Investing locally in sustainable real estate
Asheville and Western North Carolina are known for a number of things: beauty, food, beer, music, and people. Visitors are flocking here in record numbers and in recent years many more people have decided to call this home.
The beauty of this area is readily apparent. What also sets us apart is our support of local businesses, our passion for preservation and our focus on sustainability and quality of life. Today, it’s more important than ever to continue and indeed, increase that focus. More and more communities are exploring public/private investment structures that enable people to invest their money in local, income producing investments instead of the stock market.
The benefits are many. Funding needed to support sustainable municipal activities is raised without taxation. Investments and proceeds from those investments stay primarily local, fueling the local economy. Investing locally means people have a vested interest in the success of their investment; they stay involved and supportive. And finally, being satisfied with a reasonable return on investment keeps the cost of living in an area down for everyone.
Are there reasons for you to consider investing locally? In addition to those above, here are some other reasons to consider. The world as we know it is changing faster than we can imagine. There is much evidence that some systems are in decline and if not changed, they will collapse.
For those of us over 60, our fears are fueled by threats to reduce or eliminate social security, Medicare/Medicaid and many social services and environmental programs. The stock market appears stable one minute and volatile the next, which is stress-inducing at best for those who are invested in it. In the face of this uncertainty and ambiguity, local investments that provide an on-going ROI are stable and tend to generate a consistent income.
In addition to care and commitment to one’s community, it is the primary financial reason to make such local investments. If you’re committed to Western North Carolina and want to help sustain the quality of life that brings so many people to the area, you may want to consider investing locally.
Sustainable Real Estate Investment is one of those options. Such investments are made for income as well as to enhance environmental, social, and economic societal impact. Is Sustainable Real Estate Investment aligned with your values? If the following criteria resonate with you, then you’re a candidate for such investments:
Consistent financial performance while contributing to advancements in social, economic, environmental and governance practices. Providing important societal or environmental benefits. Managing risk and fulfilling fiduciary duties. Solid financial performance over the long run. If you’re aligned, read on!
An exciting sustainable real estate investment opportunity has opened up in Marshall, NC. This historic town in Madison County is a short distance from Asheville and grew up alongside the beautiful French Broad River. Main Street houses artists’ studios and galleries, restaurants, music venues, and other local shops.
On the National Register of Historic Places, 90 S. Main Street is a 7640 square foot building with an additional 3900 square feet of basement space. It is slated to become a central hub in downtown Marshall.
Michael Torres, retired Genetics Professor and Carroll Hauptle, a retired lawyer have a two-fold agenda for this building. The first is to model a sustainable real estate collective that will own the building. Michael and Carroll believe there is something valuable about shared ownership.
They are both investors, and they are looking for like-minded people interested in joining them in providing space for social profit ventures. Social profit organizations are those whose missions focus on people, place and planet; most of the time these are nonprofit organizations. They envision this building will offer rental property to artists, healers, and other social profit organizations. The LLC that owns the building will have a property manager. There are already people lined up to rent space.
The second part of the plan will see the main floor of 90 S. Main rented by NexGen Legacy, an incubator and accelerator for social profit organizations formed by Michael and Carroll.
In addition to providing support for those starting or accelerating social profit organizations, NexGen Legacy will host events, conferences, and a gallery space for local artists. For the remainder of the building, Michael and Carroll imagine artist studios, high speed internet and very hip co-working space, small offices, and meeting spaces for workshops and classes, as well as other collaborative programming designed to support the success of local entrepreneurs and people who live in or visit Marshall. Their research shows high demand and low availability for office space and art studios.
First things first, however. They are looking for investors interested in a solid real estate investment with a decent ROI from rental income. Several information meetings will be hosted this spring that will provide detailed information.
If you’re interested in attending or simply want to learn more, please contact Michael at firstname.lastname@example.org. Michael can share all of the plans for the building. For detailed information about the investment structure, he will put you in touch with Andrew Grant, retired international banker and advisor for the 90 S. Main LLC.
If you are a retired professional living in WNC with the time and desire to support social profit organizations, NexGen Legacy could use your expertise. Please contact Michael Torres to discuss your potential involvement.