Rilea Group launched a crowdfunding effort to capitalize a mixed-use project near the Wynwood Art District neighborhood of Miami.
The Miami-based developer has qualified its Mohawk at Wynwood project for the crowdfunding platform run by RealtyMogul. RealtyMogul has more than 200,000 qualified investors.
The developer has 1.5 acres at 56 N.E. 29th St. under contract. The property is currently owned by 29th Street Warehouses LLC and has an old warehouse.
Rilea Group President Diego Ojeda said the campaign, which launched April 5, aims to raise $10 million through crowdfunding towards the $103 million project. There will probably be a second round of crowdfunding, and it would be combined with equity from high-net-worth investors and debt.
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