So Long Kickstarter, South Side Projects Can Now Get Neighborhood Investors
June 27, 2016
GRAND BOULEVARD — The developer trying to revive the Forum has decided crowd-funding won’t work for redevelopment projects on the South Side, and is now relying on changes to federal regulations to fund the project.
Bernard Loyd has spent five years trying to fund the revival of the Forum building at 318 E. 43rd St. and is now looking to a breed of small investors newly on the scene to help him move forward.
Loyd saved the 119-year-old building right before it was about to be demolished in 2011, and has struggled to cobble together enough donations, investments and tax subsidies to get his $25 million vision of a community hub with art and performance spaces, a coffee shop and other small retail shops.
Where other bold visions would turn to Kickstarter or another crowd-funding platform to rally lots of small donations to get the project started, Loyd said it’s not a realistic option for projects like his.
READ THE ENTIRE POST HERE.