DETROIT IMPACT WINTER 2019 CONTENTS

CLOSING NOTES CLOSING OPENING NOTES OPENING Strategic Development Shinola Hotel Site Hudson’s Monroe Blocks Historic Restoration Major Installations Tax Foreclosure Prevention Foreclosure Tax & Ready Rehabbed Housing Affordable Programs Mentorship Training Skilled Trades Computer Public Schools Science Program Grand Circus Partners Detroit Venture Detroit Demo Day Market May Mobility 43 DEVELOPMENT 45 47 49 51 53 55 Art 57 59 1 7 HOUSING 9 11 13 15 EDUCATION 17 21 23 25 27 ENTREPRENEURSHIP 29 31 33 35 MOBILITY 37 Transit 39 41 QLINE OPENING NOTES 2 For More Than Profit companies invest in the quality of life of Than More For allocate and strategically thoughtfully citizens on every level. They every persontheir resources to ensure in every neighborhood has the chance to unlock potential. their fullest They actively seek to for peoplelower the barrier of entry to create new businesses that will also invest in the people and places they love. are able to take risks. By investing in we As a privately-owned entity, in this book,the initiatives mentioned are able to fill gaps that we sector reach help our partners in government and the non-profit their goals. found through this journey is that investing in our What we have the most meaningful returns. The have communities will always but is by no following pages highlight our prominent initiatives hope to show you what being a For means an exhaustive list. We to us and the impact Family of Companies means Than Profit More made on the people and places around us. we have

WE ARE A FOR MORE THAN PROFIT FAMILY OF FAMILY WE ARE A FOR MORE THAN PROFIT FOR INVESTING IN WITH A PASSION COMPANIES AND COMMUNITIES. PEOPLE There is a way to do business that creates opportunity for all, where There is a way concepts. mutually exclusive Good” and “Doing aren’t Well” “Doing Than Profit.” More call this ideology “For We of doing business that Profit is a new generation Than More For found that have keeps peopleat the forefront, not numbers. We when personal and corporatealign, unbelievable values growth happens in our community. our team members, to our clients, neighbors and partners, From That we would not exist without the people in our community. is of Companies is why and the Rock Family committed to investing a significant of our profits to portion making sure Detroit is a place with opportunities for all. 1 OPENING NOTES 4 AND PROGRAMMING DIRECTLY CONTRIBUTED TO TO CONTRIBUTED DIRECTLY COMMUNITY ORGANIZATIONS COMMUNITY ORGANIZATIONS VOLUNTEER HOURS IN DETROIT VOLUNTEER VOLUNTEER HOURS NATIONWIDE VOLUNTEER

2

W

2 W

AND THE STATE. STATE & LOCAL TAXES & LOCAL STATE

TEAM MEMBER WAGES ECONOMIC GROWTH GROWTH ECONOMIC

THROUGHOUT THE CITY THE THROUGHOUT STATEWIDE ECONOMIC IMPACT ECONOMIC STATEWIDE COMPANIES HAS SPURRED HAS SPURRED COMPANIES SINCE MOVING DOWNTOWN DOWNTOWN MOVING SINCE IN 2010, THE ROCK FAMILY OF OF FAMILY IN 2010, THE ROCK 3 OPENING NOTES 6 DETROIT RESIDENTS* *statistics are for January-September 2019 INTERNS IN 2019 Intern During 2019 APPLICATIONS PROCESSED* INTERNS SINCE 2013 INTERNS REPRESENTED UNIVERSITIES* Intern (before 2019) = 4 real people 0-25 25-50 50-75 75-100 100+ TEAM MEMBERS LIVING IN DETROIT

IN DETROIT THE LARGEST THE TEAM MEMBERS WORKING IN DETROIT 5 7 8 HOUSING 10 OFF OF THE OFF OF THE IMMEDIATELY IMMEDIATELY CAME FORECLOSURE LIST FORECLOSURE

18,000 HOUSEHOLDS 18,000 HOUSEHOLDS

to Neighbor initiative and our PTE initiative to Neighbor Loans workshops, the Quicken helped families prevent a record 4,316 Detroit Community Fund from entering property in 2018. tax foreclosure to Neighbor Due to the extensive outreach effort through renters identified Fund the Quicken Loans Community Neighbor, to displacement becauseas a group that is particularly vulnerable Loans Community Fund of tax foreclosure. As a result, the Quicken United worked with the City of Detroit and a local non-profit called Coalition to pull renter-occupied propertiesCommunity Housing dollars out of the tax foreclosure auction using philanthropic and then offer those properties to the renters for between $3,000 called Make it The program, and $6,000 over the course of a year. so far. has served 600 families Home,

Tax foreclosure continues to be foreclosure continues one of the biggest Tax Detroit has seen Detroiters. Since 2002, challenges facing foreclosure drives Tax more than 150,000 tax foreclosures. speculation,displacement, homelessness, low blight and property in record-breaking numbers. values The root becauses of this cycle must and Detroit residents tackled, must be empowered in their homes that to build equity often been family for many generations. in their have to ensure that life- is one of the best ways Homeownership and maintain the integrity of long Detroiters build wealth neighborhoods.the city’s the Quicken Loans Through extensive research, is one of the learned that awareness Community Fund barriers between occupants and at risk of tax foreclosure to Neighbor why Neighbor That’s the assistance they need. a direct outreach campaign that was first launched in 2017, connects all 65,000 Detroit families living in properties at risk of tax foreclosure with the tools need. that they to Neighbor Neighbor year, inaugural In the program’s employed more than 400 Detroit residents to knock on the door of tax foreclosure of every single household at risk in order to share information about existing tools like the Following Assistance Program. Property Tax Homeowners’ 18,000 households immediately this outreach, we saw come off of the tax foreclosure list. Through the Neighbor 9 HOUSING 12 Rehabbed that works to & Ready is a public-private partnership selecting across Detroit by strategically increase access to financing publicly owned, vacant properties on the open to rehab and sell market. Through this process, only does not decrease the program be that can blight and increase the tax base, it also sets comparables used by neighbors and unlock to value their homes they the equity in their home. built have has rehabbed 60 homes The Quicken Loans Community Fund the gap in the home in the past three years in an effort to bridge financing market and help stabilize communities. Rehabbed new amenities, such as & Ready homes include brand appliances, fully updated countertops, kitchen custom granite furnaces. plumbing and electrical systems, as well as high-efficiency STABILIZE STABILIZE

COMMUNITIES AND FINANCING MARKET FINANCING MARKET BRIDGE THE HOME BRIDGE THE HOME 11 HOUSING 14 NEARLY 700 700 NEARLY ADDITIONAL ADDITIONAL AFFORDABLE AFFORDABLE RENTAL UNITS RENTAL

To meet this commitment, Bedrock options will build new housing To that are at a as well as preserve current affordable housing units risk of being converted to market rate. and Bedrock’s This agreement reflects the City of Detroit downtown as an commitment to the redevelopment of the greater quality housing inclusive, mixed-income community that provides opportunities for all.

In 2017 Bedrock with the City of Detroit reached an agreement that commits 20 percent of our residential portfolio to affordable housing units. years, BedrockThat means in the next several will add nearly 700 additional affordable rental units to the market, reserved for those Income (AMI) or less. whose income is 80 percent of the Area Median 13 15 16

EDUCATION

One of the goals of the Quicken Loans Community Fund is to strengthen pathways to employment and economic self-sufficiency through quality and equitable education and job training opportunities. As part of our strategy, we’re proud to provide a range QSTEM of programs that offer career exposure and mentorship to Detroit students.

QSTEM is a program designed by the Quicken Loans technology team members in STRENGTHEN collaboration with the Detroit Area Pre-College Engineering Program to provide hands-on, PATHWAYS TO experiential learning to nearly 700 sixth, seventh and eighth graders to fuel their love of STEM and shape their careers in technology. EMPLOYMENT AND ECONOMIC SELF-SUFFICIENCY

17 18 EDUCATION 20

URBAN ALLIANCE DAY OF INNOVATION DAY

is a one-day field trip for of Innovation is a one-day Day Public Schooleach Detroit Community District to experiencesixth grader hands-on learning goal is to overarching and tour downtown. The and excitement about future build awareness an in Detroit, including opportunities available The introduction various career pathways. to students reaches approximately 3,000 program every year. Alliance has partnered with the Urban to bring their Fund Quicken Loans Community to Detroit. Urban nationally-renowned program High School Internship Program Alliance’s will expand opportunity from for students underserved communities through intensive professional development and meaningful senior year of high work experience in students’ school. began The program 30 in 2018, where students had the opportunity to participate in a 10-month intensive job and life skills training with a mentor from Quicken Loans or the Rock of Companies. Family 19 EDUCATION 22 Detroit’s economic growth has significantly increased economic Detroit’s industries, in skilled trade several employer demand across hospitality. particular construction and Centers Career and Technical Breithaupt and Randolph cosmetology, in retail, hospitality, prepare students for careers careers for and more skilled trade automotive, construction both a significant youth and adults. These two schools saw 2017. in enrollment until disinvestment and decline and meet this demand and ensure Detroit students help To residents are equipped of this opportunity, to take advantage programs, of skilled trade invested in a range we have schools:including the renovation of two Detroit technical Centers. Breithaupt and Randolph Career and Technical in retail, customer service, While offering valuable training construction, and more, automotive repair, cosmetology, both schools were experiencing due declining enrollment Loans Community the Quicken to disinvestment. Together, and Bedrock invested more than $1 million to revitalize Fund The final and infrastructure. programs training the schools’ renovations were completed on Breithaupt in 2019.

FOR CAREERS PREPARE STUDENTS STUDENTS PREPARE CENTERS THAT CENTERS THAT WORLD-CLASS CAREER EDUCATION 21 EDUCATION 24

CLOSE THE THE CLOSE

CURRICULUM CURRICULUM AND CAREERS GAP BETWEEN

Since technology and computer science are paramount of Companies, the Quicken Loans across the Rock Family has partnered with Detroit Public Community Fund to bring an expanded Schools Community District to all students. This is computer science curriculum the gap betweenpart of our mission to close curriculum and careers. the Detroit Public Schools this initiative, kick-off To and the Quicken Loans Community Community District in all will implement computer science education Fund classrooms,third-grade reaching nearly 4,500 students by the 2018-2019 school year. will The Detroit Public Schools Community District expand on this foundation by building a computer science curriculum that will reach all 15,000 elementary school students by 2021. reach, to expand the program’s in order Additionally, teachers and roboticsall third- fifth grade coaches will receive professional development training. 23 EDUCATION 26 Grand Circus, part of the Rock Family of Companies, is a tech of Companies, Circus, part of the RockGrand Family coding institute that provides innovative training bootcamps and looking to entry for individuals workshops to break the barrier to land a job in technology. Grand tech community, Rooted in relationships with Michigan’s of one million projected need drastic Circus works to fill the positionscomputer programming by 2020. been Circus graduates more than 1,500 Grand date, there have To in the state who are now employed throughout 300 companies of Michigan. Some of these bootcamps full scholarships and are only offer openyears old. Many of these to Detroit residents who are over 18 with little to no coding entered the program experience,graduates of and in just 12 weeks landed excellent careers making an average $52,000 a year.

BOOTCAMPS INNOVATIVE CODING CODING INNOVATIVE PROVIDES PROVIDES INSTITUTE THAT INSTITUTE THAT TECH TRAINING TECH TRAINING 25 27 28 ENTREPRENEURSHIP 30 Detroit is an ideal place for startups to launch, startups to launch, Detroit is an ideal place for of capital. The Rockgrow and raise Family that entrepreneurship is Companies understands which economy, at the heart of a sustainable to fostering an is why we are committed innovative culture. of Companies brings the Rock Family One way Detroit Venture this work to life is through (DVP). Partners backs seed and early stage startup teams DVP with the grit, creativity and passion to tackle and They view business building mold opportunity. as a launch pad for creative expression while the opportunitygenerating to create jobs and drive wealth. has invested in over 35 early-stage tech DVP companies based in Detroit including Autobooks, Detroit Labs, Guardhat and Waymark.

ECONOMY SUSTAINABLE SUSTAINABLE HEART OF A HEART OF A AT THE THE AT 29 ENTREPRENEURSHIP 32 PROSPERITY PROSPERITY

CREATE JOBS JOBS CREATE

FOR DETROITERS AND

Quicken Loans Detroit Demo Day is an annual is an annual Day Quicken Loans Detroit Demo pitch competition all forms of celebrating smaller-scale brick and entrepreneurship, from start-ups. mortar businesses to tech through Our annual $1.2 million investment interest free loans and equity-like grants, access have investments helps entrepreneurs they need to take to capital and mentorship level, and in turn their businesses to the highest create jobs and prosperity for Detroiters. applied to be than 1,000 businesses have More considered, all of which were either locatedin Detroit or willing to move to the city. been funded 23 finalists have between $25,000- $300,000 over the past two years of the competition. Healthy 2019 winners include Ellis Island Tea, Detroit Dough, Gus & Grey, Cure, Roots, Honey Eastern Market Brewing Co., Louisiana Creole Fluidics. Gumbo and Functional 31 ENTREPRENEURSHIP 34 Bedrock Quicken Loans Community and the local celebrate entrepreneurship by Fund to beinviting small businesses a part of the Detroit Markets. Downtown the opportunityLocal to entrepreneurs have beforetest their business concepts investing in spaces. long-term brick and mortar give local Detroit Markets The Downtown artists, makers and small businesses an unmatched opportunity to expose their to millions of shoppersbrand in a dynamic retail environment. Detroit Market the past three Downtown For the had seasons, over 100 vendors have opportunity to experiencedowntown Detroit’s retail scene as part of this program.

BRAND TO MILLIONS EXPOSE THEIR EXPOSE OPPORTUNITY TO UNMATCHED UNMATCHED 33 35 36 MOBILITY 38

REMOVING REMOVING

FOR FOR ACCESS BARRIERS OF BARRIERS OF EMPLOYMENT

The Rock Family of Companies is a champion of Companies The Rock Family comprehensive for the development of a system that will connect regional transit people to jobs, expand economic make our talent and attract opportunity, region more competitive. A primary supporter of the 2016 Regional Authority campaign, Quicken Loans Transit toward a regional continues to actively work Detroiters. solution for Metro transit Quicken Loans has also been forefront at the of advocating for fundamental reforms to system that broken auto insurance Michigan’s more than results in Michigan drivers paying and Detroit drivers twice the national average four to five times the national often paying for auto insurance. average costs Significantly lowering auto insurance is critical to removing barriers of access for population employment, growing Detroit’s and putting money back into working pockets improving one’s - overall individual’s quality of life. 37 MOBILITY 40 to deploy Detroit is the first urban city in America independentself-driving vehicles on public roads. first Mobility In partnership with Bedrock, May in vehicles to Detroit brought a fleet of electric 2018. June of Companies These vehicles transport Rock Family team members between parking garages, offices, destinations. events and other downtown among other cars, cyclists The vehicles are deployed and pedestrians, a making self-driving vehicles Mobility life. As a result, May normal part of everyday gathers invaluable data from vehicles, riders, business and community partners, which is crucial in helping in expand services to additional roads and highways the future. has Mobility After initially launching in Detroit, May Rapids, since expanded their operations to Grand and Providence, Michigan; Columbus, Ohio; Rhode Island.

THE FIRST URBANTHE FIRST CITY IN AMERICA DEPLOY TO INDEPENDENT VEHICLES SELF-DRIVING SELF-DRIVING 39 MOBILITY 42 FUTURE FUTURE FOR THE QLINE IS A THE QLINE IS A

MAJOR CATALYST MAJOR CATALYST

REGIONAL TRANSIT

The QLINE is a 6.6-mile streetcar loop serving The QLINE from Avenue 12 locations on Woodward Midtown, New downtown Detroit through End. Center and the North the is Gilbert, the QLINE Co-chaired by Dan project led and funded first major transit philanthropic by private businesses and with the local,organizations, in partnership government. state and federal the 12, 2017, launched on May Officially is a major catalyst for future regional QLINE economic development and transit, walkability in Detroit. In addition, Detroit-based Rocket Fiber which installed the networking infrastructure, provides free high-speed internet on the trains stations. and at the QLINE 41 43 44 DEVELOPMENT 46 Since 2011, the Rock Family of Companies has invested and Since 2011, the Rock Family committed more than $5.6 billion to acquiring and developing over 100 properties in Detroit. This includes new construction and ground-up developments, totaling more than 18 million square feet. real estate portfolio consists of over 330 office and retail Bedrock’s technology-centric majority of downtown, the tenants in Detroit’s LinkedIn which are new to the market including Microsoft, and WeWork. MORE MORE

INVESTED AND INVESTED AND

THAN $5.6 BILLION COMMITTED COMMITTED 45 DEVELOPMENT 48

ORIGINAL ORIGINAL

EXPERIENCE HOSPITALITY HOSPITALITY COMPLETELY COMPLETELY

The world’s first Shinola Hotel opened first Shinola its The world’s Avenue 2019 on Woodward doors in January in downtown Detroit. A collaboration with Bedrock and Shinola, this 129-room boutique hotel offers a experience.completely original hospitality accommodations are Shinola Hotel’s varied layouts thoughtfully designed with millwork, custom featuring handcrafted mattresses and wallpaper inspired by patterns found in the building during the renovation process. The property marries two restored & Co. sporting Rayl buildings—the old T.B. goods and hardware store and a former Singer sewing-machine store—with three buildings modeledbrand-new after historic architecture. downtown Detroit’s 47 DEVELOPMENT 50 In December 2017, Bedrock ground broke In December2017, JL Hudson’s on the site of the historic Department store. have and preparation of planning Years development resulted in a transformational that will serve as a hub for attractions, exhibitions, shopping, conferences, events, more, on a site that premier office space and is symbolic so many across the region. to

ACROSS

THE REGION SO MANY SO IS SYMBOLIC TO TO IS SYMBOLIC A SITE THAT THAT A SITE 49 DEVELOPMENT 52 GROUND FLOOR GROUND

PRIORITIZING THE THE PRIORITIZING

OUTDOORS AND IN ANDOUTDOORS IN EACH STRUCTURE’S STRUCTURE’S EACH PUBLIC REALM BOTH

Bedrock ground on the Monroe broke Blocks project in December 2018 which is situated on two city blocks between Campus the Greektown district and Detroit. in downtown Martius Park will This mixed-use development vacant land fill in the final piece of Park, surrounding Campus Martius most well- which is one of Detroit’s known gathering places and, in many the center of the city. ways, The design of the space is intended to and re-introduce historic alleyways public access points, while prioritizing the public realm both outdoors and in ground floor. each structure’s 51 DEVELOPMENT 54 Bedrock preserving is committed to historically properties within our portfolio neglected and bringing properties to life. back will BookThe rehabilitation of the Building and Tower be one of the most significant historic rehabilitation restore one in Detroit and will projects ever undertaken structures. most iconic of the city’s style and architectural By intensively studying its history, former tenants, we look forward to returning the Book decades. first time in to its true form for the Tower

BACK TO LIFE TO BACK PROPERTIES PROPERTIES NEGLECTED NEGLECTED BRINGING BRINGING 53 DEVELOPMENT 56 IN PUBLIC SPACES IN PUBLIC SPACES

LOCAL, NATIONAL AND LOCAL, AND NATIONAL

INTERNATIONAL ARTISTS ARTISTS INTERNATIONAL HUNDREDS OF WORKS BY BY OF WORKS HUNDREDS

Bedrock partners with local regularly Street Collective to activate gallery Library downtown properties art with interactive projects. scale mural installations and large- Both permanent and temporary installations and mixed media works in of sculptural public spaces seek to beautify and inspire the turned community from a parking garage stories into that soar several gallery to murals portfolio contains hundreds Bedrock’s the air. of works by local, and international national greater artists in public spaces and in the downtown area. Bedrock also engages in regular interactive art installations that are free and open to the “The Beach,” public, including Snarkitecture’s a pop-up skate park in partnership with Tony and a temporary roller rink designed by Hawk collective. artist With You the Friends 55 DEVELOPMENT

1. THE BELT 2. THE LIVING ROOM GRAND VARIOUS ARTISTS SHINOLA HOTEL CIRCUS VE BR T A OAD W TIO AY S A T W GR OOD VE OE A W 1 VD ARD A MONR F ARMER SLIBR VE AR ON B L Y S T T BEA T VD UBIEN S

ARE 2 YETTE BL 3 VE A ASHIN G LAF QU T W CAPITOL OE A PARK T TIMES S T S MONR T FOR

STATE ST 4

S TES A B CADILLAC

CAMPUS SQUARE BR MICHIGAN AVE MARTIUS 3. UNITY 4. WAITING USH S CHARLES MCGEE KAWS T R GRIS S S ANDOLPH S T

W ONGRES 7 OLD S C SHELB LAFAYETTE BLVD T 5 T Y S

T T CAS T S FOR S A VE VE 6 ON A JEFFERS 8 5. MONICA 6. DETROIT SKYBRIDGE SWOON PHILLIP K. SMITH III T T S S LARNED S CONGRES HART PLAZA

COBO CENTER

DETROIT N RIVER 7. OUT OF THE ASHES WE WILL RISE 8. GOLDEN MEAN SYDNEY G. JAMES KELSEY BROOKES

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CLOSING NOTES 60

WE CANNOT WAIT TO SEE SEE TO WE WAIT CANNOT OUR THE POSSIBILITIES FUTURE HOLDS! We have made the choice to be a For More More made the choice to be a For have We Companies, and the Family of Than Profit throughout our results continue to ripple Inspired by peopleand powered community. by purpose, are committed to the places we invite every business to we call home. We focusjoin us in our mission, to on goals beyond profit. 59 [email protected]