The Detroit Economic Growth Corporation (DEGC) has secured a significant boost for Detroit’s development landscape, with a $14.5 million grant from the Michigan Economic Development Corporation (MEDC) through the Revitalization and Placemaking (RAP) 2.0 program. This funding injection is set to provide essential gap financing for five major mixed-use development initiatives, representing a total investment exceeding $255 million.
These transformative projects are strategically positioned across downtown Detroit and vital neighborhood commercial corridors, aiming to invigorate communities and enhance economic opportunities. Today, amidst an atmosphere of celebration, the DEGC, along with Mayor Mike Duggan, Invest Detroit, Midtown Inc., and other city officials, convened at the Jefferson Intermediate School, one of the projects slated to benefit from this funding, underscoring the significance of these investments in driving progress within the city.
“The RAP grant activates strategic Detroit developments to advance inclusive growth brick by brick,” remarked Kenyetta Hairston-Bridges, DEGC Chief Operating Officer and Executive Vice President. “This critical funding has the potential to uplift our neighborhoods through impactful housing, jobs, and services that Detroiters deserve.”
These five projects, collectively valued at over $255 million, will introduce increased density to key areas through a combination of commercial spaces, market-rate housing, and workforce accommodations. Notably, the majority of these endeavors are spearheaded by African American developers, further emphasizing a commitment to diversity and local engagement in Detroit’s revitalization efforts.
With four of the five projects expected to commence construction in the first quarter of 2024 and the Jefferson School already underway and halfway through completion, these grants will serve as vital reimbursement for developers as project phases are completed. The DEGC remains actively involved throughout the construction process, ensuring transparency and accountability to facilitate successful project delivery.
The projects recommended for funding through the RAP program encompass a diverse array of initiatives, including:
Broadway Lofts: Conversion of three buildings on Broadway Street into a mixed-use property, featuring residential units and ground-floor retail space.
Fisher 21 Lofts: Transformation of a 600,000-square-foot building into residential units alongside retail and co-working spaces.
The Arthur Murray Building: Conversion of a historically significant structure into residential apartments and ground-floor retail space.
Jefferson Intermediate School: Renovation of a school building into a multi-tenant office and innovation/co-working space.
The Deco: Revitalization of a long-vacant commercial building into rental apartments and a ground-floor restaurant.
These initiatives stand as testament to the collaborative efforts driving Detroit’s resurgence, fostering inclusive growth and revitalization that benefits all residents and stakeholders.
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