Nate Berg is a freelance reporter and a former staff writer for CityLab. He lives in Los Angeles.
You don't need a wealthy developer when you've got thousands of small investors.
The largest buildings in the world have come to exist through the pocketbooks of very rich people. But industrialists and oil sheikhs shouldn't be the only ones who can scrape the sky. A new crowd-sourced financing model out of Colombia shows that regular Joes – in sufficient quantities – can fund their own megatall building.
The BD Bacatá in downtown Bogotá is a proposed $240 million, 66-story skyscraper. Instead of relying on one developer, the project is being funded through a sale of shares in the building. More than 3,000 people have invested, raising more than $145 million. When completed in 2014, it will be the tallest building in Columbia.
The share model – known as FiDis and being pushed by a group called FiDi Global – has been used before to fund and divide ownership for other projects in Colombia, including clubs, amusement parks and hotels.
This promotional video explains:
Image courtesy Vimeo user FidiGlobal