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Who invests in Edgewater, through which vehicle, when each opens, and how capital comes back. How the build-out itself is financed, instrument by instrument, is on the Capital Stack page.
Edgewater is a master development strategy: assemble and entitle a 20+ acre riverfront district, de-risk it as one coherent whole, and deliver it in phases with aligned partners. Phase 1 matters because it proves the district, not because of any single address; the 5.29 acres where we begin are the first move on a much larger board. Capital in this strategy is layered deliberately: patient capital creates the district’s value early and owns the platform that repeats it; project capital arrives when phases are entitled and underwritable; supportive public capital lowers the basis for everyone. Each layer has its own risk, horizon, and reward, and its own clear way in and out.
The Phase One Capital Campaign raises $15M across two complementary vehicles, running simultaneously and working together. One creates the district’s value itself. The other builds Now City Inc: a master developer platform designed to scale, where Edgewater is the first district of many, and platform investors participate in every one that follows.
| Team & operating runway | $1.0M |
| Master planning & site evaluation | $0.7M |
| Business development & IR | $0.65M |
| Legal, community, contingency | $0.65M |
| Entitlements & engineering | $6.0M |
| Infrastructure planning | $2.0M |
| Options contracts & carry | $2.0M |
| Environmental, legal, reserve | $2.0M |
As master developer, Now City earns across four layers rather than a single building’s margin, and every capital partner participates in the layers their position touches:
Created by assembling and entitling the 22-acre district: the step the Value Creation Fund finances.
Finished parcels are held, joint-ventured, or delivered with best-in-class phase partners.
On the phases Now City builds itself, underwritten live in the Upside Explorer.
Holding the stabilized district as owner-operator, recapitalized rather than sold.
The economics come from the Business Plan’s core arithmetic: a small amount of early, patient capital controls and entitles the whole district, unlocking a development pipeline and stabilized value many multiples larger.
Every stakeholder below can find their entry point, their role while invested, and their exit. If you recognize yourself in one of these, the structure was designed with you in mind.
Aligned individuals, family offices, and strategic corporates who want to create district-scale value rather than just finance it. Two simultaneous ways in: equity in the Now City platform (venture-style participation in GP interests, fees, promote, and every future district) or the District Value Creation Fund (the value created by site control, entitlements, and de-risking itself).
Institutional and private equity plus senior debt that capitalizes each phase once it is entitled, engineered, and underwritable. You arrive at a de-risked project with the district’s value already created beneath it, underwritten transparently in a live model rather than a static pro forma.
Experienced developers who build inside the master plan: a parcel, a product type, a phase. You inherit entitled land, settled district standards, shared infrastructure, and a coalition that has already done the public work. The bench and how we build it live on the Coalition & Partner Strategy and Delivery Teams pages.
The public and philanthropic tools that lower the basis for everyone: West Salem URA tax increment financing and grants, state infrastructure and brownfield programs, housing capital (LIFT, LIHTC), energy and mobility funding, and mission capital from Oregon philanthropy. Mapped door-by-door on the Coalition & Partner Strategy page.
Illustrative sequence from company underwriting (June 2026). Diamonds mark the moments capital comes back: the fund exit window at land close, and rolling recapitalizations targeted at years 4, 6, and 8, with the Year 10+ Opportunity Zone hold for investors who want the full benefit.
Platform ($3M) and District Fund ($12M) raise simultaneously; predevelopment work begins immediately.
Site control, entitlements, engineering, infrastructure planning; supportive capital applications run in parallel.
~$34M Land SPV closes with sponsor land contribution; Fund investors repay or convert. First exit window.
LP equity and construction debt per phase; development partners deliver inside the masterplan.
Rolling recapitalizations return capital (targets Y4/Y6/Y8); the district holds long-term, with the OZ horizon for those who want it.
This is the structure we believe serves the district and its capital best, and it is where every conversation starts. It is not where every conversation has to end. Check size, position in the stack, structure preferences, tax circumstances, and Opportunity Zone needs all vary, and we shape final structures with our capital partners rather than for them. What stays fixed is the strategy: one district, layered capital, aligned exits, and a sponsor who intends to still be here in year ten.
Edgewater is a chance to prove that a walkable, regenerative district can pencil, in Salem first, then as a model for Oregon, and through the Now City platform, for cities beyond. The capital that joins now is not just financing a project; it is shaping how the next generation of American districts gets built. Find your door below and start the conversation.
Or simply write to [email protected] · live underwriting in the Upside Explorer
We would rather earn trust than manage impressions. These are the questions serious investors ask us, answered directly, with the risk we are still working named alongside each answer. If you see a risk we have not named, we want to hear it.
The answer is in the phasing: roughly 1,000 homes over about a decade, in phases sized to absorption, never all at once. The market is supply-constrained (under 2% vacancy, 636 units of unmet demand in the core), renter-dominant (54% within 1.5 miles), and at the front of a migration wave: Oregon ranked #1 for inbound moves in 2025, with Salem the #7 U.S. metro. The risk we are working: if in-migration slows, later phases stretch. Rolling phasing and exit windows mean the project never bets on a single absorption year.
Now City is built as a district strategy and systems integrator: experienced local and regional development, construction, and operating partners are assembled phase by phase, so execution capacity scales with the platform rather than resting on one firm. Phase One is deliberately a disciplined first block, not the whole district, and our senior advisors are load-bearing, not decorative. The risk we are working: key-person and partner-selection risk, mitigated by phase-level partners and staged capital.
The City rezoned the corridor to high-density mixed-use (MU-III) in 2022, making much of the program by-right; the site sits in an Urban Renewal Area and a designated Opportunity Zone. Entitling the full district is its own funded stage, completed before vertical capital is at risk. The risk we are working: design review, infrastructure conditions, and approval timing, carried with contingency and sequencing.
We hold a conservative base case rather than a promotional one, and rather than asking you to trust our assumptions, the Upside Explorer lets you move rents, costs, cap rates, lease-up, and financing yourself. We pursue HUD and agency debt for long-term fixed-rate cost and use efficient building types to take cost and schedule out of the plan. The risk we are working: volatility we cannot control, defended with staged commitments and financing optionality.
The catalyst Phase One parcel is contributed by the Sponsors as equity under a fully executed letter of intent. The remaining ~17 acres are held by a single owner, offered at appraised pricing for years without a transaction: a motivated counterparty with several low-commitment control paths (option, lease-to-own, purchase, seller participation). The risk we are working: assembly is not guaranteed; Phase One stands on its own economics even if it slows.
The plan is built around rolling exit windows rather than one terminal sale: Phase 1 recapitalization around Year 4, the stabilized residential portfolio around Year 6, district components around Year 8, and the optional Year 10+ OZ hold. Admission of the co-GP cash partner is itself a value-marking event. The risk we are working: exit pricing depends on future cap rates and buyer depth; the rolling structure spreads that exposure across several windows.
All projections are based on assumptions regarding revenues and costs that may not equate to actual results; actual results will differ and may differ materially. Prospective investors, with their financial and legal advisers, should independently evaluate all assumptions and should not place undue weight on any projections. This page does not constitute an offer to buy or sell securities; an offering can be made only pursuant to delivery of a private placement memorandum and related documentation. Any securities would be offered in reliance on exemptions from registration and only to persons meeting applicable requirements. Statements herein may constitute forward-looking statements involving known and unknown risks and uncertainties; no representation is made that objectives will be achieved, and Now City undertakes no obligation to update such statements. This material is confidential, furnished solely for consideration of the matters described, and is not to be copied or shared without written consent.