minimum investment: $500.00
A renovation project to support and incubate urban entrepreneurs in Bridgeport, CT.
Urban entrepreneurs face a difficult challenge when financing both residential housing and commercial office space to meet the demands of their growing business. The rental fee for ones personal residence coupled with the lease fee for commercial office space can be upwards of $3,000 per month combined. This expense can quickly become overwhelming while in the start-up stage. According to Forbes, 80% of entrepreneurs fail within the first eighteen months largely due to a lack of cash.
One popular alternative to this dilemma is coworking space. However, coworking space limits the amount of dedicated square footage as well as privacy. To counter the obstacles presented to developing urban entrepreneurs, 47-53 Crescent Ave LLC (the Company) will offer affordable lease options to fuse the life of the urban entrepreneur – working and living all under one roof! Often referred to as live-work units by the industry, The USA Building (the “Project”) refers to these as Entrepreneur Units and Solopreneur Units.
The Company is proposing to purchase and convert an historic two-story building to accomplish this. The funds raised through this offering, in conjunction with owner financing, will be used to purchase the building and to fund some pre-development expenses to complete the renovation. The Company intends to raise additional funds to fully complete the renovation within 30 days of purchase of the building, and to complete the renovations within a year.
The 1930’s industrial building is located at 47-53 Crescent Avenue in Bridgeport, Connecticut, within the Historic East Side Neighborhood of Bridgeport, a designated Enterprise Zone, and less than one mile from interstate I-95 and Route 8. The Greater Bridgeport Transit Authority operates four bus routes in a three-block radius of the building, and the Metro-North train station is within a short walking distance.
Funding target: $20,000 – $50,000 by 5/1/2019
Regulation CF: Equity ()
Minimum investment: $500