Looking for the right place to open your business?

How about the Villages?

Courtesy DDP

Historic Storefronts – Light Industrial Warehouse District– Neighborhood Offices– Development Opportunities.

The recent focus and development in the area –– from over $30? million of private investment in Detroit’s spectacular Riverfront to the Community Foundation’s $15 million Detroit Neighborhood fund to a community reimagined by students from U of M, Lawrence Tech and the University of Detroit in a innovative design charratte –– demonstrates tangible results as well as outlines the possibilities of a transformed east side. This momentum, combined with the area’s natural assets, such strong income density, high-traffic buying power of Jefferson Avenue travelers, Belle Isle, historic architecture, and nearby expressways, to name a few, makes it apparent that the area is poised to become Detroit’s next major success story.

Now is the time. The time to take a look. The time to get in. The time to invest. Let the Villages Community Development Corporation (CDC) be your guide. Whether you’re looking for that perfect space, need a helping hand navigating the many available incentives or tax credits, or just need to better understand the demographics, contact us today. thevillagesofdetroit@yahoo.com

Key Villages Demographics*:

Total population: 20,667
Population density: 10.9% (Birmingham, Mi 6.4, Ferndale, Mi 8.7, Royal Oak, Mi 7.7)
17.5% with a bachelors or graduate degree
Average household income: $51,491
Average income new home buyers $76,832
54% non- family households
Total Households: 8,743
Household size: 2.2

The Opportunity:

3.5 million dollars in potential restaurants business / Supportable Sq. Ft. potential 40, 912
14.5 million dollars in potential grocery business / Supportable Sq. Ft. potential 42,218
16.9 million in potential apparel business / Supportable Sq. Ft. potential 38,872
76.1 Million dollars in potential retail business / Supportable Sq. Ft Potential. use dependant

Financial Incentives:

Jefferson Avenue Retail Readiness Program, a $100,000 matching incentive grant program for new business occupying existing buildings along Jefferson and nearby corridors.
Federal and Local Historic Tax Credits, stacked to 45% of eligible investment
Five Neighborhood Enterprise Zones (NEZ) within The Villages provides a significant reduction in property taxes for home buyers within the zones.
Wayne County Land Bank Turbo, offer property tax rebates

Recent Developments & New Businesses:

Tim Hortons
Whitter Senior tower
Shelburn Investment Offices

Scheduled Developments & Businesses:

Predevelopment of Detroit Riverwalk Extension from Gabriel Richard Park East
Whitter Market Rate Residential Riverfront Tower with Restaurant
Historic Renovations of the River Terrace building
School of Nursing at the St. John Riverview

*Data from:Social Compact Drill Down Data 2008 & US Cencus Data

Social Compact Market Research for the Villages

Design Standards for Commerical Buildings in the Villages