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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 .
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