Denver Union Station Developer Bets On Tokenized Real Estate

Real estate developer McWhinney, now operating under the brand Realberry, is preparing its commercial property portfolio for on-chain tokenization despite current market stagnation in the sector. While the firm has developed over 15 million square feet of property, including Denver Union Station, it currently faces significant friction in liquidity, with transfer processes for private stakes often taking 60 days and costing $30,000 in administrative overhead. Chad McWhinney aims to replace traditional, manual partnership agreement amendments with tokenized ownership interests to allow investors to trade stakes via mobile devices. However, the broader tokenized real estate market remains small, with only $457 million in assets compared to the rapid growth of tokenized Treasuries and private credit. Industry experts note that most current models offer contractual economic exposure rather than direct title ownership, complicating the transition to true on-chain liquidity. The firm is currently awaiting regulatory clarity, specifically looking toward potential SEC innovation exemptions and the progress of the CLARITY Act in Congress. Ultimately, the success of this transition depends on whether the SEC provides a safe harbor for issuing and trading these securities without full, traditional registration.