Northwest Wayne News

The Detroit Economic Growth Corporation (DEGC) has been awarded $14.5 million by the Michigan Economic Development Corporation (MEDC) through the Revitalization and Placemaking (RAP) 2.0 program. The grant will provide crucial gap financing to support five major mixed-use development projects in downtown Detroit and key neighborhood commercial corridors. Projects include the renovation of the long-vacant Jefferson School in Midtown into commercial space and 551 new residential units downtown and in neighborhoods.

At a press conference held at the Jefferson Intermediate School, one of the mixed-use projects that will receive funding, Mayor Mike Duggan, DEGC Chief Operating Officer and Executive Vice President Kenyetta Hairston-Bridges, and other city officials celebrated the investments that will drive growth in the city.

DEGC Chief Operating Officer Kenyetta Hairston-Bridges highlighted the importance of the RAP grant in uplifting Detroit neighborhoods through impactful housing, jobs, and services. Mayor Duggan expressed his gratitude to the MEDC and DEGC for the generous grant, stating that each of the projects will transform long-vacant buildings into vibrant neighborhood and commercial corridor anchors.

The five projects, totaling over $255 million in investment, will add density in impact areas through a combination of commercial space, market-rate housing, and workforce housing. The majority of the Detroit-based projects receiving grant funding are led by African American developers.

The projects recommended for funding through the RAP program include:

1. Broadway Lofts: The development will convert three buildings into a mixed-use property with 80 residential units and ground-floor retail space. Led by Roger Basmajian, the project will feature mainly studio and one-bedroom apartments, with at least 20% offered at affordable rates. The project will receive $4.275 million in RAP grant funding.

2. Fisher 21 Lofts: The project will convert a 600,000-square-foot building into 433 residential units with a mix of studios, one-bedrooms, and two-bedrooms, plus retail and co-working space. Led by developers Gregory Jackson and Richard Hosey, the development will include 63 units of income-restricted affordable housing. The project will receive $4.750 million in RAP grant funding.

3. The Arthur Murray Building: The historical building will be converted into 32 residential apartments with ground-floor retail space. Led by developer Emery Matthews, the project will receive $2.128 million in RAP grant funding.

4. Jefferson Intermediate School: The school will be renovated into a multi-tenant office and innovation/co-working space. The project, which will serve as the new headquarters for Invest Detroit, will receive $1.425 million in RAP grant funding.

5. The Deco: The vacant commercial building will be renovated into six new rental apartments and a ground-floor restaurant. Led by developers Brandon Hodges and Damon Dickerson, the project will receive $1.197 million in RAP grant funding.

Marcia Ventura, Senior Vice President of Lending for Invest Detroit, expressed gratitude for the DEGC's support in the renovation of Jefferson School. She emphasized the importance of redevelopment and repurposing abandoned buildings to benefit neighborhoods and ensure inclusivity.

The DEGC and City of Detroit are focused on expanding participation in the real estate development field, where Black professionals have been significantly underrepresented. The majority of the Detroit-based projects receiving grant funding are led by African American developers.

The RAP 2.0 program, administered by the MEDC, aims to provide access to real estate and place-based infrastructure development gap financing. The program has allocated a total of $99.2 million in grant funding for projects across Michigan's prosperity regions. The DEGC will administer the projects in partnership with the City of Detroit's Housing and Revitalization Department, Mayor's Office Jobs and Economy Team (JET), and the City's Grants Management Office.

The grants provided by the MEDC through the RAP 2.0 program will play a crucial role in advancing the inclusive growth and revitalization of Detroit's neighborhoods. The projects supported by these grants will not only bring new investment and jobs to the city but also honor its history and create opportunities for existing residents.

For additional details, please follow this link: https://detroitmi.gov/news/mayor-degc-announce-145-million-grants-move-five-key-neighborhood-developments-forward