by Julia Ballard •
August 28, 2018 •
Community Development, Economic Development, Entrepreneurship, Finance & Lending, Garden District •
Comments (0) •
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A new community-driven development is headed to the Lower Garden District at 1476 Magazine Street. The project is a worker/artist owned bed and breakfast based off the cooperative model, which is currently in the crowdfunding stage of the development process.
“All services at 1476 Magazine Street are provided by the artists/owners themselves,” shares the listing on Smallchange.com. “The project consists of a nine-room bed and breakfast, four artist residences, a ground floor community hub for neighborhood and cultural activities, and more than 1,000 square feet of pre-leased ground floor commercial space.”
Small Change is hosting and coordinating the equity raise for the project. The minimum investment to get involved is $500. With three days left of the crowdfunding campaign, 22 investors have contributed $49,750 of the $100,000 minimum goal.
“The co-operative model of ownership of this bed and breakfast is also unique. It will both provide affordable housing while encouraging creative communities: Artists who occupy the four live/work residences will, in exchange for free accommodation, work from two to three days each week serving the bed-and-breakfast’s customers.”
1476 Magazine, LLC is the developer of the project and the designer and architect is The Office of Jonathan Tate (OJT). The project is currently in the design phase (renderings below) and construction is planned to start soon with doors opening in September 2019.
