Brand new apartments are opening in Detroit's booming midtown district but this is only the beginning.
The project is more than just places to live, it also has newly renovated retail space and it's the first finished project funded by JPMorgan-Chase's $100 million commitment to the city. Mayor Mike Duggan, when he wasn't speaking with the Vice President, was in Midtown for the grand opening of the new places
"This is a beautiful neighborhood, there's no reason it should have been abandoned," Duggan said. "Buildings that I never thought I'd see renovated, people are working on through this whole area. It's just a good thing for Detroit"
The Rainer Court building was built in 1922 and was left abandoned for a long time. Not anymore, thanks to JPMorgan Chase
"JPMorgan Chase has been great. I think it started as a business venture for them that has now become a labor of love," Duggan said.
Why them? They're investing $100 million in loans to the City of Detroit. Jamie Dimon said this partnership can be an example of what we as a country can do when we work together.
"If you do it together it works and I hope Detroit becomes a shining example of what America can do right," Dimon said.
The 36 units range from $800 to $1,200 and there will be 1,800 square feet of retail space in Rainer Court as well. From the units, you can see the Ambassador Bridge and some of the casinos. The apartments are between 550 and 650 square feet but for that price, they're in one of the hottest areas. Fridd Tompkins is moving in from Farmington because, well, it just made sense.
"I live in Farmington right now but for someone like myself, my age, it just seemed like better fit for me in Midtown," Tompkins said.
The remaining $100 million is going to be used for community projects, a neighborhood fund for local developers, and $6.5 million dollars will be used for minority-owned businesses.