportunity for investors to be part of Pittsburgh’s transformation in a meaningful way. But this is just the beginning. Soon, Small Change will be working in cities across the country, helping activate neighborhoods and places everywhere we go. And letting everyone over the age of 18, accredited or not, invest.”
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