Latest news with #InvestDetroit
CBS News
11 hours ago
- Business
- CBS News
Innovation hub to open at former Thomas Jefferson Intermediate School in Midtown Detroit
Innovation hub to open at former Thomas Jefferson Intermediate School in Detroit Innovation hub to open at former Thomas Jefferson Intermediate School in Detroit Innovation hub to open at former Thomas Jefferson Intermediate School in Detroit For almost 10 years, the doors of the former Thomas Jefferson Intermediate School in Midtown Detroit have remained closed, with little chance of reopening. "It was going to be an eyesore and a detriment to the neighborhood to sit here empty," said Marcia Ventura, Senior Vice President, Invest Detroit. Rather than let that happen, Marcia Ventura and the team at Invest Detroit decided to give the building a new lease on life by converting it into an innovation hub. "We were going to try to create a creative environment for businesses to help foster business in the city of Detroit," said Ventura. Rebranding as the Jefferson Hub, the space will soon open to welcome tenants at all levels of creation, from the early stages of planning to full-fledged small businesses. "It's come together better than we could have hoped; we think it's beautiful," said Ventura. Ventura says Invest Detroit's involvement goes far beyond just being a landlord. The non-profit focuses on community development and offers prospective business owners funding to kickstart their dreams. "The whole idea is to bring people out of their office to meet each other in the corridors and the common areas, and to share ideas and get to know each other and create community," said Ventura. Invest Detroit will anchor the 115,000-square-foot building at 950 Selden, which sits just steps from the Lodge Freeway. Right now, they are hoping to attract interested tenants to move in and encourage them to make the transformed space their own. "It's very rewarding what we're doing, being the first ones here, and we can already see some catalytic effect," said Ventura. The organization hopes to have the building fully leased and fully operational by the end of 2026.
Yahoo
18-02-2025
- Business
- Yahoo
Invest Detroit and Ally Charitable Foundation Announce $1 Million Grant to Support City of Detroit's Strategic Neighborhood Fund
Ally Charitable Foundation grant supports SNF's affordable housing and Spark Grant programs citywide SNF was launched in 2016 by the City of Detroit and Invest Detroit to improve quality of life and access to economic opportunity in 10 neighborhoods around the city. DETROIT, Feb. 18, 2025 /PRNewswire/ -- Ally Charitable Foundation today announced a $1 million commitment to Detroit's Strategic Neighborhood Fund (SNF), a partnership between the City of Detroit and Invest Detroit targeting 10 neighborhoods across the city. The grant is part of the third phase of SNF (SNF 3.0) and aims to expand and build on the impact of the first two phases of the program. Ally's grant will support affordable housing development, as well as Spark Grant programs for small businesses in all SNF neighborhoods. The SNF grant is part of Ally's larger charitable efforts in Detroit, which focus on economic mobility through efforts to promote affordable housing, financial education and workforce development. "Affordable housing is a pressing need both locally and nationally, and empowering small businesses through Spark Grant programs is essential for fostering vibrant communities," said Kathie Patterson, chair of the Ally Charitable Foundation and chief human resources and corporate citizenship officer at Ally. "We are committed to advancing the progress SNF has initiated and to promoting inclusive economic mobility for our hometown, in collaboration with the City of Detroit and Invest Detroit." SNF is administered by Invest Detroit, a 501(c)3 organization and community development financial institution (CDFI). For almost three decades, Invest Detroit has catalyzed growth in Detroit by bringing partnerships and philanthropic resources together to support real estate and business projects that often struggle to find traditional financing. As part of SNF, each neighborhood goes through a year-long planning process in partnership with residents to shape the implementation of streetscapes, commercial corridors, and parks. These projects are then implemented in the years that follow in all 10 SNF neighborhoods. Work through the SNF is also designed to reduce displacement, often in partnership with the City's Affordable Housing Leverage Fund. Residents are engaged from the beginning of the planning process, and the focus is on improving the quality of life in the neighborhoods for those who already live there. With the investment from Ally, the SNF will deepen its focus in 10 neighborhoods, spread across every council district: Jefferson Chalmers Warrendale/Cody-Rouge Campau/Davison/Banglatown East Warren/Cadieux Grand River Northwest Gratiot/7 Mile Russell Woods/Nardin Park Islandview/Greater Villages Southwest/Vernor Livernois-McNichols "Creating more affordable housing across Detroit has been a major focus of my administration, as well as City Council," Mayor Duggan said. "Ally's generous support for the Strategic Neighborhood Fund will help us accomplish that. The SNF strategy has been incredibly effective in driving new investment into our neighborhoods and I encourage other civic-minded companies to join Ally is supporting this important work." Investment in SNF neighborhoods has been substantial. Since its inception in 2016, SNF has invested $262 million, resulting in 10 neighborhood framework plans, 78k SF of commercial space constructed, 378 total housing units and 86 home rehabs funded, 12 park and greenway projects completed with 4 more in progress, and 12 streetscape projects. Those investments are paying off, with data showing notable decreases in poverty and residential vacancy in all 10 neighborhoods currently being targeted by SNF. In addition, population has increased in six of the 10 SNF neighborhoods. "We are truly grateful for Ally's generous investment in SNF 3 and their continued commitment to Detroit's future," said Dave Blaszkiewicz, president and CEO of Invest Detroit. "Their support will drive true impact—expanding quality affordable housing, fueling small business growth, and creating jobs across our neighborhoods. Ally's investment in Detroit will be a contributing factor in Detroit's continued revitalization and the collective goal of building a more equitable city with opportunities for everyone." About Ally FinancialAlly Financial Inc. (NYSE: ALLY) is a financial services company with the nation's largest all-digital bank and an industry-leading auto financing business, driven by a mission to "Do It Right" and be a relentless ally for customers and communities. The company serves approximately 10 million customers with deposits and securities brokerage and investment advisory services as well as auto financing and insurance offerings. The company also includes a robust corporate finance business that offers capital for equity sponsors and middle-market companies. For more information, please visit For more information and disclosures about Ally, visit For further images and news on Ally, please visit About Invest Detroit Invest Detroit is a nonprofit lender, investor, and partner that supports business and real estate projects that will ignite economic growth in Detroit and support inclusive growth of entrepreneurial ventures across the state. Our goal is to help create a thriving city that works for all Detroiters with an improved quality of life–inclusive housing, resourced and walkable neighborhoods, and equal opportunities for jobs and business growth; and scale 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. Learn more at MEDIA CONTACTS:Ally Financial: Alex Moore, media@ Detroit or SNF: Craig Fahle, craig@ or 313-307-6658City of Detroit: John Roach, roachj@ or 313-244-7857 View original content to download multimedia: SOURCE Ally Financial Sign in to access your portfolio
