Dan Gilbert has spent well over $3 billion on buildings in the Motor City the past several years, with bigger plans ahead.
That from Matt Cullen principal of Gilbert’s Rock Ventures who appeared with Carol Cain, senior producer and host of CBS Channel 62’s “Michigan Matters,” who talked about the game plan.
Matt Cullen, principal with Rock Ventures, also offered thoughts on the process involved with pulling the region together on Detroit’s bid for Amazon’s new headquarters. It is among many cities across the nation, including Grand Rapids, that also did the same. A decision from Amazon isn’t expected until 2018.
Then, the roundtable of entrepreneur Marvin Beatty, Arthur Jemison, newly named CEO of Detroit Economic Growth Corp, and Maurice Jones, president and CEO of LISC, joined the conversation to talk about neighborhoods. LISC is a national non-profit, helping communities in Detroit and other cities with housing and economic development in underserved communities.
Jones discussed LISC’s new community investment strategy in Detroit, which includes $75 million to finance thousands of affordable homes, businesses and jobs in underserved neighborhoods. He and Tahirih Ziegler, executive director of Detroit LISC, announced the investment at an event held recently at the Charles H. Wright Museum of African American History. Called the Equitable Impact Investment Fund, the grantmaking doubles LISC’s traditional investing and is expected to leverage more than $225 million in total development activity over the next three years in 10 neighborhoods identified in the city’s development strategy.
Beatty talked about investing in Detroit and how it has been ramped up in recent years, with Meijer and others getting in the mix.
Jemison, who will take over Detroit Economic Growth Corporation in December, is transitioning from his post as the person running Detroit’s Housing Department. He mentioned the importance of housing when it comes to economic development.
Jemison, who will take over Detroit Economic Growth Corp. in December, is transitioning from his post running Detroit’s Housing Department. He mentioned the importance of housing when it comes to economic development.
The conversation also included a robust discussion about what’s ahead in the effort to provide more affordable housing in Detroit.
Jones talked about a new comprehensive map of development in Detroit, which is exclusive to TheHub of Detroit and pinpoints neighborhood and affordable housing development plus more.
Detroit LISC has been collaborating with Jackie Berg, publisher of TheHub of Detroit, to elevate focus on neighborhood developments, specifically pinpointing investments and tracking affordable housing activity on what it calls “The Map.”
That map shows there is far more development taking place in Detroit than there has been in many years.
Editor’s Note: You can hear the conversation by watching “Michigan Matters” 11:30 am Sunday on CBS 62.