Small Change offers the crowd to partake in the revitalization and redevelopment of Pittsburgh real estate. Its Buvinger Building campaign launched earlier this summer is now headed toward the home stretch, closing in on its $238,500 goal. At this writing, 85% of the funds, $203,250, have been raised by 13 investors.
Located at 4407 Butler Street, the historic three-story building located in the Lawrenceville neighborhood of Pittsburgh, Pennsylvania, the equity investments will be invested for a period of 5 – 10 years, used to acquire the building and then for its redevelopment into four residential units + retail space.
“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!” exclaimed urban (ad)venturer and Small Change Founder and President Eve Picker.
Via email, Small Change highlighted significant updates on the campaign, including that a foreign investor recently invested in the project and that the building project is now owned by Buvinger Building, LLC, the issuer. In addition, Moss Architects, the project’s architect, is finalizing drawings for the upper floor conversion to residential units which are being readied for permitting and construction. Lastly, the developer is finalizing the curb cut and water approvals, and some initial demolition work revealed the original 1880s hardwood flooring to be intact.
To recap, the investment strategy consists 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.The campaign closes 1 October.
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