New partnership will create affordable housing for teachers, office space, and sustainability for the education non-profit in Washington D.C.
WASHINGTON D.C., December 20, 2012 - Fundrise, the online platform for local real estate investing, today announced its partnership with Teach For America to jointly seek a location for a world-class, mixed-use development project in Washington D.C., which will provide teachers and non-profits affordable housing and office space with collaborative and environmentally-friendly design. Teach For America, a strong supporter of the project, will be the anchor tenant. Both Teach For America and Fundrise view this project as a prototype for providing cost-effective, work-live environments for teachers, using a new economic development model of participatory public investment.
Fundrise is the crowd-equity platform that democratizes real estate investment, empowering individuals to invest in local real estate, while earning potential financial returns. In partnership with Teach For America, the two organizations aim to develop a world-class hub of education excellence to live-work-play-and-learn. Fundrise is actively seeking potential sites and a development partner in the D.C. metro area.
“We want to find a site that will help us create a space for the community to connect with Teach For America,” said Ben Miller, co-founder of Fundrise. “Imagine the power and support we can create for this project by revolutionizing who influences and owns local real estate. With Fundrise, our goal is to change the way projects like this get built by providing public access to a powerful investment opportunity, while creating a new form of participation for Teach For America stakeholders.”
Teach For America is an organization that works in partnership with schools, districts and communities to expand educational opportunities for children, but is often faced with the challenges of high rents and a lack of adequate physical space for educational training. The initial development concept would establish a permanent home for Teach For America in the D.C. region, and allow them to continue to support and train future generations of educational leaders. The project would also help lower overhead costs for Teach For America's D.C. headquarters and provide affordable housing for corps members.
“We are thrilled about the opportunity to develop a place that will not only provide a great work environment for members of our regional and national staff, but in doing so, provide an affordable housing option for our corps members,” said Ahnna Smith, executive director for Teach For America in the D.C. region. “We are excited to be the lead tenant for a project like this. Fundrise’s innovative approach to real estate will support our ability to be a long-term partner in public education, as well as allow us to deepen our relationships with Teach For America alumni, supporters and the local community in the nation’s capital.”
Teach For America currently has 320 corps members, instructing over 18,000 students in traditional and public charter schools across D.C. and Prince George’s County. With conceptual development details projecting over 30,000 square feet of office space for Teach For America and up to 100 affordable residential units, the project could also allow for additional collaborative space for community amenities, partner organizations, event space and other shared programmatic assets.
For inquiries or development opportunities email TFA@fundrise.com