Chicago TREND has launched a new crowdfunding campaign that’s facilitating local ownership of the Edmondson Village Shopping Center in southwestern Baltimore.
Chicago TREND, a Black-owned commercial real estate investment company, has launched a crowdfunding campaign that offers the opportunity for local ownership of the Edmondson Village Shopping Center (EVSC) in southwestern Baltimore. The campaign is inviting Black entrepreneurs, community residents, and impact investors to redevelop, reimagine, and reposition – as well as become co-owners of – the shopping center.
“The EVSC crowdfunding opportunity, which is available through the registered funding portal SmallChange.co, allows Baltimore residents to experience the wealth-building potential of shopping center ownership,” says Lyneir Richardson, CEO of Chicago TREND. “It’s a patient, purposeful real estate investment strategy that aims to engage local stakeholders and keep local dollars close to home. It also helps socially conscious small investors and people of color to gain a meaningful stake in the revitalization of commercial corridors, Black shopping districts, and their own neighborhoods.”
EVSC is located at 4400-4592 Edmondson Avenue in southwest Baltimore. Details about the project are as follows:
- Chicago TREND’s $41MM budget for EVSC will cover attracting new quality retailers and restaurants as well as creating new lighting, high technology cameras, ramped-up 24-hour security, and area beautification.
- Chicago TREND plans to hire local and Black-owned companies that deliver such services as construction, leasing, management, repairs, and groundskeeping to maintain the property.
- Chicago TREND has secured $222,000 of funding from the State of Maryland to implement youth entrepreneurship and violence prevention programs, and the City of Baltimore has awarded $8 million to make upgrades and capital improvements.
- The development of EVSC will generate an estimated 900 construction jobs and 250 retail jobs at the Shopping Center.
In 2021, Chicago TREND launched a similar crowdfunding campaign for Walbrook Village Shopping Center (WVSC), which was the first initiative of its kind in Baltimore. The campaign, which exceeded its initial investment goal by almost 1000%, raised $332,500. A $1.7 MM of grant funding from city and state agencies has been secured to upgrade the shopping center. Renovations of WVSC will begin next month, and efforts are underway for a Black-owned bank and a health clinic to open this year.
“We have structured the EVSC crowdfunding opportunity to allow for community investors to own up to 49% of the shopping center,” says Richardson. “Thanks to an SEC regulation called Regulation Crowdfunding, everyone over the age of 18 can invest with just a little money.”
As a registered funding portal, SmallChange is a member of FINRA. For more information about this ownership opportunity, visit the Walbrook Junction Shopping Center crowdfunding page.
About The Chicago TREND Corporation
Chicago TREND catalyzes, accelerates, and finances strategic retail development to drive inner city neighborhood transformation.