Commongrounds Cooperative

Commongrounds Cooperative

Real Estate

Commongrounds is a real estate cooperative in Traverse City, with a goal to develop real estate that meets community needs and increases quality of life in the region.

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Security Type
Revenue Sharing
Industry
Real Estate
Min Investment
$100
Location
Traverse City, MI
Offering Date
October 08, 2021
Expected Close Date
December 03, 2021
Amount Raised
$64,000
Security Price
$1

Use of Proceeds

  • Replacement of Financing with Community Investment: $459,000
  • Add’l build out costs (solar, improved decks and public areas, EV charging stations, networking, air filtration systems, etc): $477,000
  • Operating capital (additional staffing for next 16 months, design, food/arts/family incubation, licensing, technology, communications, financing costs, reserve: $489,000
  • Mainvest Compensation: $75,000

Management

Kate Redman
Project Director
Kate Redman is a community enterprise attorney and the co-founder and project director of Commongrounds, a real estate cooperative in Traverse City, Michigan. Commongrounds develops real estate that is owned by its tenants and community and is designed to meet community needs and increase the quality of life in northern Michigan. Kate also founded Commonplace, a nonprofit coworking and community hub in Traverse City.

Andrew Lutes
Operations and Membership Director
Andrew's background spans from hospitality management and purpose-driven business operations, to music performance and early childhood tutoring. Most recently, he came to the project in October of 2020 from working as the GM of Workshop Brewing since 2016.

Joey DiFranco
Creative Director
With over 15+ years as a creative and media strategist, Joey has driven growth and creative innovation for a variety of global brands including Nike, Google, Allstate, Fuji and more. An entrepreneur and media futurist, Joey seeks out unique strategies and opportunities for both investment and development, often on a non-traditional path.

Ray Kendra
Architect
Ray Kendra is the architect of Commongrounds and founder/principal at Environment Architects, an architectural firm focused designing buildings that contribute to the environments that surround us. The firm looks at the circumstances, objects and conditions that are all around and create spaces that are functional, well-thought and beautiful. His experience includes residential and multi-use buildings similar in scope and size as Commongrounds.

Cunningham-Limp Construction
Construction Management
Cunningham-Limp is the construction management firm construction the building. They are a diversified real estate firm that specializes in development, design, and construction. They lead with a team of real estate experts, financial advisors, architects, engineers, and construction professionals. We deliver solutions by integrating with an ownership team and actively managing projects from concept through completion, assuming 100% responsibility for all phases of each project.

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Security Description

Revenue Sharing is a form of lending that involves sharing revenue from the business with investors as return on their investment. It is often a fixed percentage of revenue and you are paid until you earn a total return on your investment.

Key Deal Facts

Commongrounds has two classes of ownership: our real estate tenant-owners (businesses and nonprofits), and members of our community.
More than a building project, Commongrounds will be a backbone support for space and activities integrating wellness, arts, family, and food to help people and organizations be healthy, connected, creative, and inclusive.
Together, we will provide shared value and triple bottom line returns on investment to tenants, partner organizations, and people working, living, learning, and playing in the region.

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