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[[File:Commongrounds.jpg|600px|thumb| | [[File:Commongrounds.jpg|600px|thumb|left|Commongrounds rendering]]Commongrounds is a new 4-story, 50,000 s.f. $16 million development in Traverse City, Michigan cooperatively owned by nearly 600 members. It will feature a food incubator, coffeeshop, distillery, childcare center, cowering space for impact organizations and businesses, performing arts and events space, artist-in-residence space, and 24 workforce rental units. Construction began in Fall 2020, with tenants scheduled to move in by 2022. | ||
=Mission, Values, Vision= | =Mission, Values, Vision= | ||
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'''Vision''' - Commongrounds serves as a backbone for the community's people and organizations to be healthy, connected, creative, and inclusive; increase their [https://www.wired.com/insights/2014/12/the-adjacent-possible-of-big-data/ adjacent possible] and achieve [https://en.wikipedia.org/wiki/Collective_impact collective impact] on the [https://www.rollins.edu/wellness-center/nine-dimensions-of-wellness/ nine dimensions of individual and community well-being]. Commongrounds will provide shared value and triple-bottom-line (environmental, social, economic) returns on investment by tenants, partner organizations, and people working, living, learning, and playing in the region. | '''Vision''' - Commongrounds serves as a backbone for the community's people and organizations to be healthy, connected, creative, and inclusive; increase their [https://www.wired.com/insights/2014/12/the-adjacent-possible-of-big-data/ adjacent possible] and achieve [https://en.wikipedia.org/wiki/Collective_impact collective impact] on the [https://www.rollins.edu/wellness-center/nine-dimensions-of-wellness/ nine dimensions of individual and community well-being]. Commongrounds will provide shared value and triple-bottom-line (environmental, social, economic) returns on investment by tenants, partner organizations, and people working, living, learning, and playing in the region. | ||
= | =Governance= | ||
Commongrounds is a real estate cooperative with two classes of ownership: | '''Governance''' - Commongrounds is a real estate cooperative with two classes of ownership: Real estate tenant-owners (businesses and nonprofits), and members of the community. Financing and governance are completely disconnected, no tenant has more say than any other, no community members has any more say than any other regardless of financial contribution, which consists of ownership shares ($50) and what is effectively a collective/solidarity loan. | ||
Financing and governance are completely disconnected, no tenant has more say than any other, no community members has any more say than any other regardless of financial contribution, which consists of ownership and what is effectively a collective/solidarity loan | |||
=Tenants= | =Tenants= | ||
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=Project Timeline= | =Project Timeline= | ||
2017 | 2017 | ||
• Chris Treter (Higher Grounds coffee) + Joe Sarafa (realtor) developed “Phase I” and “Phase II” plan | |||
• Phase 1 + Phase II approved for brownfield funding by county and city | |||
• Hired Ray Kendra, Environment Architects as architect | |||
2018 | 2018 | ||
• Kate Redman (Commonplace coworking) joined the team to help develop the real estate cooperative ownership and investment crowdfunding structure | |||
• Chris, Joe and Kate form Commongrounds Cooperative to purchase and develop Phase I | |||
• Cooperative raises $550k and purchases property in August 2018 | |||
• Tenant-partners commit | |||
• Community “early bird” ownership drive gaining 450+ community owners• Hallmark Construction hired as Construction Manager | |||
2019 | 2019 | ||
• Investment crowdfunding drive to raise equity from community ($850k from 130+ people) | |||
• Zoning and site plan approval | |||
• Building design and engineering completed | |||
• Preliminary bids based on 50% and 90% completed plans | |||
• Developing financing sources, including: bank financing, grants, PACE assessments | |||
• $1.4 million raised from community owners | |||
2020 | 2020 | ||
• Completed financing approvals and groundbreaking | |||
• Organization and partnerships developed | |||
2022 | 2022 | ||
• Commongrounds opens! | |||
=Resources= | =Resources= | ||
* [http://commongrounds.coop Website] | * [http://commongrounds.coop Website] | ||
* [https://localstake.com/businesses/commongrounds-cooperative/preview Accredited crowd-lending campaign] | |||
* [https://localstake.com/businesses/commongrounds-cooperative-cf/preview Non-accredited crowd-lending campaign] |