Managed Funds
PREDEVELOPMENT NEW CHASE URBAN DETROIT LOAN FUND MARKETS INVEST DETROIT RETAIL INNOVATE TAX CREDIT FUND LOAN FUND FUND PROGRAM CORE CITY DETROIT SMALL BUSINESS FIRST STEP STRATEGIC INVESTMENT FUND FUND FUND FUND Where we were…
3 Today…
4 Book Cadillac slide
5 6 7 Woodward & Willis
$7.6M Project Cost 28,800 SF Office 2,500 SF Retail
Invest Detroit: Impact on Physical Environment Sakthi Automotive Group • Manufacturing
$30.8M in capital improvements
Will create at least 350 new jobs over the next four years
Hiring two paroled Michiganders per month over the next two years
Constructing 100,000+ SF casting facility in the same area to move the casting operations from China to Detroit
Commercial & Industrial Commercial/Manufacturing - New Center Stamping
Invest Detroit: Impact on Physical Environment Walker ● Miller
63 Jobs created or retained
Minority-owned, woman-owned, prime contractor energy services company
Small Business
9,100 SF
40 Jobs Created or Retained
The Iconic Building Cass Avenue - Midtown 8° Plato In the Iconic
$123K Total $573K Total Cost Cost 2,534 SF 1,200 SF 20 Jobs 15 Jobs Created Created
Atomic Chicken Grey Ghost Restaurant 6500 Woodward – New Center 3100 Woodward - Midtown
Small Business • Retail City Of Detroit = HUGE 7.2 Square Miles
WOODWARD CORRIDOR INVESTMENT STRATEGY
Capitol Park District 1528 Woodward ‘United Foundation’ Total Investment: $10.2M State Investment: $375K Total Retail: 0 Grand Circus Total Office | Other: 38,000sf Park 1 Park Avenue 1520 Woodward ‘David Whitney’ ‘Lane Bryant’ Total Investment: $94M Total Investment: $10.2M State Investment: $11.25M State Investment: $375K Total Retail: 10,800sf Total Retail: 0 Total Office | Other: 125,000 Total Office | Other: 43,000sf
1249 Griswold 1413 Woodward ‘Farwell Building’ ‘Valpey Building’ Total Investment: $46.1M Total Investment: $12M State Investment: $4.4M State Investment: $374K Total Retail: 19,000sf Total Retail: 10,460sf Total Office | Other: 0 Total Office | Other: 0
1145 Griswold Capitol 1212 Griswold ‘Capitol Park Building’ Park ‘Chamber of Commerce’ Total Investment: $23M Total Investment: $35.4M State Investment: $3.16M State Investment: $4.05M Total Retail: 14,500sf Total Retail: 1,750sf Total Office | Other: 9,000sf Total Office | Other: 46,000sf Phase I Development Summary Campus Total Investment: $230.9M Martius Total State Support*: $24M Total Residential: 349 units Total Retail: 56,510 sf Office | Other 261,000 sf West District, Downtown Detroit
State of Michigan, City of Detroit, DDA, Invest Detroit, Wayne County Karp + Associates, Roxbury Group, Schostak Bros., Rock Ventures Capitol Park District The David WhitneyDavid Building Whitney Building
$82M Project 75 Jobs Boutique Hotel 106 Housing Units 7,240 SF Retail 164,757 SF Comm
Invest Detroit: Impact on Physical Environment MIThrive Impact • Enhanced TIF - Signed by Governor in June • Two Tiers – Large Scale Transformational Brownfield Projects ($500M to qualify) – Smaller Brownfield Projects that Meet Objectives • Transformational Neighborhood Projects • Transformational Historic Revitalization Projects – State Can Approve 5 Projects in each Tier Each Year – Each City Can Have up to 5 Projects Under Each Tier Over the Next 5 Years
Invest Detroit: Impact on Physical Environment BEDROCK PROPERTIES
Brush Park
Arena Lofts Under Construction - 153 Units
Construction will begin this year… 80 Units United Artist 148 Units – Late 2017
The Eddystone
96 Units Begins 2018 Alhambra
46 Units – Built in 1899 – Construction 2018
The American
163 Units
Begins 2018 The Platform WOODWARD CORRIDOR INVESTMENT STRATEGY
TRANSLATING SUCCESS TO THE NEIGHBORHOODS
Building for the Future Upon Areas of Strength DATA-DRIVEN PROCESS LEADS TO… MICRODISTRICT STRATEGY
Livernois McNichols West Village
3 Initial Target Neighborhoods 8-12 Blocks Each Southwes 3-5 Projects in Each t 5+ Year Commitment Lev`
EXAMPLE: West Village Microdistrict
Strategic Neighborhood Fund MOMENTUM: WV MICRODISTRICT CONTEXT
MICRODISTRICT FOCUS AREA INDIAN VILLAGE
PHASE II
Strategic Neighborhood Fund MICRODISTRICT DATA PROFILE: RESIDENTIAL MIX
Enhance the Variety of Residential Options by Increasing Density
Source: Motor City Mapping Strategic Neighborhood Fund VAN DYKE & AGNES: MICRODISTRICT FOCUS AREA
Safety & Security Home Reinvestment Façade Improvements Open Space Utility Upgrades Mixed Use Development
Prioritize Opportunities for Stacking Public and Private Investment
Strategic Neighborhood Fund Strategic Neighborhood Initiative: West Village REAL ESTATE SUMMARY 1 – The Coe (mixed-use residential) – 8 6 townhomes, 4 apartments, 2 small retail; 3 developing Detroit talent (Cliff Brown) 2 8 2 – Kercheval-Van Dyke - ~80 apartments, 10k SF retail 9 3 – DeCamp-Priester – mixed-use rehab of three homes, 3 retail, 3 residential 4 – St. Charles – 30 apts, 8 townhomes 5 – 1400 Van Dyke (real estate and Live Cycle Delight)
PUBLIC GOOD INFRASTRUCTURE SUMMARY 6 – Kercheval/Parker Park 3 7 – Detroit Bike Share station 8 – Project Greenlight (Agnes & Kercheval) 9 – Green Alley Improvements 1
PRIORITY DEVELOPMENT SITES FUTURE DEVELOPMENT SITES 5 PEDESTRIAN STREET LAMP SYSTEM 8 7 BLUE-GREEN ALLEY IMPROVEMENTS MOBILITY INTERVENTIONS 4 VAN DYKE BIKE LANE TO JEFFERSON RECENT INVESTMENT SITES INNOVATION OPEN SPACE SITES Detroit Strategic Neighborhood Initiative MICROSTRATEGY: COE/VAN DYKE PROJECT SCENARIOS
Ownership: Village Homes, LLC
Strategy & Action: Land Acquisition & Assembly Deal Structure with Partners Capital Stack Community Engagement Design & Documentation New Mixed Use Development
Detroit Neighborhood Capital Investment Strategy MICROSTRATEGY: COE/VAN DYKE PROJECT SCENARIOS
New Rowhouse Development Ownership: Village Homes, LLC
Strategy & Action: Land Acquisition & Assembly Deal Structure with Partners Capital Stack Community Engagement Design & Documentation New Mixed Use Development
Detroit Neighborhood Capital Investment Strategy Original Concept:
48 Developer: Woodborn Associates (Cliff Brown) Architect: Christian- Hurttienne Architects Builder: Broder-Sachse
View: looking northeast from Van Dyke
View: looking southeast from Van Dyke
CURRENT DESIGN:
The Coe 8 Townhomes 4 Apartments (3 affordable) 2 Independent Retail 49