Fundrise Joins Tiger Stadium Project

DETROIT—The JOBS Act of 2012 opened the door to crowdfunding by relaxing securities regulations, and investors are starting to tackle more prominent projects. Fundrise, for example, one of the leading platforms, has begun a partnership with Larson Realty Group to develop the former site of Detroit’s Tiger Stadium in the Corktown neighborhood near the city’s reviving CBD. It will be Fundrise’s first project in Detroit.

The stadium was demolished in 2009, but the playing field remains. The Economic Development Corp. of Detroit wants the field preserved but just awarded Larson and the Washington, DC-based Fundrise the right to transform the rest of the site into a mixed-use retail and residential project with stores, restaurants, apartments and town homes.