$14.5 million in grants help spark five different Detroit developments

DETROIT (FOX 2) - Big grant money means big developments for the City of Detroit.

"We’re getting 1,100 new housing units and $250 million dollars in investments," said Mayor Mike Duggan. "This is the way we should be incentivizing development"

About $14.5 million in grant money is coming to the Detroit Economic Growth Corporation. That money will help fuel five developments across the city creating apartments, affordable housing, tenant spaces, and more.

In total, the projects will require an investment of around $255 million, but the $14.5 million can get the ball rolling

"Having a little gap funding to fill in those extra costs goes a long way to help these projects to fruition," said Council President Mary Sheffield.

"It’s huge, for us on our end - the construction part, it’s very huge," said Joe Palmer, Invest Detroit. "For what we're doing for the city, it’s huge for them, to help them get that going (and) help all the up and coming entrepreneurs and business people to be able to come in with that grant and that funding."

The projects include the Broadway Lofts, the revival of the Arthur Murray Building, a project called "The Deco" featuring six apartments and a restaurant, The Jefferson Intermediate School, and the Fisher 21 Lofts,

"The Fisher 21, that is probably the only project in Detroit thus far that has that many representation of African Americans leading the project which shows that not only can we benefit from the revitalization, but we can drive it," Sheffield said.

A big initiative with these developments is to preserve the architecture and some of the history of Detroit. One example is the Jefferson Intermediate School and now it’s going to be used to help businesses by transforming into a multi-tenant coworking and innovation space.

FOX 2: "Can you help me imagine what this place is going to look like once it’s complete?"

"A million dollars," quipped Palmer. "Where we’re standing right now is the old locker room, you had the old boys and girls pool on the outside, the old subway tile. It will be a training area over there, we’re building walls."

"Four out of five of these developments are set to kick off construction in the next few months.