Daily insights for city builders, delivered every morning at 6 AM ET. I’m Brandon Donnelly — a Toronto-based real estate developer and founder of Globizen. I’ve been writing here since 2013.

Tag: california

  • A cold ski town is building one of the first vertical farms in the world

    image

    I have a soft spot for Jackson Hole, Wyoming. It’s a beautiful town and, out of all the places I’ve snowboarded, it’s easily my favorite.

    That’s why I was excited to learn that Jackson is currently building one of the first vertical farms in the world (and in a cold ski town at that). Using a vacant site in the middle of town, a new venture called Vertical Harvest is building a three storey, 13,500 square foot hydroponic greenhouse. It’s being done as a public/private partnership.

    image

    The business will operate year round and supply fresh produce to the local community – replacing food that was previously being shipped in from Mexico and California. 

    The site itself is 1/10 of an acre, but it’s expected to have the same output as a 5 acre piece of land using conventional agriculture methods. 95% of their product is already committed through pre-purchase agreements. 

    Here are some of the businesses that have jumped onboard:

    • Rendezvous Bistro
    • Il Villaggio Osteria
    • Q Roadhouse
    • The Kitchen
    • Jackson Hole Mountain Resort’s five restaurants
    • Snake River Brewery
    • St. John’s Medical Center’s Refuge Grill

    What makes this project even more exciting is their commitment to employing members of the local community with disabilities. This is apparently a growing concern in Jackson, and so Vertical Harvest will be doing their part to address that.

    If you’d like to learn about the design of the facility, check out this article by Fast Company. The team was was very methodical in ensuring that this facility would consume less energy than the status quo of shipping in food from out of state.

    The go-live date is this fall (2015). I should probably plan another trip to Jackson.

    Images from Vertical Harvest

  • Opendoor.com raises $9.95M to make selling your home as easy as a few clicks

    image

    If you’re a regular reader of ATC, you’ll know that I’ve been following the startup Opendoor.com for a few months now. I first wrote about it when it was codenamed Homerun and I just recently wrote about them as preface to a real estate survey I was conducting.

    Well, about an hour go it was announced that they’ve just raised $9.95M in venture funding from everyone and their grandmother. Here’s the list of investors (via TechCrunch):

    Paypal co-founder Max Levchin, Former YouTube and Facebook CFO Gideon Yu, Eventbrite co-founder Kevin Hartz, Y Combinator’s Sam Altman, Quora CEO Adam D’Angelo, Yammer co-founder David Sacks, Angelist’s Naval Ravikant, Yelp CEO Jeremy Stoppelman, Box CEO Aaron Levie, Initialized Capital’s Harjeet Taggar, Garry Tan and Alexis Ohanian, Former Twitter vice president Elad Gil, Blippy co-founder David King, Flixster co-founder Joe Greenstein, Angel investor Mike Greenfield, Quora co-founder Charlie Cheever, Path’s Dave Morin, Facebook vice president Dan Rose, Trevor Traina, Resolute Ventures’ Mike Hirshland, Caffeinated Capital’s Ray Tonsing, Felicis’ Aydin Senkut, True Ventures’ Om Malik, Thrive Capital’s Josh Kushner, Crunchfund’s Michael Arrington (who disclaimer: founded TechCrunch) and SV Angel.

    Not surprisingly, there are quite a few people who see an opportunity in the $20 trillion US residential real estate market – which I think is a good thing. This is a space that–despite its size–hasn’t seen an awful lot of innovation.

    There still isn’t a lot of information about the product, but there’s a clear focus on creating liquidity in the marketplace. Despite being located in San Francisco, the company will be launching in 3 markets outside of California – where liquidity isn’t as great for homeowners.

    The goal is to transform the typical 90 day selling process into a few clicks online. Homeowners submit their home to the platform and then Opendoor makes an instant offer to buy. Done.

    What I wonder then is if it’s going to be an arbitrage play. They buy the homes below market (because they’re offering total liquidity) and then they turn around and sell them at market.

    Do you have any guesses as to their business model?

  • bijan:

    Bay Bridge — Treasure Island, California