There are some small-scale projects that follow a similar cooperative model. I drew one up for investors a couple years ago, resulting in a little interest but nobody was ready to pull the trigger.
Basically, it's a piece of property that belongs to the cooperative. Owners receive a portion of land with a small liveable house on it (very basic). The rest of the land is managed as an intensive farm by one employee. All owners are free to consume for personal use. The farmer takes the rest to market, receiving a cut and putting the rest in an account from which regular distributions are made to the owners.
The owners could use their portion of the property however they wanted, within reason. It would have to be agricultural, for instance, rather than industrial. But perhaps rentals or a B&B would work too. They could also hire the gardener/farmer to include their property and get a proportionate cut if it was profitable.
Owners can sell their portion, but the terms never change unless there's 100% agreement among the owners. So it's a voluntary cooperative business.