Rodrigo Niño, CEO at Prodigy Network, is well aware of the importance of innovation in the real estate sector. He has achieved major milestones in his career in the industry and has a reputation across the globe as an expert. After experiencing major success with projects such as The Trump SoHo, Niño has moved towards the direction of ‘crowd funding.’ He discusses his thoughts with PSFK.com.
You have operated as a traditional real estate organization with projects like the Trump Soho – but recently you explored a new model that involved crowd funding. Can you explain the skypscraper project in Bogota?
The BDBacatá project, developed by BD Promotores, is the second tallest building in South America and the first one in Colombia in 35 years. And the novelty is that Prodigy, as sales and marketing organization for the project, funded over 178 million dollars with retail investors at 35K a piece. This is as far as I know, a world record in crowd funding in real estate. There are more than 3,000 investors in this project.
For a developer, what is attractive about crowd funding rather than traditional financing?
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