Campaign asks nearby residents for $1,000 minimum investments
Richardson said he believes ownership of commercial real estate along West Broadway will empower the neighborhood. The crowdfunding campaign asks nearby residents to invest a minimum of $1,000 into the Hawthorn Crossings project, with the goal of reaching 49 percent community ownership.
“Anyone can invest. I call the effort intentionally inclusive,” Richardson said. “I am making an extra effort to invite local people to invest. … Our theory of that is that if local people invest, it’ll make the investment likely more successful because local people will care about it and protect it.”
Chicago Trend describes itself as a social enterprise focused on building local wealth through community-oriented commercial real estate investment. The Hawthorn Crossings strip mall sits on West Broadway, a commercial corridor that the AP report characterized as one of the Twin Cities’ lowest-income and most diverse neighborhoods.
The purchase and accompanying investment campaign represent an effort to channel commercial property ownership toward residents of the immediate area rather than outside investors. Richardson has not disclosed the purchase price or the total amount sought through the crowdfunding effort.