The article discusses a Chicago-based social enterprise, Chicago Trend, which is set to purchase the Hawthorn Crossings strip mall in north Minneapolis. Led by co-founder Lyneir Richardson, the initiative aims to empower the local community by promoting ownership among residents. Richardson is spearheading a crowdfunding campaign, inviting local investors to contribute a minimum of $1,000, with the goal of making the mall 49% community-owned.
Richardson believes that having local investment will enhance the likelihood of success because residents will actively care about the property. The remaining 51% will still be owned by Chicago Trend, which plans to lease the space fully and expects a return on investment that triples by 2036.
Richardson’s commitment is influenced by his own upbringing in a low-income neighborhood, and he aims to combat gentrification by facilitating local ownership. The project has garnered both support and skepticism from community members. Some, like Rev. Alfred Babington-Johnson, believe it aligns with efforts for community empowerment, while others, such as Kristel Porter, express concerns over the lack of security for investors and the potential pitfalls of such initiatives in North Minneapolis.
The purchase is expected to finalize by August 31, 2023.
