Known for his lauded, experimental residential projects, architect Jonathan Tate has found a way to push the envelope once more. This time, Tate built two single-family homes in the Milan area, both supported in part by Pittsburg-based real estate crowdfunding site Small Change.
“We try to look at different ways of development and introduce other possibilities,” Tate said in a phone interview. “We were the first real estate equity funded crowdfunded project in the country.”
Thirty-six people backed the project, hitting its max goal of $95,000. Each backer will receive a full return on their investment, as well as an annual preferred return of 8 percent.
“(Small Change) allows the individual to invest money into a real estate development project and profit off that, along with the developer,” Tate said. “It’s not crowdfunding in the way that we are used to. You are doing it as an investment and opportunity to see a return, and the threshold to be involved is a lot lower—you need $100, not $100,000.”
The three-bedroom homes at 3613 and 3609 S. Saratoga Street both ask $345,000, and the former is under contract. Placed on nonconforming lots, the 1,400-square-foot homes feature energy-efficient fixtures, vaulted ceilings, and modern design. Outside, curving, layered front surfaces provide a visual link to archetypal New Orleans homes while making space for 21st-century necessities—cars.
“We were trying to use that front space of the house and layer it and create the spatial complexity that you do find in historic homes while incorporating a carport into the front of the house,” Tate said.
Keep scrolling for more info and looks inside 3613 S. Saratoga Street.