$30M fund to drive Woodward Avenue redevelopment

By: Associated Press Email
By: Associated Press Email

DETROIT A $30 million fund has been launched to promote physical redevelopment along Detroit's Woodward Corridor.

The Kresge Foundation and NCB Capital Impact say the money will be used for real estate projects that promote density and diversity in the city's core.

The project is being announced 2 months after state-appointed emergency manager Kevyn Orr made Detroit the largest city in the U.S. to file for bankruptcy.

The fund will provide long-term fixed rate loans to let developers start construction more quickly.

Kresge President Rip Rapson says the Woodward Corridor Investment Fund is an example of one of the tools needed to support revitalization in Detroit.

The program is supported by MetLife, Inc., PNC Bank, Prudential, Calvert Foundation, Living Cities and the Max M. & Marjorie S. Fisher Foundation.

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