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Detroit has a strong core of residents and a history of perseverance. The people of Detroit, make Detroit an exciting place for investment and growth. Within the 139 square miles, there are plenty of opportunities and reasons why you should contribute to the development of Greater Downtown, neighborhoods and within industrial areas.
Growth in Detroit’s Greater Downtown is fueled by investments in commercial and residential developments.
In 2011, the City of Detroit and partners published a Woodward Avenue transit-oriented development (TOD) plan. This analysis served as the impetus for Invest Detroit and partners to invest in catalytic projects in greater downtown. Future developments spurred from this report into the Midtown / Cass Corridor area of Greater Downtown Detroit.
$7.0 B in new real estate developments since 2013 As result, several mixed-use residential projects came online such as: Third and Grand, The Strathmore, The Broderick and The David Whitney building. In addition, the development of the Q-line - a 3.3 mile light rail along the Woodward Corridor opened, which has supported retail demand for both national and local retailers. This real estate boom supported the increase in market rates and in market demand which decreased the real estate gap and helped make real estate development possible with more traditional financing.
14 M+ visitors to regional cultural attractions in 2016Today Greater Downtown Detroit continues to thrive economically with $7B in new real estate developments announced since 2013. This momentum and excitement has attracted 4,200+ hotel rooms, 352 retailers and 378 restaurants to the greater downtown area. Every weekday attracts 150,000 employees to the Central Business District and annually over 14 million visitors flock to the region. Greater Downtown is also home to all four professional sports teams: Detroit Lions, Tigers, Pistons and Red Wings - which bring in an influx of visitors and Detroit residents to this area of the city year-round.
The abundant opportunities and density make the Greater Downtown area ripe for real estate investment.
To learn more about Detroit Greater Downtown, check out:
If the downtown area is the city’s heart, the neighborhoods are Detroit’s soul. With over 680,000 residents total, the neighborhoods are where the majority of Detroiters call home and where small businesses thrive.
The momentum for development has increased in recent years, with new developments starting to take place in the neighborhoods.
In 2014, the City of Detroit and Invest Detroit identified three neighborhoods to pilot the investment model and learnings from the Greater Downtown area development strategy into the neighborhoods. These three neighborhoods were identified through a data-driven approach and through community engagement. The three pilot neighborhoods are: Islandview/Greater Villages, Vernor/Southwest, and Livernois-McNichols.
Neighborhood Planning Studies consist of a series of community engagement meetings - led by the City of Detroit’s Planning & Development Department as well as partner agencies. These engagements resulted in a set of recommendations for mixed-use / commercial development, park / greenspace design, streetscape improvements and more depending on the neighborhood.
Outside of the Strategic Neighborhood Fund, there are plenty of options for development across the city, especially with city-owned property. The Detroit Land Bank Authority has vacant single family homes ready for purchase for rehabilitation and the Detroit Building Authority has vacant commercial property and lots for development as well.
The Strategic Neighborhood Fund of $30M is meant to fund the implementation of these efforts, some you can already see today.
Initial investments include:
In 2018, Mayor Duggan announced the second phase of the Strategic Neighborhood Fund which will expand the investments and planning processes to seven more neighborhoods.
To learn more about Neighborhood revitalization, check out:
As the birthplace of the auto industry, Detroit has been synonymous with manufacturing for decades. From Henry Ford and the Model T to the development of autonomous vehicles, Detroit has led the world in transportation innovation for over a century. There is nowhere else on the planet with the same ecosystem of technical skill, design talent, and manufacturing scale. With all three major domestic US auto OEMs headquartered here, hundreds of suppliers, the largest engineering workforce in the nation, and 12 major auto assembly plants located within the metro Detroit area, Detroit has an unmatched capability to manufacture and innovate.
As manufacturing has evolved into a high-skilled, high tech, just-in-time set of processes, Detroit has seen manufacturing, logistics, and warehousing return directly to the city due to its proximity to the major auto assembly plants that require just-in-time parts delivery. Over the past three years, multiple Tier I auto suppliers including Flex-N-Gate, ArcelorMittal Tailored Blanks, and Sakthi have either opened or begun construction on new supplier manufacturing facilities inside the city. These facilities will collectively employ over 1,000 people and represent in excess of $200 million in investment.
More broadly speaking, the Detroit area is home to the greatest concentration of advanced manufacturing establishments in the U.S., with nearly 2,500 in and around the city. There are also over 15,000 industrial robots, 3x more than any other metro area.
The city’s advanced manufacturing companies generate approximately $60 billion in annual revenue and employ roughly 350,000 people. Job growth in this sector outpaces the national average by 5% annually.
In addition to manufacturing scale, Detroit is the largest hub for engineering talent in the nation. The metro Detroit area talent pipeline is fed by some of the nation’s premier research universities including the University of Michigan, Michigan State University, and Wayne State University. Detroit also has 60+ workforce development/ training programs designed to help accelerate entry into the workforce.
Situated on the US-Canada border, Detroit’s international access provides unprecedented accessibility. The city is a central hub for access to the US and Canada and is located within 500 miles of half the US and Canada population. Detroit’s land, sea, and air infrastructure provides efficient and reliable access to global destinations, supply chains, and end customers.
Examples of recent industrial developments include: