25 years of
PartneringLearningCollaboratingFundingAdaptingCatalyzingGrowingInvestingLoving Detroit
In 2020, Invest Detroit celebrated 25 years of commitment to sparking economic growth in Detroit.
It has been a journey of relationship-building, learning, refining, and expanding our team, our work, and our impact. From Downtown and the surrounding area to 10 neighborhoods across the city, the key to these 25 years has been partnership—working with other investors, developers, small business owners, and entrepreneurs from all backgrounds; our philanthropic and corporate community; and government agencies. Together, we have learned how to bring each other’s strengths to each project to ensure that these opportunities are not only successful, but inclusive, equitable, and supportive of the residents who call our city home.
Last year was a challenging year for all of us, and this spirit of partnership at the heart of our mission has never more important. As we look forward to a new year with hope and optimism, we believe it is also important to reflect on our past and remember the projects and people that have helped form a strong foundation from which to build. Now moving into a phase of recovery, we still have our eyes on growth.
And with the support of our partners and community over these past 25 years, we know we can’t fail.
About Invest Detroit
A Stronger Detroit through
4 Areas of Focus
Real Estate
Our real estate program supports both new construction and renovation projects and encompasses our Strategic Neighborhood Fund (SNF) investment. While we continue to support projects in the Greater Downtown, it is through SNF that we expand our tools to mixed-use buildings in neighborhood catalytic commercial corridors. We support both large projects led by experienced developers that will bring affordable housing to a neighborhood, as well as projects led by emerging, local developers looking to build their portfolio—helping to ensure equitable opportunity for neighborhood development.
Small Business
Invest Detroit’s small business program is committed to supporting both new and existing locally-owned businesses with loans that support operational and property needs. Our small business team is deeply embedded in Detroit’s small business ecosystem and dedicates an enormous number of hours each year to provide ongoing technical assistance to help our small business owners refine their plans and achieve their business goals.
Commercial & Industrial
Invest Detroit’s Commercial and Industrial program supports larger businesses with the potential to provide a significant number of jobs for Detroit residents. We continue to work with the City of Detroit, Detroit Economic Growth Corporation, and other partners to a create a strategy to better attract these large job-creators.
Venture Investments
ID Ventures scales promising early-stage ventures into thriving companies that help support the state’s economy, provide jobs to local talent, and bolster Michigan’s growing startup community.
Working Together to Achieve
4 Primary Goals
Strengthen Neighborhoods
Our neighborhoods approach focuses our lending tools, relationships, and expertise on targeted neighborhood locations that will catalyze and inspire further growth in surrounding areas. We work with residents to identify priorities and developers who are community-minded. Partnering with the City of Detroit, neighborhood leaders and associations, among others, we are working to bring proven tools into ten targeted neighborhoods through the Strategic Neighborhood Fund.
Increase Density
Increasing the population of Detroit by attracting and retaining residents means less vacant buildings, safer neighborhoods, and a stronger local economy. We prioritize mixed-use projects that provide affordable housing so that residents at all income levels have a place to call home.
Grow Job Opportunities
Supporting businesses over a range of sectors helps to create a wide range of opportunities for Detroit residents at all stages of their education or career paths. Local businesses can provide jobs to residents without cars, cut down on commute times for busy parents, promote walkable neighborhoods, and improve the local economy. Our programs work together to support local entrepreneurs who are creating new jobs or retaining existing jobs within the city.
Support Inclusivity
Equitable access is a thread that runs through all of our programs and goals. Our vision is a Detroit for everyone with multi-ethnic and mixed-income neighborhoods where all residents feel safe and welcome and have access to resources and opportunities. Through our real estate work we ensure that we maintain percentages of affordable units in multi-family housing, and we work to identify and support developers of color. In our small business and venture investment work, we actively seek out entrepreneurs that are persons of color, immigrants, female, or Detroit residents.
Impact Numbers
Key Metrics (since inception)
$439,632,386
Dollars deployed
* 2020 Deployment total includes COVID Relief efforts and Strategic Neighborhood Fund program funding
Investment
$2,894,601,873
Dollars Leveraged
749
Projects, businesses, and companies supported
Business
6,068,507
Total square footage of commercial and retail spaces developed
Housing
5,070
Housing units created
836
Affordable housing units created
Employment
12,848
Jobs created or retained
Through the Years
From a single fund to a dynamic organization with numerous proven strategies and programs, follow Invest Detroit’s evolution through some of the projects, milestones, and key partnerships along our 25-year history.
25th Year
2020
- MilestoneIn response to the crisis caused by COVID-19, Invest Detroit launches vital support tools—all while working from home.
- MilestoneWith support from the New Economy Initiative, the Property Owners Rental Relief Fund is created to offer grants to Detroit property owners giving rent relief concessions to small business tenants.
- MilestoneWith support from the Michigan Economic Development Corporation and the New Economy Initiative, the Tech Startup Stabilization Fund is launched to provide critical capital to Michigan startups impacted by COVID.
- MilestoneWith support from the New Economy Initiative and Comerica Bank, Invest Detroit offers loan payment relief for borrowers impacted by COVID shutdown.
- PartnershipInvest Detroit joins Detroit Means Business, a coalition of public, private, and philanthropic partners quickly created to connect small businesses to short- and long-term resources.
24th Year
2019
- MilestoneID Ventures team launches $40M campaign to turn the First Capital Fund into a sustainable source of early-stage capital.
- Project / BusinessFinancing provided to Akunna Olumba and Marcus Jones of Legacy City Group to renovate a vacant commercial space in the Livernois-McNichols neighborhood to open the Detroit Pizza Bar—a restaurant that will hire and train local residents for food-service careers and support local farmers.
- MilestoneID Ventures’ Accelerate Michigan Innovation Competition (AMIC) celebrates its 10th anniversary. AMIC is a startup pitch competition that showcases Michigan companies and provides up to $1 million in prizes annually.
23rd Year
2018
- MilestoneWith generous support from philanthropic and corporate partners, the Strategic Neighborhood Fund announces its expansion from three to 10 neighborhoods across Detroit.
- MilestoneID Venture reaches 100 funded startups in its portfolio of companies
- Project/BusinessInvest Detroit provides financing to developer Matt Hessler to renovate the historic B. Siegel Co. building, a once popular women’s clothing store in the 50s and 60s, at the corner of 7-Mile Road and Livernois—a neighborhood targeted for Strategic Neighborhood Fund investment. This mixed-use project will create 10 residential units and 19,000 square feet of ground floor commercial space creating over 30 new jobs.
22nd Year
2017
- MilestoneInvest Detroit receives its first Aeris rating—a system that assesses CDFI impact, strength, and performance. Invest Detroit’s three-star double-A rating is one of the highest scores awarded for a CDFI of its size.
- Project/BusinessThe Strategic Neighborhood Fund’s first project, The Coe at West Village, is completed in the Islandview/Greater Villages neighborhood. Cliff Brown of Woodborn Partners developed this mixed-use project that supported the creation of a commercial corridor in the area while providing mixed-income housing options.
- Project/BusinessWith financing from Invest Detroit, the Roxbury Group completes the Kamper and Stevens Apartments, preserving and improving one of the last remaining senior affordable housing projects in Detroit’s central business district.
- MilestoneWith support from the Michigan Economic Development Corporation and the New Economy Initiative, ID Ventures launches the First Capital Fund dedicated to providing early-stage funding for Michigan startups with high-growth potential.
- Project/BusinessThe Means Group and the Roxbury Group receive Invest Detroit financing to support the renovation of the Metropolitan Building into a new hotel. Vacant since 1979, and know by many for the full-size tree growng on its roof, the Metropolitan was one of the last historic vacant building downtown to be saved from demotion.
- Project/BusinessThe small business team supports Norma G’s, a Caribbean restaurant in the Jefferson Chalmers neighborhood, helping to spark activity along the East Jefferson corridor.
21st Year
2016
- MilestoneWith support from the local philanthropic community, Invest Detroit and the City of Detroit launch the Strategic Neighborhood Fund in three Detroit neighborhoods. This first iteration of the fund piloted methods and targeted investments to support vibrant Detroit neighborhoods.
- Project/BusinessID Ventures portfolio company Gemphire becomes its first startup to transition from a private to public company through an Initial Public Offering (IPO).
- Project/BusinessThrough a resident engagement and planning process as part of the Strategic Neighborhood Fund work, The Murray was identified as a priority for neighborhood residents. Invest Detroit is working with Emery Matthews to turn this 20-year abandoned building into 12 apartments, three of which will be affordable at 60% of the area median income.
19th Year
2014
- PartnershipAs part of JPMorgan Chase’s long-term commitment to Detroit, Invest Detroit creates the Chase Invest Detroit Fund (CIDF), greatly advancing our work in financing catalytic real estate projects and commercial and industrial efforts. This funding helps support projects like the expansion of Global Titanium, a manufacturing company providing hundreds of local jobs.
- PartnershipGoldman Sachs and the W.K. Kellogg Foundation support the expansion of Invest Detroit’s small business lending and support tools.
- MilestoneID Ventures launches the Hacker Fellows Program that supports the career efforts of emerging tech talent by offering paid fellowships and internships with Michigan startups.
- PartnershipLocal Community Development Financial Institutions (CDFI’s) create the Detroit CDFI Coalition to increase collaboration and create shared and focused strategies.
- Project/BusinessThrough the Core City Strategic Fund, Invest Detroit works with Midtown Detroit Inc. to finance the new Woodward Willis, a mixed-use building that created commercial and office spaces bringing 37 jobs and up to 100 full-time positions, all while activating a vacant, blighted space. This would become the home of our venture investment team ID Ventures.
- Project/BusinessFunding provided for the M-1 RAIL / QLINE, an integral component of the Transit Oriented Development strategy created and supported by community partners, was provided with $18.4M in New Markets Tax Credit (NMTC) allocation. Invest Detroit is also instrumental in attracting additional NMTC allocations totaling $25M to support this catalytic transit project and driving $7B in new investment in the City.
18th Year
2013
- PartnershipInvest Detroit creates the Core City Strategic Fund to support projects informed by the Transit Oriented Development plan focused on increasing activity and density along the Woodward Corridor. The creation of this fund signals a commitment to the partnership approach of this highly collaborative effort to focus efforts across organizations on specific geographies. This approach will be the seed of the Strategic Neighborhood Fund.
- Project / BusinessContinuing the momentum of job and restaurant creation to further catalyze activity in Midtown, Invest Detroit finances Spanish tapas restaurant La Feria. The business, owned by a Detroit resident, won the Hatch 2012 contest and brought 18 new jobs to the neighborhood. It was one of the earliest full service establishments in the neighborhood.
- Project / BusinessFunding approved for the David Whitney, a major gateway to Detroit’s central business district and vacant since the early 1990’s. Its importance to the area was demonstrated by the State Legislature’s approval in December 2010 of enhanced State Historic Tax Credits for the Capitol Park district, supported by the Mayor of Detroit, the Governor, and legislators from around the state. The redevelopment represented a significant step forward in the larger planned development called the West District Reinvestment Strategy, a partnership with Invest Detroit, Detroit Economic Growth Corporation (DEGC) and Downtown Detroit Partnership (DDP) that focused on targeted geography and a collaborative approach to leverage additional investment in the area.
17th Year
2012
- Project/BusinessWith assistance from New Markets Tax Credits, Invest Detroit supports the Gateway Marketplace on 8-mile Road, bringing national grocery chain Meijer and other retailers into Detroit, creating hundreds of jobs and ensuring that residents can shop locally instead of relying on suburban retailers.
- Project/BusinessThrough the Urban Retail Loan Fund, Invest Detroit finances vegetarian restaurant Seva Detroit to continue the collective work in catalyzing the Midtown neighborhood.
16th Year
2011
- MilestoneInvest Detroit becomes a Community Development Financial Institution (CDFI)—financial organizations that are committed to lending to projects that benefit low-income communities.
- Project/BusinessFinancing is provided to expand the CHASS Health Care Facility to provide accessible, affordable primary healthcare for underserved residents in Southwest Detroit. Using New Market Tax Credits, the project triples the facility’s patient capacity, created 86 new jobs, and helped retain 58 jobs.
- Project/BusinessPartnering with Midtown Detroit Inc. and the Roxbury Group, Invest Detroit funds and co-develops the Auburn – a mixed-use building that created new affordable housing and a retail hub in Midtown Detroit.
- PartnershipThe Transit Oriented Development strategy is published. Its objectives are to focus development (including the work of Invest Detroit) to catalyze activity down the Woodward Corridor and to provide infrastructure that connects the districts through the Woodward Light Rail.
15th Year
2010
- MilestoneInvest Detroit Foundation is created to further expand the organization’s ability to partner with the philanthropic community in a shared mission of igniting economic growth in Detroit.
- MilestoneWith support from the New Economy Initiative, Invest Detroit creates its venture capital program (now known as ID Ventures) with the launch of the First Step Fund.
- Project/BusinessContinuing the momentum for partnership and focused investment generated by the Super Bowl, Invest Detroit purchases 1145 Griswold, while partners purchase other neighboring vacant buildings. Together they redevelop these buildings and reactivate Capitol Park, transforming this vacant downtown area into a livable space while preserving the structures.
- Project/BusinessInvest Detroit uses the New Markets Tax Credit program to finance renovation of the historic Broderick Tower, which was the third tallest abandoned building in the U.S. at the time of funding. As a gateway building into Downtown, this essential redevelopment project created 125 new apartments and interconnected with other critical Downtown developments and initiatives, including the Downtown Detroit Partnership’s Downtown strategy and the M-1 Rail project.
14th Year
2009
- MilestoneInvest Detroit is awarded its first New Markets Tax Credit allocation of $40M—a federal program that attracts private investment to job-creating projects in distressed communities. The program will be instrumental in filling gaps in catalytic projects and breaking the cycle of disinvestment in Detroit.
- MilestoneWith funding from the Detroit Investment Fund and support from the Michigan Economic Development Corporation, Invest Detroit starts a new small business lending program to support new and existing small businesses. Over the next few years, the Urban Retail Loan Fund will grow with support from partners like Hudson Webber Foundation, W.K. Kellogg Foundation, the Kresge Foundation, and JPMorgan Chase.
- Project / BusinessIn partnership with Midtown Detroit, Inc., financing was approved to support the redevelopment of the Forest Arms, an historic, four-story building near Wayne State University that was destroyed by fire the previous year and targeted for demolition. The project created 70 residential units and one commercial space and restored a key residential property to productive use.
13th Year
2008
- MilestoneAs the organization expands its tools and funding sources, Invest Detroit is formed to house the Detroit Investment Fund. It successfully applies to become a Community Development Entity (CDE), paving the way for access to federal funds that benefit low-income communities, such as the New Markets Tax Credit Program
10th Year
2005
- PartnershipMotivated by the opportunity to host the 2006 Super Bowl in Detroit, coordinated efforts begin across public, private, and philanthropic partnerships to create lasting, sustainable improvements to the Downtown area, the city’s economic core.
- PartnershipThe Detroit Economic Growth Corporation and the Downtown Detroit Partnership begin to develop a new strategy that focuses partners, including Invest Detroit, on greater collaboration and partnership along the Woodward Corridor. The strategy will develop over time and be known as the Transit Oriented Development (TOD).
- Project/BusinessInvest Detroit provides financing to construct One Kennedy Square, a new landmark office building that helped complete the revitalization of the historic Campus Martius Park area.
8th Year
2003
- MilestoneMatt Cullen becomes board chair and encourages the organization to think bigger for larger, more focused impact. Partnership becomes a key value to the work.
- Project/BusinessThe Ferlito Group receives financing to renovate the Kales Building, serving as a catalyst for redevelopment at Grand Circus Park and creating more new residential units downtown.
6th Year
2001
- MilestoneDave Blaszkiewicz is hired as CEO and remains in that position today. Together with then Board Chair Roger Penske and Vice Chair Chip Miller, they rethink the Fund’s strategy to focus more on making projects bankable by bridging financial gaps.
- Project/BusinessFinancing is provided to the Graimark mixed-use project, also known as the shops at Jefferson Village, that bring a much-needed grocery store and other retail to the neighborhood, along with surrounding single-family homes.
3rd Year
1997
- MilestonePeter Weipert becomes president of the Detroit Investment Fund and begins to focus more on real estate projects, including the Inn on Ferry Street that converted historic Victorian homes into a thriving bed and breakfast near the Detroit Institute of Arts.
2nd Year
1996
- Project/BusinessThe Detroit Investment Fund supports its first high-risk projects. The initial focus was on existing companies throughout the city that could grow to create more jobs for Detroiters—companies like Stroh’s Ice Cream which was expanding their Detroit facility at the time and is now home to the Whiskey Factory.
1st Year
1995
- MilestoneThe seed of Invest Detroit is planted when member companies of Detroit Renaissance, Inc., now Business Leaders for Michigan, create the Detroit Investment Fund (DIF)—a $52M fund to create jobs, promote business expansion or relocation to Detroit, and increase the city’s population.
- MilestoneJerry Halperin is hired as president to manage the fund and Karen Harris (pictured here with Vice Chair Chip Miller) to setup and create the office. Karen would be with the organization for 23 years and came back to help create this timeline.
As we expand our tools to help support the short-term economic recovery of our small businesses and startups, we continue to maintain our focus on long-term growth and program strategies that support sustainability.
Our four lines of business—real estate, small business, commercial and industrial, and venture investment—have proven to be an effective group of tools that support catalytic growth, as well as job creation and increased density. Our goal in the coming years is to further expand our work to identify and fill critical gaps in support, to increase equitable opportunity in Detroit’s growth, and to influence public policy in support of these efforts.
Invest Detroit is built on a history of learning, adapting, and collaborating, and it is this spirit that will also drive our future.
