Third Place

In his 1989 book The Great Good Place, American sociologist Ray Oldenburg coined this term to describe the places outside of the home (the first place) and the workplace (the second place) where people go to converse with others and connect with their community—cafes, gyms, bars, libraries, parks, and places of worship. In this casual environment, the presence of a regular is always welcome, although never required—no one is obligated to be there and cost should not prevent people from joining.

Third places are essential for democracy, civic engagement, and a sense of place. They are places where people can talk, relax, and create connection. Membership is a simple, fluid process of frequent social contact, renewed each time by choice of the people involved. Eventually, social bonds develop through a type of informal intimacy outside of any commitment, existing solely in the realm of basic human respect--one valuable kernel slipping away from our isolated modern world.

Fractional Real Estate

Among the benefits of fractional ownership is a lower financial entry point that democratizes access to various investment classes, including real estate development— long dominated by large enterprises and well-capitalized individuals. Traditional property ownership typically involves holding or renting out a property, whereas fractional investment in development focuses on funding the construction or restoration of a project. Investors then share in the proceeds from the ultimate sale.

Fractional real estate investing democratizes access to high-potential development projects, enabling investors to diversify their portfolios without the substantial capital outlays traditionally necessary for real estate purchases. Another attractive quality of sharing ownership is professional management. While the advantages are many, there are real risks to consider: limited control over a shared asset, illiquidity, market volatility, technology platform reliability for tokenized assets, and legal complexities that are continue to evolve in order to keep up with this growing trend.