JPMorgan Chase To Put Over $1 Million Dollars Into Housing In Detroit
By Ryan Velez
Detroit has a history of bad press as one of the U.S.’s most financially struggling major cities, but a $1.35 million renovation for Detroit housing will hopefully be the start of a new tide for the area. Black Enterprise reports that this is a combination of JPMorgan Chase & Co. and Capital Impact Partners, a nonprofit community development financial institution. The hope of this project will be to drive inclusive growth by creating jobs and expanding retail and residential areas.
The exact way the funds will be used is to repurpose two burned and currently unusable buildings as well as reactivate one that has been vacant for quite some time. The final result of the newly developed Garland Building will be three residential units, three commercial spaces, and a community courtyard. The location will house multiple local businesses, including a salon called Village Parlor and Motor City Match applicant, Geiger Eat Shop. JPMorgan Chase has previously pledged a $100 million commitment to the city’s economic recovery. Part of this commitment is the $30 million Detroit Neighborhoods Fund, which will also expand on previous work done by organizations, foundations, and partner institutions to provided sustained revitalization for Detroit.
“Detroit’s comeback will be sustainable if we continue to work together and help those who live and work in neighborhoods like West Village,” said Jamie Dimon, Chairman and CEO of JPMorgan Chase, in a press statement. “This collaborative spirit is creating economic opportunity in Detroit’s neighborhoods and encouraging others to invest. This approach is a tribute to the Mayor’s leadership and community leaders who will make projects like the Garland Building a success.”
Mayor Mike Duggan added that “The redevelopment of these two vacant commercial buildings is another example of how Detroit’s turnaround is starting to take hold in more neighborhoods. Thanks to our partners at JPMorgan Chase and Capital Impact Partners, this small business strip will become a great asset to the surrounding community and to our city.”
Melinda Clemons, a senior loan officer at Capital Impact Partners, also mentioned that the mixed-income makeup of some of these projects was going to be key for a more inclusive Detroit as the city rebuilds and grows. “As the first in a coming series of projects that will radiate out from development in central Detroit to other resurgent neighborhoods, the Garland Building is a true catalyst for a new wave of recent revitalization efforts in this part of the city,” she added.