A big investment from Chase will go toward revitalization of three Detroit neighborhoods. JP Morgan Chase announced the $5 million commitment that will go toward an overall $30 million initiative over the next five years.
The Detroit Strategic Neighborhoods Initiative is a collaboration between Invest Detroit, the Detroit Development Fund, and the Opportunity Resource Fund. The five-year, $30 million plan is targeting West Village, Southwest, and the Livernois/McNichols (Live6) area. The $4 million Reimagining the Civic Commons grant is part of that $30 million plan.
These neighborhoods were chosen because they’re seen as a "tipping point" of revitalization. The fund will work on 12 projects, four in each neighborhood, focusing on real estate, jobs, and improving infrastructure. We’ve talked about the idea of 20-minute neighborhoods, and this initiative is looking to do just that. This fund will help investment in multi-unit residential, small businesses, and public spaces to create more density and vibrant neighborhoods.
Some of the solutions to help revitalize these neighborhoods include non-traditional mortgage assistance, helping small businesses, improving access to affordable housing, and collecting better data to study changing neighborhood demographics.
The announcement was made this morning on the site of the future Coe Development in West Village, which will have mixed income, mixed use townhouses and a corner commercial building on a long vacant lot at Van Dyke and Coe. Developer Cliff Brown from Woodborn Partners announced that the Coe Development should start next month and be completed by next fall.