Looking for the right place to open your business?

How about the Villages?

August 15, 2012

The DEGC, The Villages, West Village Manor Apartments and the Parkstone Apartments (“requesting organizations”) are partnering to launch a retail program in West Village on Agnes St. between Van Dyke and Parker.  These requesting organizations are soliciting proposals from entrepreneurs and existing businesses to create unique full-time and pop-up retail establishments that are an asset to the community.  The retail program leverages grant funds and building owner investment to create move-in ready space tentatively planned for occupancy between late fall and  years-end.

This project is the first phase of a larger retail initiative for The Villages. It will also serve as the “pilot” for a new neighborhood pop-up program currently in development at the DEGC. The pop-up program’s goal is to attract stable, long-term businesses to the city and to build interest within Detroit’s neighborhoods. Temporary pop-up retail and art installations will provide opportunities for retailers, restaurants and local artists to generate consumer interest and to increase commercial viability for small business, building owners and neighborhoods.

West Village retailers and partners will play an integral role in the program’s development and will be the first to benefit from the creation of innovative marketing and engagement  trategies, real estate match making services, and thesuite of implementation resources that will be made available. The DEGC’s larger goal is to use this project as a template that can be successfullyimplemented across Detroit’s neighborhoods.  Go to the DEGC website, www.degc.org for the RFP and other directions.

Now is the time. The time to take a look. The time toget 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.  brianh@thevillagesofdertroit.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
  • Shelborn 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