On Thursday, June 17, 2010 a ribbon cutting was held for the construction of 71 Garfield, a property that has been vacant for decades.  The building is slated for renovation and will soon be home to working artists’ studios and apartments.  It is also on track to receive an energy star rating by becoming a building that primarily operates with green standards. Solar power, geothermal heating and cooling, and LED lighting are just some of the ways the building is reducing energy consumption. In fact, 71 Garfield will be 50% below the current ASHRAE standards of energy standards and will receive Green Globes certification.

71 Garfield joins the N’Namdi Center for Contemporary Arts as the first two properties to be rehabilitated as a part of ongoing development of the Sugar Hill Arts District.  The district is being developed as a haven for the creative arts in which artists; designers; writers; gardeners; social activists and environmentalists interact.  The area is bounded by E. Forest, Woodward, John R. and the alley south of Garfield.

The New Economy Initiative, Invest Detroit, and City of Detroit provided funding for this project.

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The New Economy Initiative for Southeast Michigan (NEI) was launched in 2008 as a unique philanthropic initiative aimed at helping to restore southeast Michigan to a position of leadership in the new global economy. NEI is committed to increasing prosperity and expanding opportunity for all residents and communities in the region. Ten national and local foundations have committed $100 million to this eight-year initiative to accelerate the transition of metro Detroit to an innovation-based economy.

Website:  http://neweconomyinitiative.cfsem.org/

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The Detroit Investment Fund is a $52 million private capital fund created by Business Leaders for Michigan (formerly Detroit Renaissance) to provide financing for growing commercial and industrial businesses, residential real estate development projects and special projects which address strategic needs of the city of Detroit.

The Detroit Investment Fund provides capital loans, which leverage owner equity so that the contemplated transaction will merit traditional financing.

Website:  http://www.detinvfund.com/