Equity Platforms CEO Announces Historic Office Building Acquisition Slated for Affordable Housing

Today, Equity Platforms CEO, Vernon Jay announced the acquisition of 315 N Front Street, now renamed “Front Street Lofts.” Located in the historic downtown Harrisburg waterfront district, it is recorded that the property served as a stop on the Underground Railroad following its erection in 1850. After standing vacant for the past few years as an office building, the project aims to breathe new life into this once-neglected gem by converting it into affordable housing.

Front Street Lofts will feature eight residential units along with a community space. The project aligns with President Biden’s nationwide initiative to revitalize downtown corridors by converting commercial properties into apartments. With federal incentives, including low-interest mortgages and tax breaks, the project is positioned to enhance the community while preserving a piece of American history.

A Vision for Revitalization and Community Benefit

As Equity Platforms’ newest venture, the development addresses the immediate needs of the Harrisburg community and serves as a scalable model for similar initiatives nationwide. Vernon Jay, CEO of Equity Platforms, expressed hope for America’s future through the repurposing of historic office buildings: “The pandemic has created a more permanent shift in the use of office buildings. By transforming these historic structures into affordable housing, we can reinvigorate our communities while optimizing downtown corridors to their highest and best use.”

In a recent McKinsey study, data shows office buildings in city centers have experienced a 30% decline in attendance, highlighting the urgent need for innovative solutions like the Front Street Lofts project.

Equity Platforms plans to add this opportunity to its crowdfunding and tokenization platform called EquityShare, which provides the system for community developers to offer fractional ownership to neighborhood advocates and local residents. This initiative not only fosters community involvement but also democratizes real estate investment, ensuring that the benefits of revitalization are shared broadly.

About Equity Platforms

Equity Platforms, Inc. created the first digital token backed by affordable housing called EquityCoin. The company is dedicated to reshaping the real estate industry by combining innovative technology with a social mission. Specializing in crowdfunding and tokenization, Equity Platforms’ aim is to make real estate investment more inclusive and impactful. Their commitment to affordable housing and community development drives their efforts to create positive change in the real estate sector.

For more information about Equity Platforms, contact their Communications Manager Daisy Bagood via email (reach@equityplatforms.com).

Leave a Reply

Your email address will not be published. Required fields are marked *