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Living and Investing in The DETROIT BUSINESS MAIN 08-11-08 B 49 CDB 8/6/2008 12:58 PM Page 1 www.crainsdetroit.com Vol. 24, No. 32a Fall 2008 www.crainsdetroit.com Living and investing in the FillingD in the gaps ■ Catalysts for ■ Selling ■ New Detroit: mass neighborhood restaurants in transit, urban buying power Midtown, farming Corktown CDBmagazine.qxp 7/16/2008 11:08 AM Page 1 Together, we can change the future. All it takes is working harder — and smarter. Bank of America is proud to support Crain’s House Party for reaching out and making this community a better place for all of us. Visit us at www.bankofamerica.com. Bank of America, N.A. Member FDIC. Equal Housing Lender ~ © 2008 Bank of America Corporation. All rights reserved. SPN-71 DETROIT BUSINESS MAIN 08-11-08 B 1 CDB 8/6/2008 5:44 PM Page 1 Living and Investing intheD Vol. 24, No. 32a ON THE COVER: Table of Contents Counterclockwise from top left: Book Cadillac Mary Kramer building; Justin Mooter, Optimism amid turmoil. Detroit is making progress, Royal Container Inc. but it needs to fill its political leadership gap. Page 2. general manager and downtown renter; RiverWalk; Cindy The Corridors Warner, managing A development report from Woodward, Michigan and Gratiot partner of Northpointe avenues, and Detroit’s Page 8 Food Ventures, parent riverfront: new lofts, company of Zaccaro’s restaurants and collaborative Market. projects. Page 4. ABOUT THIS The Catalysts ISSUE: Tipping-point Detroit initiatives: urban farming, the Living and Investing Dequindre Cut recreation in the D was edited path, new retail and mass by Assistant transit. Page 16. Managing Editor/Focus Jennette Smith. It Block by Block was designed by Graphics Editor A deeper look at specific Nancy Clark. It was neighborhoods, including the copy edited by Copy Entertainment District, Park Chief Gary Piatek and Avenue and new restaurant Copy Editors Vic development in Midtown and Doucette and Mark beyond. Page 33. Whitney. Articles were written by Getting Things Done Crain’s reporters Page 22 Page 16 Nancy Kaffer, Daniel Financing trends, how Duggan, Bill Shea; neighborhoods are coping with the housing slump, editorial interns marketing strategies for rental and for-sale Christiana Schmitz homes and development case studies. and Bernadine Page 39. Extra Stallings; and freelance writers Tom My Detroit A special pullout Andrew, Marti A reporter’s diary of a day shopping in map highlights Benedetti, Midtown and essays from Detroit neighborhood Constance Crump, residents on their vision for the D. buying power. Kevin Koloian, Terry Page 47. The popular party that celebrates Kosdrosky, Bruce Page 16 Mason and Maureen Detroit and offers suburbanites a McDonald. chance to experience a slice of the Photographers were Web Extra D is back for its third act. The Sept. Rebecca Cook, John 18 event, planned in conjunction F. Martin, William www.crainsdetroit.com/livingd with this issue, offers attendees the Pugliano, Christiana opportunity to visit new and renovat- Schmitz and Crain’s ■ More development case studies. ed homes in a variety of neighbor- multimedia reporter hoods, followed by an afterglow par- Nathan Skid. ■ Past mass transit efforts. ty at the MGM Grand Detroit. CRAIN’S DETROIT BUSINESS House visits and cocktail parties ISSN # 0882-1992 is published ■ Employer-assisted housing programs. weekly except for a double issue will be from 5-6:30 p.m. and the af- the second week in August by terglow will run from 7-9:30 p.m. Crain Communications Inc. at ■ More My Detroit personal essays. 1155 Gratiot Ave., Detroit MI Tickets prices are $65 a person 48207-2732. Periodicals postage through Aug. 22 and $80 after that. paid at Detroit, MI and additional ■ Video story: mailing offices. POSTMASTER: The presenting sponsor is the Send address changes to How Zaccaro’s Market, a new Midtown CRAIN’S DETROIT BUSINESS, gourmet market, negotiated the Michigan State Housing Develop- Circulation Department, P.O. Box ment Authority. 07925, Detroit, MI 48207-9732. challenges of opening its doors. And, its GST # 136760444. Printed in business strategy for the future. For more information or to regis- U.S.A. ter, see www.crainsdetroit.com/ Entire contents copyright 2008 Plus: An animated presentation on mass by Crain Communications Inc. All transportation, and Paradise Valley architectural events and click on the House Party rights reserved. Reproduction or renderings. link. use of editorial content in any manner without permission is strictly prohibited. CRAIN’S DETROIT BUSINESS FFALLALL20062008 Page 1 DETROIT BUSINESS MAIN 08-11-08 B 2 CDB 8/6/2008 4:03 PM Page 1 Living and Investing intheD/Mary Kramer Optimism amid turmoil t’s remarkable, really. Despite the polit- ing revenue and population are just two of There are many ical turmoil in Detroit and the econom- them. Despite some strong individual lead- I ic turmoil throughout Southeast Michi- ers on council and the school board, we gan, our reporters found new angles for need more accountability. reasons to love the D this third annual “Living and Investing Elected leaders accountable to resi- in the D” supplement. dents might, for example, start despite its leadership Urban gardens that raise fresh benchmarking the city against produce for city residents. other cities and actually demand A resurgent Eastern Market and that city departments — man- and economic problems a new bike and running path link- agers and employees — improve ing it to the three-mile RiverWalk performance or the services will that’s pulling in bicyclists and be awarded to companies that can. joggers from all over the city It worked miracles in Indianapolis and region. when a mayor there held city work- A cleaner, attractive and ers to that measure. walkable downtown. That’s one reason I hope a pe- A strong plan for private- tition drive to allow voters to ly financed light rail on switch to a ward system for Woodward Avenue. Private “The next big electing council members will business leaders and foun- cross the finish line this month dations are leading that hurdle for Detroit and appear on the November charge. ballot. The growing vitality of is to ignite in the It’s not good enough to com- Midtown and the potential plain about leadership. We of the neighborhood north voting residents have to identify electable can- of I-94 and Wayne State Uni- a passion for didates and persuade them to versity, led by cultural jew- run, and then support them. els like the Detroit Institute change.” As a Detroit resident, I look of Arts, WSU and the Henry forward to the day when candi- Ford Health System. dates without citywide name Detroit is surviving, despite its elected recognition but with strong leadership. community credentials can be elected to But to thrive, and to build a middle represent their slice of Detroit. class, it needs responsible elected leader- Neighborhoods will be stronger with ship. leaders who represent a specific part of the The theme for this year’s supplement is city. It gives a resident a specific person to “Filling in the Gaps.” That’s appropriate call with a beef. in this context: We need more elected The next big hurdle for Detroit is to ig- nite in the voting residents a passion for leaders who view their role as service to change. the residents — not to themselves, their That passion is growing. And if you friends or public employee unions. want to meet some Detroiters who are pas- As the news about corruption and crimi- sionate about their city, make sure you nal investigations swirl around the may- check out our House Party on Sept. 18. We or’s office, City Council and the Detroit have nearly 40 private homeowners lined Public Schools, you might say that it’s a up to open their lofts, condos and historic pretty big gap. homes to Crain’s readers for simultaneous And the developments I listed above — cocktail parties and a downtown after- the real promise of transit, a clean and glow. Come experience why, despite the walkable downtown, a beautiful and ac- political problems, these residents love cessible riverfront — are filling other “living in the D.” gaps. Details are on Page 1, or at www.crainsde- Detroit has plenty of challenges; declin- troit.com/events. Page 2 FALL 2006 FALL 2008 CRAIN’S DETROIT BUSINESS CDBmagazine.qxp 7/30/2008 5:49 PM Page 1 Grinnell Place Lofts Research Lofts Jefferson Village THE DETROIT INVESTMENT FUND AND ITS INVESTOR PARTNERS ARE... MAKING A DIFFERENCE IN Kales Building Global Titanium, Inc. DETROIT! by supporting the creation of over 1,400 jobs, the development of over 962,782 sq. ft. of commercial real estate and 1,807,900 sq. ft. of residential real Carlton Lofts estate. Merchants Row The Detroit Investment Fund provides mezzanine financing for commercial and real estate projects located within the City of Detroit and welcomes the opportunity to discuss your proposal. For a complete list of the Fund's investments and guidelines, please visit our web site at: www.detroitinvestmentfund.com Iodent Building New Center Stamping 600 Renaissance Center • Suite 1710 • Detroit, MI 48243 Phone: 313-259-6368 • Fax: 313-259-6393 • Email: [email protected] DETROIT BUSINESS MAIN 08-11-08 B 4,5 CDB 8/6/2008 4:49 PM Page 1 Living and Investing intheD/The Corridors Drumming for density SIGNS OF HOPE Woodward merchants, Gas prices are squeezing everyone’s budget. For many, that means the tolerance for 60-minute commutes to associations seek more far-flung subdivisions is giving way to serious talk about mass transit, mopeds and short car trips. investment, support It’s also a supporting argument for more urban reinvestment.
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