Managed Funds PREDEVELOPMENT LOAN FUND CORE CITY STRATEGIC FUND NEW MARKETS TAX CREDIT PROGRAM DETROIT INVESTMENT FUND CHASE INVEST DETROIT FUND SMALL BUSINESS FUND URBAN RETAIL LOAN FUND FIRST STEP FUND DETROIT INNOVATE FUND
Where we were 3
Today 4
Book Cadillac slide 5
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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 Cost 1,200 SF 15 Jobs Created $573K Total Cost 2,534 SF 20 Jobs Created Atomic Chicken 6500 Woodward New Center Grey Ghost Restaurant 3100 Woodward - Midtown Small Business Retail
City Of Detroit = HUGE
7.2 Square Miles
WOODWARD CORRIDOR INVESTMENT STRATEGY
Capitol Park District 1 Park Avenue David Whitney Total Investment: $94M State Investment: $11.25M Total Retail: 10,800sf Total Office Other: 125,000 1249 Griswold Farwell Building Total Investment: $46.1M State Investment: $4.4M Total Retail: 19,000sf Total Office Other: 0 1145 Griswold Capitol Park Building Total Investment: $23M State Investment: $3.16M Total Retail: 14,500sf Total Office Other: 9,000sf Capitol Park Grand Circus Park Campus Martius 1528 Woodward United Foundation Total Investment: $10.2M State Investment: $375K Total Retail: 0 Total Office Other: 38,000sf 1520 Woodward Lane Bryant Total Investment: $10.2M State Investment: $375K Total Retail: 0 Total Office Other: 43,000sf 1413 Woodward Valpey Building Total Investment: $12M State Investment: $374K Total Retail: 10,460sf Total Office Other: 0 1212 Griswold Chamber of Commerce Total Investment: $35.4M State Investment: $4.05M Total Retail: 1,750sf Total Office Other: 46,000sf Phase I Development Summary Total Investment: $230.9M 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 Whitney Building David 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
TRANSL ATING SUCCESS TO THE NEIGHBORHOODS Building for the Future Upon Areas of Strength
DATA-DRIVEN PROCESS LEADS TO
MICRODISTRICT STRATEGY Livernois McNichols West Village Southwes t 3 Initial Target Neighborhoods 8-12 Blocks Each 3-5 Projects in Each 5+ Year Commitment
Lev` EX AMPLE: 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 2 8 9 6 3 REAL ESTATE SUMMARY 1 The Coe (mixed-use residential) 8 townhomes, 4 apartments, 2 small retail; developing Detroit talent (Cliff Brown) 2 Kercheval-Van Dyke - ~80 apartments, 10k SF retail 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) 1 3 PUBLIC GOOD INFRASTRUCTURE SUMMARY 6 Kercheval/Parker Park 7 Detroit Bike Share station 8 Project Greenlight (Agnes & Kercheval) 9 Green Alley Improvements 4 5 8 7 Detroit Strategic Neighborhood Initiative PRIORITY DEVELOPMENT SITES FUTURE DEVELOPMENT SITES PEDESTRIAN STREET LAMP SYSTEM BLUE-GREEN ALLEY IMPROVEMENTS MOBILITY INTERVENTIONS VAN DYKE BIKE LANE TO JEFFERSON RECENT INVESTMENT SITES INNOVATION OPEN SPACE SITES
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