Develop Michigan Closes its 16th Michigan Investment

Total Project Costs of $244 Million

Develop Michigan, Inc. (DMI) is a key financing partner for commercial real estate developers committed to fostering economic development and the revitalization of the Michigan economy.

DMI has announced the closing of a $1 million pre-development loan to support the renovation of the historic Woolworth Building in Detroit, MI. Located in the New Center district in uptown Detroit, the 3-story building,developed by David Grasso, will be renovated to a high-rise, multi-use building. The revitalization of this iconic Detroit building will further support the economic development currently underway in the New Center district. DMI has provided $27.32 million of investment to five Detroit properties supporting revitalization in the City.

Formerly the F.W. Woolworth Department store, the new building will provide commercial space, market rate and affordable apartments. Located along Woodward Avenue in the heart of the New Center district, the project is conveniently located next to a QLine stop and within walking distance to Wayne State, Tech Town and Midtown. Developed in the 1920s, the New Center district was intended to create a hub that provided access to both downtown and outlying areas. The revitalization of the Woolworth Building will advance the recent resurgence occurring in this historic neighborhood.

“Home to National Historic Landmark buildings such as Cadillac Place and the Fisher Building, the New Center district played a significant role in Detroit’s history,” said Rick Laber, DMI President. “The revitalization of the Woolworth Building will further economic development efforts underway in the New Center district, attracting new businesses and new residents to the neighborhood. DMI is committed to revitalizing Detroit. We are pleased to provide another investment to help rebuild America’s Comeback City.”

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DMI seeks out projects that support community revitalization or economic activity. We currently have funds available to invest in Michigan developments. Contact Wayne Bota at 313-544-4001 or wbota@cinnaire.com for more information.